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10/19/2018
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Course 571006- The Long Tail
  Final Exam
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571006v - The Long Tail

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Communication & Sales
12 CPE Credit Hours

10/19/2018
Final Exam
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Read 'Chapter 1: The Long Tail' & answer the following question(s):
1. The tracking of top seller lists is a national obsession. Our culture is a massive popularity contest.
2. Every year network TV loses more of its audience to hundreds of niche cable channels.
3. The main effect of all this connectivity is
4. From Ben's perspective, the cultural landscape is a limited continuum from high to low, with commercial and amateur content competing equally for his attention. He simply doesn't distinguish between mainstream hits and underground niches -- he picks what he likes from an infinite menu where Hollywood movies and player created video game stunt videos are listed side by side.
5. TV shows were more popular in the seventies than they are now not because they were better, but because we had fewer alternatives to compete for our screen attention.
6. The hits now compete with an infinite number of niche markets, of any size. And consumers are increasingly favoring the one with the most choice. The era of one size fits all is ending, and in its place is something new, a market of multitudes.
7. The simple picture of a few hits that mattered and the everything else that didn’t is now becoming a confusing mosaic of a million mini-markets and micro stars. Increasingly, the market is turning into a mass of niches.
8. The Long Tail was published in Wired in
9. The three main observations noted upon the publication of The Long Tail in Wired, is all that listed below, except:
10. What people intuitively grasped was that new efficiencies in distribution, manufacturing, and marketing were changing the definition of what was commercially viable across the board. The best way to describe these forces is that
11. By combining infinite shelf space with real time information about buying trends and publics opinion, the created the Touching the Void phenomenon. The result: rising demand for an obscure book.
12. The curse of traditional retail is the need to find foreign audiences.
13. The curse of broadcast technologies is that they profligate users of limited resources. The result is yet another instance of having to aggregated large audiences in one geographic area-another high bar above which only a fraction of potential content rises.
14. By overcoming limitations of geography and scale, companies like Google and EBay have not only expanded existing markets, but more important, they've also discovered new ones. Moreover in each case these new markets that lie outside the reach of the physical retailer have proven to be far bigger than anyone expected- and they're only getting bigger.
15. Companies like Google and EBay offered more and more ( simply because they could), they found that demand actually followed supply. The act of vastly increasing choice seemed to unlock demand for that choice. Whether it was latent demand for niche goods that was already there or the creation of a new demand, we don't know yet.
16. When you can dramatically lower costs of connecting supply and demand, its changes not just the numbers, but the entire nature of the market. This is not just a quantitative change, but a qualitative one, too. Bringing niches within reach reveals latent demand for non-commercial content. Then, as demand shifts toward the niches, the economics of providing them improve further, and so on, creating a positive feedback loop that will transform entire industries- and the culture - for decades to come.
Read 'Chapter 2: The Rise and Fall of the Hit' & answer the following question(s):
17. What caused a generation of the industry's best customers - fans in their teens and twenties- to abandon the record store?
18. In this book, Mashups were discussed and defined as
Read 'Chapter 3: A Short History of the Long Tail' & answer the following question(s):
19. The 1897 Sears Wish Book contained _____ pages of everything under the sun at prices that can hardly be believed.
20. Automated Collect Calling was also known as
21. The limited shelf space of the Web retail allows them to offer their customers more variety and convenience, cementing brand loyalty with existing customers and extending it to new ones who may or may not be a physical store.
Read 'Chapter 4: The Three Forces of the Long Tail' & answer the following question(s):
22. The Theory of the Long Tail can be boiled down to this: Our culture and economy are increasingly shifting away from focus on a relatively small number of hits ( mainstream products and markets) at the head of the demand curve, and moving toward a huge number of niches in the tail. In an era without the constraints of physical shelf space and other bottlenecks of distribution, narrowly targeted goods and services can be as economically attractive as mainstream fare.
23. The true shape of demand is revealed only when consumers are offered a choice. It is the aggregate sales, use or other participation of all those people in the newly available niches that turns the massive expansion of choice into an economic cultural force. The Long Tail starts with a million niches, but it isn't meaningful until those niches are populated by people who want them.
24. In economics , search costs refer to anything that gets in the way of finding what you want. Some of those costs are non-monetary, such as wasted time, hassle, wrong turns and confusion. Other costs actually have a dollar figure, such as mistaken purchases or paying too much for something because you couldn't find a cheaper alternative. Anything that makes it easier for you to find what you want at the price you want lowers your search cost.
25. Sellers also act as guides individually when they post user reviews or blogs about their likes and dislikes. Because it is now easy to tap this grassroots information when you're looking for something new, you’re more likely to find what you want faster than ever. That has the economic effect of encouraging you to search farther outside the world you already know, which drives demand down the niches.
26. The ability to tap the distributed intelligence of millions of consumers to match people with the stuff that suits them best is leading to the rise of all sorts of new recommendation and marketing methods, essentially serving as new taskmasters.
Read 'Chapter 5: The New Producers' & answer the following question(s):
27. It is when the tools of production are transparent that we are inspired to create. When people understand how great work is made, they're more likely to want to do it themselves.
28. The true miracle of Wikipedia is that this open system of amateur user contributions and edits doesn't simply collapse into anarchy. Instead, it has somehow self organized the most comprehensive encyclopedia in history. Reversing entropy's arrow, Jimmy Wales catalytic moment-putting up a few initial entries and a mechanism for others to add to them- has actually created order from chaos.
