E-commerce 2013, 2013, 9e (Laudon/Tr (Laudon/ Traver) aver)
Chapter 1 The Revolution Is Just Beginning
1) The growth of mobile e-commerce almost doubled from 2011 2 011 to 2012. Answer: TRUE
2) Aro!imatel" #0$ of adults in the United %tates use a social networ& on a dail" basis. Answer: 'A(%E ) A coman"*s online in+entor" control rocess is an e!amle of e-business, as oosed to ecommerce. Answer: TRUE ) Ubiuit" increases cogniti+e energ" outla"s. Answer: 'A(%E /) The fact that e-commerce is conducted on the basis of uni+ersal standards decreases mar&et entr" costs for merchants. Answer: TRUE ) rice transarenc" refers to the abilit" of merchants to segment the mar&et into grous willing to a" different rices. Answer: 'A(%E ) 3ost transarenc" refers to the abilit" of consumers to disco+er the actual costs merchants a" for roducts. Answer: TRUE #) 3ustomi4ation in+ol+es changing a deli+ered roduct roduct or ser+ice based uon a consumer*s references or ast urchasing beha+ior. Answer: TRUE 5) 6eb 6eb 2.0 describes a set of alications and technologies that encourage and rel" on user- and consumer-generated interacti+it" and content. Answer: TRUE 10) %ocial e-commerce is the largest t"e of e-commerce. Answer: 'A(%E 11) E-commerce as we &now it toda" would not e!ist without the 7nternet. Answer: TRUE 12) The growth of 823 e-commerce is limited b" the fact that consumers need to ossess a more sohisticated s&ill set than consumers who sho offline. Answer: TRUE 1 3o"right 9 201 earson Education, 7nc.
1) 7n 2011, a new 7nternet in+estment bubble focused rimaril" on social networ&s emerged. Answer: TRUE 1) As economists had en+isioned, rices of roducts sold on the 6eb are consistentl" lower than elsewhere, and the online mar&etlace is characteri4ed b" decreasing rice disersion. Answer: 'A(%E 1/) The future of e-commerce will include an increase in regulator" acti+it" both in the United %tates and worldwide. Answer: TRUE 1) 6hich of the following statements about 7nternet use in the United %tates in 2012 is not true A) %ocial e-commerce generated more re+enue than local e-commerce. 8) Aro!imatel" 1/0 million users made at least one urchase online. 3) Almost /0$ of adult 7nternet users +isited an online social networ& dail". ;) or business trend in e-commerce in 2012-201 A) Retail e-commerce continues double-digit growth. 8) %mall businesses and entrereneurs are hamered b" the rising cost of mar&et entr" caused b" increased resence of industr" giants. 3) 'aceboo& grows to more than 1 billion users. ;) %ocial and mobile ad+ertising begins to challenge search engine mar&eting. Answer: 8 15) All of the following are ma>or technolog" trends in e-commerce in 2012-201 except : A) 3loud comuting enables the creation of ?big data.? 8) As create a new latform for online mar&eting and commerce. 3) The mobile comuting latform begins to ri+al the 3 latform. ;) Real-time ad+ertising becomes a realit" with gains in comuting ower and seeds. Answer: A 20) E-commerce can be defined as: A) the use of the 7nternet and the 6eb to transact business. 8) the use of an" 7nternet technologies in a firm*s dail" acti+ities. 3) the digital enablement of transactions and rocesses within an organi4ation. ;) an" digitall" enabled transactions among indi+iduals and organi4ations. Answer: A 2 3o"right 9 201 earson Education, 7nc.
