Ecommerce Chapter 6

Front 1

Apps

Back 1

Application software that is sold for use on mobile phones

Front 2

Ascending-price auction

Back 2

A type of auction in which bidders publicly announce their successively higher bids until no higher bid is forthcoming. Also known as an English auction

Front 3

Auction consignment services

Back 3

Companies that take an item and create an online auction for that item, handle the transaction, and remit the balance of the proceeds after deducting a fee. These services are performed on behalf of people and small businesses who want to use an online auction but do not have the skills or the time to become a seller

Front 4

Auctioneer

Back 4

The person who manages an auction

Front 5

Bidders

Back 5

A potential buyer at an auction; one who places bids

Front 6

Bids

Back 6

An offer of a certain price made on an item that is up for auction

Front 7

Bulletin board system (BBS)

Back 7

Computers that allow users to connect through modems (using dial-up connections through telephone lines) and post messages in a common area

Front 8

Consumer-to-business

Back 8

An industry term for electronic commerce that occurs in general consumer auctions; bidders at a general consumer auction might be businesses

Front 9

Descending-price auctions

Back 9

Synonymous with Dutch auction, which is an open auction in which bidding starts at a high price and drops when a bidder accepts the price.

Front 10

Double auction

Back 10

A type of auction in which buyers and sellers each submit combined price-quantity bids to an auctioneer. The auctioneer matches the sellers’ offers (starting with the lowest price, then going up) to the buyers’ offers (starting with the highest price. then going down) all of the quantities are sold.

Front 11

Dutch auction

Back 11

A form of open auction in which bidding starts at a high price and drops until a bidder accepts the price

Front 12

English auction

Back 12

A type of auction in which bidders publicly announce their successively higher bids until no higher bid is forthcoming

Front 13

Escrow service

Back 13

An independent third party who holds an auction buyer’s payment until the buyer receives the purchased item and is satisfied that it is what the seller represented it to be.

Front 14

First-price sealed-bid auction

Back 14

A type of auction in which bidders submit their bids independently and privately, with the highest bidder winning the auction

Front 15

Group purchasing site

Back 15

A type of auction Web site that negotiates with a seller to obtain lower prices on an item as individual buyers enter bids on that item

Front 16

Idea-based networking

Back 16

The act of participating in Web communities that are based on the connections between ideas

Front 17

Idea-based virtual communities

Back 17

A Web community based on the connections between ideas

Front 18

Jailbreaking

Back 18

Modifying an Apple iPhone’s operating system

Front 19

Liquidation brokers

Back 19

An agent that finds buyers for unusable and excess inventory

Front 20

Lock-in effect

Back 20

The inherent greater value to customers of existing companies than new sites

Front 21

Meetup

Back 21

An in-person between people who are acquainted through a blog

Front 22

Short messaging service

Back 22

A protocol used to transmit short text messages to cell phones and other wireless devices

Front 23

Snipe

Back 23

The act of placing a winning bid in an online auction at the last possible moment

Front 24

Sniping software

Back 24

Auction software that observes auction progress until the last second or two of the auction clock, and then places a bid high enough to win the auction

Front 25

Social networking site

Back 25

A Web site that individuals and businesses can use to conduct social interactions online

Front 26

Social shopping

Back 26

The practice of bringing buyers and sellers together in a social network to facilitate retail sales

Front 27

Tablet devices

Back 27

A small computing device with wireless connectivity that is larger than a mobile phone but smaller than most laptop and notebook computers

Front 28

Tweets

Back 28

A short message sent from one Twitter user to another

Front 29

Usenet

Back 29

One of the first mailing lists; it allows subscribers to read and post articles within the topic area

Front 30

Usenet newsgroups

Back 30

Message posting areas on Usenet computers in which interested persons (primarily from the education and research communities) can discuss these topic areas

Front 31

Vickrey auctions

Back 31

Synonymous with second-bid auction. Named for William Vickrey, who won the 1996 Nobel Prize in Economics for his studies of the properties of the auction type

Front 32

Virtual community

Back 32

A electronic gathering place for people with common interests

Front 33

Virtual learning network

Back 33

A virtual community used for distance learning

Front 34

Web community

Back 34

Synonymous with virtual community

Front 35

Winner’s curse

Back 35

A psychological phenomenon that causes bidders to become caught up in the excitement of competitive bidding and bid more than their private valuation

Front 36

Wireless Application Protocol (WAP)

Back 36

A protocol that allows Web pages formatted in HTML to be displayed on devices with small screens, such as PDAs and mobile phones

Front 37

Yankee auction

Back 37

A type of English auction that offers multiple units of an item for sale and allows bidders to specify the quantity of items that they want to buy