MMT at LMU München

Flashcards and summaries for MMT at the LMU München

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What are direct network effects?

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What are indirect network effects?

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What is standardization? Name and explain 3 standardization strategies!
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What is the Osbourne Effect?

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What is Arrow's Information Paradox?

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What are industry and product platforms? What is the difference?

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What are the characteristics of industry platforms?
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What types of gatekeepers exist? How can they be overcome?

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What is a value chain? How is a platform different?

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What is price differentiation? What are its three degrees?

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What is the Internet?
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What is a media company?

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Exemplary flashcards for MMT at the LMU München on StudySmarter:

MMT

What are direct network effects?
Network effect goods, diffusion of good determines its value (e.g. Telephone, Social Networks)

MMT

What are indirect network effects?
System goods, diffusion of good determines supply of complementary products (e.g. MS Windows + software, Blue-ray-player + discs)

MMT

What is standardization? Name and explain 3 standardization strategies!
Use of common rules for communication 1) Tweedledum and Tweedledee - 2 equal companies, incompatible standards - build early lead, attract suppliers of complementary products, pre-announce products, offer lower price for longer 2) Battle of Sexes - compatibility is crucial for both firms - agree to use same standard - increase attractiveness of own product by offering cheaper licenses, join future developments, shift standard development to 3rd party 3) Pesky Little Brother - one company has much more power - small brother: adapt standard - big brother: protect IP, change/advance standard frequently

MMT

What is the Osbourne Effect?
pre-announcement of new poduct can stop sales of current product becaus consumers wait for next release

MMT

What is Arrow's Information Paradox?
The value of an Information Good can only be assessed after its purchase

MMT

What are industry and product platforms? What is the difference?
Industry platform: Products / services / technologies developed by one or more firms which serve as foundation for complementary products / services / technologies from 3rd parties Product platform: Set of components and interfaces that can be re-used for faster development and production of new products and services

MMT

What are the characteristics of industry platforms?
- two or more user groups - indirect network effects - platform providers play different intermediary roles - trade-off btw. openness and control

MMT

What types of gatekeepers exist? How can they be overcome?
- Industry Platforms (e.g. Android) open industry standards and interfaces, decoupling of services and HW - Transmission Networks (e.g. Telekom) regulations that ensure net neutrality, decoupling of infrastructure and services - Navigation Hubs (e.g. Google) Regulations that restrict potential abuse of sign. market power, non-discriminatory search algorithms - Interface to Consumers (e.g. Apple) open industry standards and interfaces, cooperation between HW & SW companies

MMT

What is a value chain? How is a platform different?
Set of distinguishable activities a company is carries out to create value for customers Platform: Groups of companies create partial value and complement each other, not sequential

MMT

What is price differentiation? What are its three degrees?
Strategy of selling similar product to different customers at different prices 1. degree: individual pricing 2.degree: price bundling (different price depending on amount, version, time etc.) 3. degree: geographical, group-related (e.g. child/adult)

MMT

What is the Internet?
A global computer network of interconnected networks that use the Internet protocol suite (TCP/IP).

MMT

What is a media company?
- Media as professional producer of information goods - Produce content on/offline, customers pay with money and/or attention

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FoMMT at

LMU München

MiB at

TU München

ML at

LMU München

MP at

Universität Mainz

M at

Hochschule für Angewandte Wissenschaften Hamburg

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