ITM 100 Chapter Notes - Chapter 10: Micropayment, Geographic Data And Information, Main Source

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 100
• Professor: Robert Hudyma

Document Summary

Marketspace: a marketplace extended beyond traditional boundaries and removed from a temporal and geographic location. Transaction costs: the costs of participating in a market. Market entry costs: the cost merchants must pay simply to bring their goods to market. Search costs: the effort required to find suitable products. Richness: refers to the complexity and content of a message. Information density: total amount and quality of information available to all market participants, consumers and merchants alike. Price transparency: refers to the ease with which consumers can find out the variety of prices in a market. Cost transparency: refers to the ability of consumers to discover the actual costs merchants pay for products. Price discrimination: selling the same goods (or nearly the same) to different targeted groups at different prices. Personalization: ability of merchants to target marketing messages to specific individuals by adjusting the message for a person"s name, interests and past purchases.