21) 6hich of the following is not a uniue feature of e-commerce technolog" A) interacti+it" 8) social technolog" 3) global broadcasting ;) richness Answer: 3 22) The integration of +ideo, audio, and te!t mar&eting messages into a single mar&eting message and consuming e!erience is an e!amle of: A) richness. 8) ubiuit". 3) information densit". ;) ersonali4ation. Answer: A 2) 6hich of the following ualities is least li&el" to decrease a consumer*s search costs A) ubiuit" 8) global reach 3) information densit" ;) richness Answer: ; 2) 6hich of the following is the best definition of transaction cost A) the cost of changing rices 8) the cost of articiating in a mar&et 3) the cost of finding suitable roducts ;) the cost merchants a" to bring their goods to mar&et Answer: 8 2/) 7n 2012, the world*s online oulation was roughl": A) 20 million. 8) 2. billion. 3) 2 billion. ;) 20 billion. Answer: 8 2) 6hich of the following is not one of the current ma>or social trends in e-commerce in 2012201 A) %am declines as a significant roblem. 8) 3ontro+ers" o+er content regulation and controls continues. 3) E-boo&s gain wide accetance. ;) 7nternet securit" continues to decline. Answer: A
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2) @etwor& e!ternalities are related to which of the following features of e-commerce technolog" A) richness 8) interacti+it" 3) uni+ersal standards ;) information densit" Answer: 3 2#) E-commerce technologies ha+e changed the traditional tradeoff between the richness and reach of a mar&eting message. rior to the de+eloment of the 6eb: A) mar&eting messages had little richness. 8) the smaller the audience reached, the less rich the message. 3) the larger the audience reached, the less rich the message. ;) richness eualed reach. Answer: 3 25) 6hich of the following is not an e!amle of a social networ& A) 6i&iedia 8) Twitter 3) interest ;) 'aceboo& Answer: A 0) All of the following are ma>or business trends in e-commerce in 2012-201 except for: A) the growth of a new a-based online econom". 8) the e!ansion of the locali4ation of e-commerce. 3) the emergence of a new social e-commerce latform. ;) the eclise of search engine mar&eting b" the mobile ad+ertising latform. Answer: ; 1) 6hich t"e of e-commerce is distinguished b" the t"e of technolog" used in the transaction rather than b" the nature of the mar&et relationshi A) 3onsumer-to-consumer 323) 8) %ocial e-commerce 3) Bobile e-commerce ;) 8usiness-to-business 828) Answer: 3 2) 6hich of the following allows "ou to rate, categori4e, and share the content "ou find online A) 6ordress 8) %tumbleUon 3) 6i&iedia ;) 7nstagram Answer: 8
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) 6hich of the following describes the basic 6eb olic" of large firms during the eriod of in+ention A) integrate social networ&ing and mobile latform with 6eb site mar&eting 8) use 6eb to connect with suliers 3) include additional channels to mar&et roducts ;) maintain a basic, static 6eb site Answer: ; ) The si4e of the global 323 mar&et in 2012 was around: A) C#00 million. 8) C# billion. 3) C#0 billion. ;) C#00 billion. Answer: 3 /) 7nteracti+it" in the conte!t of e-commerce can be described as: A) the abilit" to h"sicall" touch and maniulate a roduct. 8) the comle!it" and content of a message. 3) the abilit" of consumers to create and distribute content. ;) the enabling of two-wa" communication between consumer and merchant. Answer: ; ) 6hich of the following statements about the 6eb is not true A) 7t is the technolog" uon which the 7nternet is based. 8) 7t was de+eloed in the earl" 1550s. 3) 7t ro+ides access to ages written in DTB(. ;) 7t ro+ides access to 6eb ages that incororate grahics, sound, and multimedia. Answer: A ) 7n 2012, there were an estimated ======== 7nternet hosts. A) # million 8) ## million 3) ### million ;) #.## billion Answer: 3 #) All of the following can be considered a recursor to e-commerce except : A) ;@%. 8) 8a!ter Dealthcare*s remote order entr" s"stem. 3) the 'rench Binitel. ;) Electronic ;ata 7nterchange. Answer: A 5) 7n the 823 arena, ======== was the first trul" large-scale digitall" enabled transaction s"stem. A) Tele! 8) the 8a!ter Dealthcare s"stem / 3o"right 9 201 earson Education, 7nc.
