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1. The costs incurred when a firm buys on the marketplace what it cannot make itself are referred to as (Points : 1)|        switching costs.       transaction costs.       procurement.       agency costs. | 2. Disintermediation (Points : 1)|

       results from the speed of the Internet.       is defined as the elimination of layers in the distribution process.       is a result of social networking.       All of the above| 3. The four major types of competitive strategy are: (Points : 1)|        low-cost leadership; substitute products and services; customers; and suppliers.       low-cost leadership; product differentiation; focus on market niche; and customer and supplier intimacy.       new market entrants; substitute products and services; customers; and suppliers.       low-cost leadership; new market entrants; product differentiation; and focus on market niche. | 4. Information asymmetry exists when (Points : 1)|

       the network is overloaded.       sellers and buyers have the same information.       one party in a transaction has more important information than the other.       manufactures provide online data to customers.| 5. When a firm provides a specialized product or service for a narrow target market better than competitors, they are using a (Points : 1)|        product differentiation strategy.       market niche strategy.       mass customization strategy.       process efficiency strategy. | 6. Internet technology (Points : 1)|

       makes it easy for rivals to compete on price alone.       imposes a significant cost of entry, due to infrastructure requirements.       increases the difference between competitors because of the wide availability of information.       makes it easy to sustain operational advantages. | 7. The Internet raises the bargaining power of customers by (Points : 1)|        creating new opportunities for building loyal customer bases.       making more products available.       making...
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