Read 'Chapter 6: The New Markets' & answer the following question(s):
29. The typical used-book store's access to secondhand books is limited to whomever happens to be local and selling volumes from his or her own collection. As a result, the selection of these stores tends to be pretty random, reflecting the taste of the proprietor and the luck of the catch rather than any comprehensive slice of the book market. For patron's of used book store, this randomness is part of the appeal, providing a serendipitous sense of exploration and discovery. But if you are looking for a particular book, that process of cruising around the store and browsing the shelves can be unrewarding.
30. In economic terms, what makes the textbook market work is ample liquidity. There are so many sellers and so many buyers of a relatively small set of traded commodities that the odds of finding what you want at the right price are excellent. By contrast, what ailed the non-academic used-book market was poor liquidity- not enough sellers and buyers of an unbounded set of commodities. The result of too many products and not enough players was that the odds of finding what you want are poor. Thus, most buyers simply never consider a used-book store when they're shopping for something specific.
31. The root cause of the Long Tail : The lower the costs of selling, the more you can sell. As such, aggregators are a manifestation of the second force, democratizing distribution. They all lower the barrier to the market entry allowing more and more things to cross that bar and get that out there to find their audience.
Read 'Chapter 7: The New Tastemakers' & answer the following question(s):
32. A music label exists primarily to fulfill four functions, one of them being talent scouting and the rest below, except:
33. One of the consequences of living in a hit-driven culture is that we tend to assume that hits are a far bigger share of the market than they really are. Instead they are the rare exception. This is what Nassim Tale calls the "Black Swan Problem."
34. Power law distribution is a term
35. As such, in Long Tail markets , the role of filters then shifts from gatekeepers to advisor. Rather than predicting taste, post filters such as Google measure it. Rather than lumping consumers into predetermined demographic and psychographic categories, post filters such as Netflix's customer recommendations treat them like individuals who reveal their likes and dislikes through their behavior.
Read 'Chapter 8: Long Tail Economics' & answer the following question(s):
36. Who was the Italian polymath, who, in 1897, studied patterns of wealth and income in nineteen-century England?
37. The best manifestation of Pareto/Zipf distributions is the
38. The 80/20 Rule is chronically misunderstood, for three reasons except :
39. All below are three aspects of the Long Tail that have the effect of shifting the demand down the tail, from hits to niches, except:
40. There are several ways to try to quantify the three aspects of the Long Tail that have the effect of shifting demand down the tail, from hits to niches, except:
Read 'Chapter 9: The Short Head' & answer the following question(s):
41. Successful Long Tail aggregators need to have both hits and niches. They need to span the full range of variety, from the broadest appeal to the narrowest, to be able to make the connections that can illuminate a path down the Long Tail that makes sense for everyone.
42. The reason MP3.com's model didn't succeed and the iTunes model- which is less oriented toward independent musicians- did is
43. Retail rules of thumb dictate that for every square foot of floor space used for shelves, you need another two to three square feet of aisle, checkout and common space.
44. In the realm of film and television, "shelved" means
45. The overwhelming reality of our online age is that everything can be available.
Read 'Chapter 10: The Paradise of Choice' & answer the following question(s):
46. Most of the information that online retailers use to order massive variety and make choice easy are : popularity, comparative prices, and
Read 'Chapter 11: Niche Culture' & answer the following question(s):
47. House music producers also rely on open access product strategies. In contrast to record labels that spend more and more time on litigation to enforce copyright infringement, house music producers ( and underground producers in general) have long realized that opening up their goods to being remixed and tweaked has beneficial economic consequences.
Read 'Chapter 12: The Infinite Screen' & answer the following question(s):
48. The advent of video rentals essentially placed thousands of movies on offer in every living room on every night. The result was a transition from pushed media (whether pushed onto the airwaves or into the local theatres) to pulled media.
49. Studios were horrified when they realized that a family of five that paid $20 to see ET: The Extraterrestrial in the theatre would never drop $20 on ET rentals. What they missed was twofold: First, Most obviously, the aggregate amount of time and money that a family would direct toward movies was primed to explode when the family could access any movie they wanted, rather than whatever was being marketed that month; and less obviously, they neglected to consider that the total amount of money in ET could draw might similarly explode as the film started reaching the unknown millions who would not pay $20 to see ET but might pay, say, $2.95.
Read 'Chapter 13: Beyond Entertainment' & answer the following question(s):
50. Mark Benoit, owned which company?
51. The CEO of Google is
52. Google provides tools to customize and test ads to achieve the highest "click through". Clickthroughs are:
Read 'Chapter 14: Long Tail Rules' & answer the following question(s):
53. Users who happily do for free what companies would otherwise have to pay employees to do is not "outsourcing" , but is
54. Micro chunking is
Read 'Chapter 15: The Long Tail of Marketing' & answer the following question(s):
55. The problem with fragmented markets and one-size-fits-one consumers is that there are, well, a lot of them.
56. Who ran a blog called Dell Hell brought upon buy his frustration against a brand new laptop he had bought from Dell but couldn't get decent customer support?
57. Who invented the Web in 1990?
58. The hyperlink is the ultimate act of generosity online.
59. Process transparency means the more you know about how a system works, the more confidence you have in it.
60. The Web is the great leveler of marketing. It allows for niche products to get global attention.
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