3) the 'rench Binitel ;) E;7 Answer: 3 0) E-commerce can be said to ha+e begun in: A) 15#. 8) 15#/. 3) 155/. ;) 2001. Answer: 3 1) 8usiness-to-consumer 823) e-commerce: A) has grown at double-digit rates in 2011 and 2012. 8) is growing at a slower rate than the traditional retail mar&et. 3) is a ma>or art o+er 0 ercent) of the o+erall retail mar&et. ;) growth is slowing as it confronts its own fundamental limitations. Answer: A 2) 7n the ?bow-tie? analog" of the structure of the 6eb, ?tendrils? are: A) ages that lin& to the center, but which are not lin&ed to from the center. 8) ages that neither lin& to nor are lin&ed from the center. 3) ages that do not lin& to the center, but are lin&ed to from the center. ;) ages that lin& to one another without assing through the center. Answer: 8 ) 6hich of the following is not a limitation on the growth of 823 e-commerce A) the sohisticated s&ill set reuired to use the 7nternet and e-commerce s"stems 8) the ersistent global ineualit" limiting access to telehone ser+ice, 3s, and cell hones 3) saturation and ceiling effects ;) the retrenchment and consolidation of e-commerce into the hands of large established firms Answer: ; ) 8" what "ear is the United %tates 7nternet household enetration rate li&el" to reach the current le+el of cable tele+ision enetration A) 201/ 8) 201# 3) 2022 ;) 7t has alread" reached the le+el of cable tele+ision enetration. Answer: A /) Around what ercentage of 7nternet users in the United %tates access the 7nternet through mobile de+ices A) 0 8) /0 3) 0 ;) 50 Answer: 8 3o"right 9 201 earson Education, 7nc.
) 6hich of the following is not a characteristic of a erfect cometiti+e mar&et A) rice, cost, and ualit" information are euall" distributed. 8) A nearl" infinite set of suliers comete against one another. 3) 3ustomers ha+e access to all rele+ant information worldwide. ;) 7t is highl" regulated. Answer: ; ) All of the following were +isions of e-commerce e!ressed during the earl" "ears of ecommerce except : A) a nearl" erfect cometiti+e mar&et. 8) friction-free commerce. 3) disintermediation. ;) fast follower ad+antage. Answer: ; #) Unfair cometiti+e ad+antages occur when: A) one cometitor has an ad+antage others cannot urchase. 8) mar&et middlemen are dislaced. 3) information is euall" distributed and transaction costs are low. ;) firms are able to gather monool" rofits. Answer: A 5) The earl" "ears of e-commerce were dri+en b" all of the following factors except : A) an emhasis on e!loiting traditional distribution channels. 8) a huge infusion of +enture caital funds. 3) an emhasis on uic&l" achie+ing a +er" high mar&et +isibilit". ;) +isions of rofiting from new technolog". Answer: A /0) The earl" "ears of e-commerce are considered: A) the most romising time in histor" for the successful imlementation of first mo+er ad+antages. 8) an economist*s dream come true, where for a brief time consumers had access to all rele+ant mar&et information and transaction costs lummeted. 3) a stunning technological success as the 7nternet and the 6eb increased from a few thousand to billions of e-commerce transactions er "ear. ;) a dramatic business success as #/$ of dot-coms formed since 155/ became flourishing businesses. Answer: 3 /1) 6hich of the following best describes the earl" "ears of e-commerce A) The" were a technological success but a mi!ed business success. 8) The" were a technological success but a business failure. 3) The" were a technological failure but a business success. ;) The" were a mi!ed technological and business success. Answer: A 3o"right 9 201 earson Education, 7nc.
/2) Aro!imatel" what ercentage of dot-com comanies formed since 155/ sur+i+ed as indeendent comanies in 2012 A) 10 8) 20 3) 0 ;) 0 Answer: A /) 6hich of the following is a characteristic of the rein+ention h ase of e-commerce A) massi+e roliferation of dot-com start-us 8) widesread adotion of broadband networ&s 3) raid growth of search engine ad+ertising ;) widesread adotion of consumer mobile de+ices Answer: ; /) 6hich of the following is a characteristic of the consolidation hase of e-commerce A) redominance of ure online strategies 8) emhasis on re+enue growth +ersus rofits 3) first mo+er ad+antages ;) shift to a business-dri+en aroach Answer: ; //) 6hich of the following is not true regarding e-commerce toda" A) Economists* +isions of a friction-free mar&et ha+e not been reali4ed. 8) 3onsumers are less rice-sensiti+e than e!ected. 3) There remains considerable ersistent rice disersion. ;) The mar&et middlemen disaeared. Answer: ; /) 6hich of the following statements is not true A) 7nformation as"mmetries are continuall" being introduced b" merchants and mar&eters. 8) 7ntermediaries ha+e not disaeared. 3) +erall transaction costs ha+e droed dramaticall". ;) 8rands remain +er" imortant in e-commerce. Answer: 3 /) 6hich of the following t"es of merchants has the highest share of retail online sales A) +irtual 6eb onl") 8) catalogFcall center 3) retail chain ;) consumer brand manufacturer Answer: A /#) Retail chains account for around ======== ercent of online retail firm re+enues. A) 1/ 8) / 3) / # 3o"right 9 201 earson Education, 7nc.
