Ever had words that you die to get out but you can’t?
Ever had feelings where you do not matter at all?
Ever had thoughts wondering who your real friends are now?
Ever had ideas that you are the worst friend you could ever be for your closest friends?
Ever felt unappreciated?
Ever felt not given a single pile of shit by your so called close friends?
Have you ever?
Prediction markets are only effective if a lot of people participate. What are the best ways to encourage more traders and trading within internal company prediction markets?
In a prediction market, payoffs are tied to the outcomes of the future events. Therefore,I believe the best way to increase the amount of traders in a prediction market is to increase the accuracy of the prediction markets along with the payoffs. Another way to increase the amount of traders is to have more prediction markets that are relative to the traders. Because the tendency of traders are that they trade according to their wants and desires. Prediction markets seem to deviate from perfect rationality that are in some other type of financial markets. According to many economists and psychologists, there is evidence that people tend to value small probabilities over very near certainties. So in order to increase the accuracy of prediction markets, should bet more on riskier options and less on the non-riskier ones.
What are the similarities and differences between a community-driven product development process and a traditional product development process within a firm?
In the traditional process development process, the manufacture has to identify the user needs and wants in order to come up with the appropriate ideas to create the right product based on what the potential consumers and users want. However, in a community-driven product development process, the community, which is comprised of users themselves, gives the most direct and promising ideas for what the products should be like. That way, it saves the manufactures tons of time and money to figure out what’s hot on the market and this is rapidly replacing the traditional way because it’s been working relatively well for the past decade.
MIS 440
What’s the best way for companies to engage with their customers using social media?
The best way for companies to engage their customers using social media would be using the trendy social media, such as Facebook, Twitter, and MySpace in a more personal and convenient way. What I mean by that is that, people tend to use these social medias because they feel like they can relate to it or it’s something they can use on a daily basis without feeling to have to delegate out a special attention to it. So by creating a more interactive and close connections with your customers with these social media, it’ll attract their attention more.
How do Wikipedia’s processes for creating and modifying articles ever lead to high-quality results? In other words, since anyone can easily edit Wikipedia, how is it that good (and usually accurate) content emerges?
Wikipedia’s processes for creating and modifying articles is open up to anyone with an Wikipedia account. The information is filtered by statstics or historical comparisons by Wikipedia to ensure the most reliable information is on the web for its users to use. The selection process makes sure the good and accurate information remains while the inaccurate and poor information gets eliminated from the page.
MIS 440 What new features and functionality would you want to see in Facebook and why? How could these new features help Facebook earn revenue? Facebook right now stands really good the way it is now with its newly improved privacy setting and expanded photo album setting and all that good stuff. It currently takes sponsors for advertisements or virtual gifts at the cost of real currency.
One great way to expand Facebook could be adding a video chat that will allow its users to have more social networking opportunities. Websites such as Tokbox and softwares such as OoVoo and Skype already have such features, but if facebok were to add this feature in at a very low cost, it may be an attractive point for people to have as our satisfaction level with social network is going beyond just simple black text.
Feeling it like no other
1. How does Hulu’s value proposition differ from traditional broadcast and cable television?
Hulu’s value proposition differs from traditional broadcast and cable television at a much more affordable prices, limited commercial breaks and the conveinence is the most valuable point Hulu offers.
Hulu is an online video streaming website where users can come and watch clips for free, but offers an option for the user to upgrade to Hulu+ for $7.99 a month to gain access to HD quality clips and be able to watch the latest episodes of the user’s favorite shows.
Compared to traditional broadcast method, which requires a TV and a cable box at a cost of nearly $60 a month, Hulu offers a much more cost efficient value and the great convinence, where the user would be able to access all kinds of video Hulu has to offer with just a laptop and internet connection. Its unbeatable portability makes a really attractive point to its customers and keeps the company at an edge.
Discuss an example of lock-in (not one of the examples on the wikipedia page) and how a consumer might be able to overcome the effects of lock-in.
One example of a lock-in that I can think of is the map update on a Geographic Positioning System (GPS) where the consumer HAS to purchase that particular map update package made available from its manufacturer. Although the consumer could choose to swich to a different brand, it’d incur in a cost that’s significantlly higher than its previous one.
A consumer may be able to overcome the effects over lock-ins by purchasing more generic product that has universal compatibilities. Examples are headphones, where the universal plug in size is 3.5mm jack and there are other devices out there that only take 1.5mm or even a company specific input. Finding a more “replacable” source of product would be the best way to overcome the effects of lock-in set by companies.
It seems like Google has their hands in everything, what do you recommend Google focus their efforts on next?
Google has basically monopolized the internet search engine and has also expanded its innovative power into other areas such as emailing or even in the media.
Personally, I think Google should shift its focus on public image and perhaps into a physical market now. What i mean by that is, perhaps a physical product out on the market that everywhere can see on a daily basis such as Sony or Samsung. The google phone is an example of this recommendation and if Google succeeds in this field, it’ll undoubtedly bring in more opportunities for Google has an innovation leader.
