Hi, below are a list of words you've used for the class exercises. Just find it interesting for you to re-evaluate the words. You can comment on those choices and vote for the best word for each question.
1. Internet ______________ traditional barriers to entry.
Choises: reduces, lessens, eliminates, sharply reduces, lowers, crushes
2. Internet ______________ the intensity of competition among existing competitors.
Choices: increases, amplifies, enhances, boosts, brings out, improves
3. Internet ______________ the bargaining power of suppliers.
Choices: mixes, limits, escalates?
4. Internet ______________ the bargaining power of customers.
Choices: increases, enhances, raises, greatly increases, favors, strengthens
5. Internet ______________ the existence of substitute products and services.
Choice: boosts, highlights, conveys, raises, amplifies, maximizes, threatens, ensures, jacks up, expands, reveals, promotes, multiplies, broadens
1. Internet reduces traditional barriers to entry.
ReplyDeleteChoises: reduces, lessens, eliminates, sharply reduces, lowers, crushes
I chose reduces because the Internet does reduce barriers however it does not sharply reduce barriers. Regular barriers to entry are going to exist regardless of the Internet just as they existed before the Internet e.g. the banking industry and the large amount of capital required to enter. The Internet does not change the fact that if a company wants to get into banking it will needs a significant amount of capital and assets.
2. Internet amplifies the intensity of competition among existing competitors.
Choices: increases, amplifies, enhances, boosts, brings out, improves
I chose amplifies because the Internet seems to really intensify the competition among existing competitors e.g. manufacturers of car audio equipment. You can search on the Internet and find the best deals and compare products across the board within a few minutes. The Internet has done more than merely increase competition amongst competitors; rather the Internet has amped up the competition amongst competitors.
3. Internet mixes the bargaining power of suppliers.
Choices: mixes, limits, escalates
I chose mixes because I feel that some suppliers could benefit from the Internet and some could suffer from the Internet. Perhaps some suppliers can find more customers and perhaps some suppliers are forced to lower their retail prices because customers have found better prices or perhaps even substitutes. I do not feel the Internet has clearly helped or hindered suppliers.
4. Internet strengthens the bargaining power of customers.
Choices: increases, enhances, raises, greatly increases, favors, strengthens
I chose strengthens because it seems the customers already had bargaining power with different retail stores. Now the customer can click a few times and have several items with several prices through the use of the Internet.
5. Internet ensures the existence of substitute products and services.
Choice: boosts, highlights, conveys, raises, amplifies, maximizes, threatens, ensures, jacks up, expands, reveals, promotes, multiplies, broadens
This one was the most difficult to choose, perhaps due to the increased number of choices. I chose ensures. Obviously companies with bigger bank rolls can afford better advertising and beat out substitute products and services through thick advertising. Regardless of the zeal of a major corporation, customers can search for substitute products and services through the use of the Internet.