;) 5/ Answer: 8 ;iff: 2 age Ref: 5 AA3%8: Reflecti+e Thin&ing /5) ne of the redictions for the future of e-commerce is that: A) o+erall re+enues from e-commerce will grow at an annuali4ed rate of about 10 ercent a "ear through 201. 8) the first mo+ers from the earl" "ears of e-commerce will retain or increase their mar&et share as the" continue to e!loit economies of scale and switching costs. 3) rices will lower enough to encourage more consumers to engage in online shoing. ;) the number of online shoers will continue to grow at double-digit rates. Answer: A 0) 6hich of the following is the to-selling online retail categor" A) aarelFaccessories 8) comutersFelectronics 3) mass merchantFdeartment stores ;) office sulies Answer: 3 1) 6hich of the following is the to online retailer ran&ed b" online sales A) Ale 8) Ama4on 3) %tales ;) 6almart Answer: 8 2) Abo+e all, e-commerce is a ======== henomenon. A) technolog"-dri+en5 3o"right 9 201 earson Education, 7nc.
8) finance-dri+en 3) sociological ;) go+ernment-dri+en Answer: A ) 6hich business alication is associated with the technological de+eloment of local area networ&s and clientFser+er comuting A) transaction automation e.g., a"roll) 8) des&to automation e.g., word rocessing) 3) industrial s"stem automation e.g., sul" chain management) ;) wor&grou automation e.g., document sharing) Answer: ; ) 6hich of the following is one of the three rimar" societal issues related to e-commerce A) liabilit" 5 3o"right 9 201 earson Education, 7nc.
8) anon"mit" 3) euit" ;) indi+idual ri+ac" Answer: ; /) 6hich of the following statements is not true A) @o one academic ersecti+e dominates research about e-commerce. 8) 7nformation s"stems researchers ta&e a urel" technical aroach to e-commerce. 3) There are two rimar" aroaches to e-commerce: beha+ioral and technical. ;) Banagement scientists are interested in e-commerce as an oortunit" to stud" how business firms can e!loit the 7nternet to achie+e more efficient business oerations. Answer: 8 ) The costs incurred b" merchants in ha+ing to change roduct rices such as the costs of reentering rices into comuter s"stems) are referred to as ======== co sts. Answer: menu ) ======== refers to an" disarit" in rele+ant mar&et information among arties in a transaction. Answer: 7nformation as"mmetr" #) An) ======== e!tends the mar&etlace be"ond traditional boundaries. Answer: mar&etsace 5) The total number of users or customers an e-commerce business can obtain is a measure of its ========. Answer: reach 0) ======== refers to the comle!it" and content of a message. Answer: Richness 1) The targeting of mar&eting messages to secific indi+iduals b" ad>usting the message to a erson*s name, interests, and ast urchases is called ========. Answer: ersonali4ation 2) The most oular ser+ice that runs on the 7nternet infrastructure is the ========. Answer: 6orld 6ide 6eb, 6eb ) 7nternetF6eb technolog" is a+ailable >ust about e+er"where and an"time. This is &nown as ========. Answer: ubiuit"
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) ======== refers to the dislacement of mar&et middlemen. Answer: ;isintermediation /) 7n ======== commerce, information is euall" distributed, transaction costs are low, rices can be d"namicall" ad>usted to reflect actual demand, intermediaries decline, and unfair cometiti+e ad+antages are eliminated. Answer: friction-free ) An) ======== occurs when e+er"one in a grou recei+es +alue because all articiants use the same tool or roduct. Answer: networ& effect ) A firm that is first to mar&et in a articular area and that mo+es uic&l" to gather mar&et share is referred to as an) ========. Answer: first mo+er #) The first e+olutionar" hase of e-commerce, from 155/ to 2000, characteri4ed as technolog"dri+en and ungo+erned, was a eriod of ========. Answer: inno+ation, in+ention 5) An economist is most li&el" to be interested in an) ========, rather than technical, aroach to stud"ing e-commerce. Answer: beha+ioral #0) Tangible wor&s of the mind such as music, boo&s, and +ideos are called ========. Answer: intellectual roert" #1) ;efine the terms e-business and e-commerce and e!lain the difference. 