Electronic Markets an der LMU München

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs Electronic Markets an der LMU München.

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What are influencers of prices within PWYW? (2)

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What are drivers of paying a positive amount? (PWYW)(3)

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

Name 3 omnichannel retail technologies!

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What is the basic idea, requirements and examples of non-linear pricing?

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

Why would a seller use PWYW pricing? (3)

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

Describe an experiment in the field of online product sampling!

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

Who is hurt by an inflation - why? (2 examples)

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What is money? (3)

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

How does Google Ghost Ads work?

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What are problems with measuring online advertising effectiveness?

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What are the characteristics for idea markets?

Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

What is Pay What You Want (PWYW)?

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Beispielhafte Karteikarten für Electronic Markets an der LMU München auf StudySmarter:

Electronic Markets

What are influencers of prices within PWYW? (2)
Anchoring:
– External references prices
— regular posted prices
— suggested price
— average price paid by others
— prices of competing offers

– Social influence
— personal interaction
— anonymity?

Framing/Labeling
– Charitable components enhance the effectiveness of PWYW (prices increase)

– Mark off your own price (egoistic benefit by reducing the reference price)

– Pay it forward (social influence)(making the payment for the next visitor)

Electronic Markets

What are drivers of paying a positive amount? (PWYW)(3)
– outcome-based social preferences: people care about the material payoff to others, either directly or because they care about equal division of surplus

– intention-based model of reciprocity: people have beliefs about each other’s intentions. Kind intentions are reciprocated with kind actions, but unkind intentions are punished at cost to oneself

– Reputational models of cooperation in finitely repeated games with incomplete information: people may or may not be genuinely nice, but they play nice early on to keep each other engaged in the game

Electronic Markets

Name 3 omnichannel retail technologies!
– Beacons
– NFC
– RFID

Electronic Markets

What is the basic idea, requirements and examples of non-linear pricing?
Idea:
– Incentives for higher consumption through lower usage dependent prices (economies of scale)
– Decreasing utility with higher consumption (1st Law by Gossen)
– Skimming of consumer surplus though high usage independent prices

Requirements:
– No transferability
– No stock-piling or resale
– Service usage easily measurable and chargeable
– Cost structure: high fixed costs low variable costs

Examples:
– Pricing plans for internet-based services
– Bahncard, mobile phone plans, theater
– Video-on-demand, music downloads

Electronic Markets

Why would a seller use PWYW pricing? (3)
– Endogenous price discrimination: customers pay different prices; fair-minded customers pay more than selfish customers

– market penetration: NPOs profit from selling complementary product (Ex.: Zoo in Augsburg – December PWYW –> mainly fix cost; additional revenue)

– competitive strategy: PWYW undercuts any posted-price opponent; if only PWYW sellers remain in market -> softened competition

Electronic Markets

Describe an experiment in the field of online product sampling!
Goal:
– Compare profitability of sampling strategies for different sample types and for different levels of knowledge about the network structure

– Random targeting (no-konwledge) vs. optimal targeting (substantial knowledge)

Method:
– Agent-based model builds on real world data

Insights:
-> combination of high-degree and betweenness targeting most profitable
-> targeting based on social network information is valuable – profits increase between 32 and 1.574%
-> Allocation of product samples (whom to target) is much more effective in increasing profits than the optimal penetration level
-> Optimal sampling recommendations differ – depending on sample type
-> High-degree targeting is not necessarily better than random targeting for non-optimal sample sizes – interaction of effects
-> Social media can offer valuable insights for sampling campaigns
-> Limitations: product quality and competition neglected

Electronic Markets

Who is hurt by an inflation - why? (2 examples)

1. owners of nominal assets (bonds)
2. people with a fixed term of nominal wage 

Electronic Markets

What is money? (3)

– means of payment
– store of value
– unit of account 

Electronic Markets

How does Google Ghost Ads work?
– Google creates a control group out of the pool of users who would have seen your ad
– but instead of showing your ad, the control group sees the next ad in the auction
– they can see if those users converted anyway
– If they did, then the display ad would not have had an effect and was not incremental
– If they do not convert, then maybe it would have been incremental.
– They then compare the control group’s behavior to the overall group.

Electronic Markets

What are problems with measuring online advertising effectiveness?
Accurate measurement of online advertising effectiveness is important, yet challenging, because
– Oftentimes, firms can only establish correlation by looking at observational data
– Fiel experiments can help to improve measurement determine what ads they will be exposed to
— Consumers browsing behavior and preferences determine what ads they will be exposed to
— Publishers and advertisers employ performance maximizing tech that can hinder true radomization and thus comparison of treatment and control groups

Electronic Markets

What are the characteristics for idea markets?
Decision support, wisdom of crowds, tournament, market mechanism

Electronic Markets

What is Pay What You Want (PWYW)?
– A firm offers its goods or services without quoting a price (but can suggest one)

– Each customer decides how much to pay, including zero

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