ITM 100 Chapter Notes - Chapter 10: Geographic Data And Information, Electronic Data Interchange, Micropayment

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 100
• Professor: Raymond Moss

Document Summary

Marketspace: a market place extended beyond traditional boundaries and removed from a temporal and geographic location. Transaction cost: the cost of participating in the market. Market entry costs: the cost of merchants must pay to simply bring their goods to market. Search costs: the effort required to find suitable products. Richness: refer to the complexity and content of a message. Information density: the total amount and quality of information available to all market participants, consumers, and merchants alike. Price discrimination: selling same goods or almost same goods to different target groups at different prices. Personalization: merchant can target marketing messages to specific individuals by adjusting the message to a person"s behaviour, name, interests, past purchases. Customization: changing the delivered product or service based on user preferences or prior behaviour. Information symmetry: when one party in a transaction has more info that is important for the transaction than the other party.