6hat is the &e" factor in determining if a transaction is ?commerce? Answer: E-business refers rimaril" to digitall" enabled transactions within a firm, in+ol+ing information s"stems under the control of the firm. E-business does not include commercial transactions in which an e!change of +alue across organi4ational boundaries ta&es lace. Ecommerce, on the other hand, is a re+enue-generating oeration. The &e" factor in determining if a transaction is commerce therefore is ?e!change of +alue.? 7n order to be e-commerce, a transaction must include the direct roduction of re+enue. #2) 7dentif" the eight uniue features of e-commerce technolog" and e!lain how these features set e-commerce aart from more traditional wa"s of conducting commercial transactions. Answer: The eight uniue features of e-commerce technolog" are ubiuit", global reach, uni+ersal standards, richness, interacti+it", information densit", ersonali4ationFcustomi4ation, and social technolog". The fact that e-commerce is a+ailable nearl" e+er"where, at an" time, ubiuit") e!tends the mar&etlace be"ond traditional boundaries and remo+es it from a temoral and geograhic location. A mar&etsace is created in which shoing can ta&e lace an"where, enhancing consumer con+enience and reducing shoing costs, whereas in traditional commerce the mar&etlace is a h"sical lace "ou must +isit in order to transact. The global reach of ecommerce means that commerce is enabled across national and cultural boundaries as ne+er before, with otentiall" billions of consumers and millions of businesses worldwide included in 11 3o"right 9 201 earson Education, 7nc.
the mar&etsace. Traditional commerce, b" contrast, is local or regional in+ol+ing local merchants or national merchants with local outlets. Uni+ersal standards one set of technical media standards) also allow for the seamless enablement of global commerce. 7n contrast, most traditional commerce technologies differ from one nation to the ne!t. 7n traditional mar&ets, national sales forces and small retail stores can ro+ide a comle! and content-rich message. Dowe+er, there is generall" a trade-off between the richness of the message and the number of consumers who can be reached with the mar&eting message. 7n e-commerce the trade-off is no longer necessar". An information rich en+ironment is e!tended globall". Unli&e an" other commercial technolog" of the twentieth centur", e!cet erhas the telehone, e-commerce technologies are interacti+e, allowing for two-wa" communication between the seller and the consumer. E-commerce technologies reduce information collection, storage, rocessing, and communication costs thereb" greatl" increasing the re+alence, accurac", and timeliness of information. This information densit" information that is more lentiful, cheaer, and of higher ualit") sets e-commerce aart from all other traditional methods of conducting transactions. Ecommerce technologies also ermit the ersonali4ation and customi4ation of mar&eting messages on a le+el that was imossible with re+ious commerce technologies. Bar&eting messages can be targeted to secific indi+iduals based on their interests and ast urchasing beha+ior, and the roduct or ser+ice can be altered to suit a customer*s references and rior beha+ior. %ocial technolog" allows users to easil" generate and share content and ermits a man"-to-man" model of mass communications that is different from re+ious technologies. This suorts the creation of new business models and roducts that suort social networ& ser+ices. #) Das e-commerce changed the mar&eting of goods 7f so, how Answer: E-commerce has greatl" changed the mar&eting of goods. 8efore e-commerce was de+eloed, the mar&eting and sale of goods was a mass-mar&eting and sales force-dri+en rocess. Bar&eters +iewed consumers as assi+e targets of ad+ertising camaigns. E-commerce has brought man" new ossibilities for mar&eting. The 7nternet and 6eb can deli+er, to an audience of millions, rich mar&eting messages with te!t, +ideo, an d audio in a wa" not ossible with traditional commerce technologies such as radio, tele+ision, or maga4ines. Berchants can target their mar&eting messages to secific indi+iduals b" ad>usting the message to a erson*s name, interests, and ast urchases. 7n addition, much information about the consumer can be gathered from the 6eb site the consumer +isits. 6ith the increase in information densit", a great deal of information about the consumer*s ast urchases and beha+ior can be stored and used b" online merchants. The result is a le+el of ersonali4ation and customi4ation unthin&able with e!isting commerce technologies.
