• During the Innovation stage, e-commerce was, for the most part, ungoverned. In the Consolidation stage, there w and governmental controls by governments worldwide. Today, there is extensive government regulation and surve • The Innovation stage of e-commerce was characterized by the young entrepreneurial spirit. During the Consolida primarily dominated by the retail giants. Today, large purely Web-based firms are playing a major role. • The Innovation phase was characterized by an emphasis on deconstructing traditional distribution channels and During the Consolidation stage, intermediaries strengthened. Today, there is a proliferation of small online interme processes of larger firms. • “Perfect markets” in which direct market relationships with consumers, the decline of intermediaries, and lower tr competition and the elimination of brands, are being replaced by imperfect markets. Imperfect markets are charac name importance, increasing information asymmetries, price discrimination, and network effects. • The early years of e-commerce saw an infusion of pure online businesses that thought they could achieve unass During the Consolidation stage, successful firms used a mixed “bricks-and-clicks” strategy, combining traditional s and printed catalogs with online efforts. Today, there is a return of pure online strategies in new markets, as well a and-clicks” strategy in traditional retail markets. • The early years of e-commerce were dominated by the first movers. In the Consolidation stage, e-commerce wa experienced Fortune 500 and other traditional firms. Today, first-mover advantages are returning in new markets a 17. Why is a multidisciplinary approach necessary if one hopes to understand e-commerce? A multidisciplinary approach is necessary in order to understand e-commerce because no single academic discipl commerce phenomenon. E-commerce is primarily a technologically driven occurrence, including information techn years, with the Internet and the Web at the core. However, beyond the infrastructure are the business purposes th 4
changing business models and strategies that will transform old companies and spawn new ones. To understand e some basic business concepts such as: industry structures, business models, firm and industry value chains, and comprehend the nature of electronic markets and information goods. Finally, the impact on society must be consid consequences for individuals concerning their intellectual property and privacy rights. Public policy issues such as and taxation will need to be addressed. 18. What are some of the privacy issues that Facebook has created? Notable issues include Internet privacy, such as use of a widespread "like" button on third-party websites tracking user information, automatic facial recognition software, and its role in the workplace, including employer-employee 19. What are those who take a behavioral approach to studying e-commerce interested in?
- Winter '20
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