#) 7dentif" a 6eb 2.0 alication or site, describing the ualities that ma&e it a 6eb 2.0 alication or site. ;oes the site "ou selected ha+e an" business +alue 6hat is it Answer: %tudent answers will +ar". An e!amle is: GouTube can be considered an e!amle of a 6eb 2.0 site because its content is generated b" users rather than created b" the site owners. ther ualities that ma&e this a 6eb 2.0 site include the interacti+it" among users that is allowed, such as comments and +ideo relies, sharing la" lists, e-mailing lin&s to +ideos, and more. GouTube has tremendous business +alue because it has so man" +isitorsHit is one of the most oular destination sites on the 7nternet with o+er 1/# million uniue +isitors in Aril 2012. 12 3o"right 9 201 earson Education, 7nc.
#/) (ist and briefl" e!lain the main t"es of e-commerce. Answer: The main t"es of e-commerce are 8usiness-to-3onsumer 823), in which online businesses attemt to reach indi+idual consumersI 8usiness-to-8usiness 828), in which businesses focus on selling to other businessesI 3onsumer to 3onsumer 323), which ro+ides a mar&et in which consumers can sell goods to each otherI mobile e-commerce m-commerce), which refers to the use of wireless digital de+ices to enable 6eb transactions, social e-commerce, which is commerce enabled b" social networ&s and online social relationshisI and local ecommerce, which is e-commerce that is focused on engaging the customer based on his or her geograhical location. #) ;escribe the +isions and forces during the earl" da"s of e-commerce in terms of what the +arious interest grous hoed for: the comuter science and information technolog" eoleI the economistsI and the entrereneurs, +enture caitalists and mar&eters. E!lain whether what each grou en+isioned came to fruition and wh" or wh" not. Answer: The comuter scientists and information technologists* +ision was of a uni+ersal communications and comuting en+ironment that e+er"one could access with ine!ensi+e comuters. Their interest was in creating a +ast worldwide information collection from libraries, uni+ersities, go+ernments, and scientific institutions that was ungo+erned b" an" nation and free to all. The" belie+ed that the 7nternet, and b" e!tension, the e-commerce that oerated within the infrastructure, should be self-go+erned and self-regulated. The economists en+isioned a near-erfect cometiti+e mar&et where rice, cost, and ualit" information are euall" distributed. The mar&etsace would include a nearl" infinite number of suliers with eual access to hundreds of millions of customers, but where those consumers in turn would ha+e access to all rele+ant mar&et informationHa h"ercometiti+e mar&et. Bar&et middlemen would disaear, resulting in lowered costs to consumers. This intensel" cometiti+e, disintermediated en+ironment with lowered transaction costs would eliminate roduct brands as well as the ossibilit" of monool" rofits based on brands, geograh", or secial access factors. Unfair cometiti+e ad+antages and the abilit" to rea returns on caital that far e!tended a fair mar&et rate of return would be eliminated. Their +ision was called friction-free commerce. The entrereneurs, +enture caitalists, and mar&eters in turn saw e-commerce as an oortunit" to earn great returns on in+ested caital. The" saw the e-commerce mar&etsace and technologies as a owerful method of increasing their abilit" to e+en more recisel" segment the mar&et into grous with different rice sensiti+ities. The" belie+ed that huge rofits could be garnered b" firms that uic&l" achie+ed high mar&et +isibilit" and that these successful first mo+ers would become the new intermediaries of e-commerce, dislacing the traditional retail merchants and content suliers. The comuter scientists* +ision of an ungo+erned 7nternet has not come to fruition as go+ernments ha+e increasingl" sought to regulate and control the technolog" to ensure that ositi+e social benefits result. The economists* +ision has also for the most art not materiali4ed for a +ariet" of reasons. 3onsumers ha+e ro+en to be less rice sensiti+e than e!ected and the imortance of brand names to consumers* ercetions of ualit" and ser+ice has been e!tended rather than decreased or eliminated. Entrereneurs ha+e disco+ered new methods for differentiating roducts and ser+ices. @ew information as"mmetries are continuall" being introduced b" mar&eters. ;isintermediation has also not occurred as ne w middlemen emerged. 1 3o"right 9 201 earson Education, 7nc.
The +isions of the entrereneurs, +enture caitalists, and mar&eters ha+e also largel" not come to fruition as the first mo+ers from the earl" "ears of e-commerce onl" rarel" succeeded . The fast follower large traditional firms with the resources needed to de+elo mature mar&ets are dislacing most of the +enture caitalist bac&ed entrereneurs.
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