Transcript Manajemen Keuangan & Teknologi E-Bisnis

Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Manajemen Keuangan
dan Teknologi E-Bisnis
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-1
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Significance of ecommerce
• U.S Census Bureau estimates that there was $6.373 billion
retail in 3rd quarter 2000
• 15.3 percent increase from 2nd quarter 2000
• Over 100 Ecommerce businesses closed shop in 2000
• 0.78 % of total retail sales
• During the same quarter total retail declined 0.4%
Benefits of ecommerce
• Access to global markets
• Lower cost of business
• Convenience to the customer
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-2
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Continued Growth
• Hosts: 36,739,000 (7/98); 16,729,000 (7/97)
– .com: 10,301,570
– .net: 7,054,863
– .edu: 4,464,153
• Web servers: 3.35M (10/98); 130%
• Bill Goffe, Univ. of Southern Mississippi
• Bob Parks, Washington University
• George Greenwade, Sam Houston State University
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-4
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-5
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-6
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-7
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
The Imperatives of Technology
• Applications of technology require precise
subdivision and coordination of activities.
• Large-scale subdivision generates complexity
which must be comprehended and managed.
• Complexity extends production processes in time
and space.
– Spatial extension through the supply chain
– Temporal extension through component fabrication and
assembly
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
The Imperatives of Technology
• Microeconomic Consequences:
– Large overhead costs.
– Significant economies of scale and scope.
– Multi-dimensional product characteristics.
• Consequences for Industrial Organization
– Strategic rather than competitive environment.
– Non-price competition (branding and product
differentiation).
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Information and the Economic Landscape
• What is the role of information in the economic
landscape?
• The Hayek model: Competitive paradigm
– Prices are sufficient statistics for information about the
state of the market.
– Competitive markets aggregate economic information.
– Decentralized decision-making requires only prices as
inputs to decision processes.
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
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Economic framework
Market
Cost
ICT profile
Pricing
Information and the Economic Landscape
• Strategic distortions of the competitive model:
– Information is internalized in the supply chain and
through long-term contracting relationships between
firms.
– Market segmentation and price discrimination mask
information content of prices.
– Product differentiation fragments information.
– Strategic interactions (pricing and marketing) entangle
information through versioning and bundling decisions.
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Manajemen Keuangan & Teknologi E-Bisnis
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Concept of Internet
Type and Model
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Market
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The Internet and the New Economy
• Information technology is simultaneously
intensifying the strategic features of the economic
landscape, while making it more competitive.
– Strategic Intensification
• Greater scope for both B2B and B2C commercial interactions
• Tightening of existing supply chains through internet data
transfer protocols
• Dis- and re-intermediation of consumer sales.
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Economic framework
Market
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Pricing
The Internet and the New Economy
– Intensification of competition
• Digital goods and services are the most extreme examples of
the technological imperative: All costs are fixed costs -marginal cost is zero.
• Wide-spread adoption of information technology puts zero cost
production (copying) capabilities in everyone’s hands.
• Wide-spread adoption of technology gives economic agents
vastly expanded access to information about products and
prices.
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Manajemen Keuangan & Teknologi E-Bisnis
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Traditional vs electronic transaction
Transaction-Related Value Sources:
Transaction Characteristics
TechnologyRelated Value
Sources:
Search, Evaluation
and Selection
Capabilities
Transaction Process
Traditional Transaction
Electronic Transaction
Transaction
Performance:
Selected
Price
Buyer-Related Value Sources:
Buyer Behavior
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
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ICT profile
Pricing
What is the Internet?
The Internet is a world-wide network of computer networks that use a
common communications protocol, TCP/IP (Transmission Control
Protocol/Internet Protocol). TCP/IP provides a common language for
interoperation between networks that use a variety of local protocols
(Ethernet, Netware, AppleTalk, DECnet and others).
Where did it come from?
In the late sixties, the Advanced Research Projects Administration
(ARPA), a division of the U.S. Defense Department, developed the
ARPAnet to link together universities and high-tech defense
contractors. The TCP/IP technology was developed to provide a
standard protocol for ARPAnet communications. In the mid-eighties
the NSF created the NSFNET in order to provide connectivity to its
supercomputer centers, and to provide other general services. The
NSFNET adopted the TCP/IP protocol and provided a high-speed
backbone for the developing Internet.
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
What do people do on the Internet?
Probably the most frequent use is electronic
mail (e-mail). After that are file transfer
(moving data from one computer to another) and remote login (logging into a computer
that is running somewhere else on the Internet). In terms of traffic volume, as of December
1994 about 32% of total traffic was file transfer, 16% was World Wide Web (WWW), 11%
was netnews, 6% was email, 4% was gopher, and the rest was for other uses [Merit
Statistics]. People can search databases (including the catalogs of the Library of Congress
and scores of university research libraries), download data and software, and ask (or answer)
questions in discussion groups on numerous topics (including economics research).
How big is the Internet?
200 networks to well
over 45,000 and from 1,000 hosts (end-user computers) to over four
million. About 1,000,000 of these hosts are at educational sites, 1,300,000 are commercial
From 1985 to December 1994, the Internet grew from about
sites, and about 385,000 are government/military sites, all in the U.S. Most of the other
1,300,000 hosts are elsewhere in the world [Network Wizards]. NSFNET traffic grew from
85 million packets in January 1988 to 86 billion packets in November 1994. (Packets are
variable in length, with a bimodal distribution. The mean is about 200 bytes on average, and
a byte corresponds to one ASCII character.) This is more than a six hundred-fold increase in
only six years. The traffic on the network is currently increasing at a rate of 6% a month.
(NSFNET statistics are available at Merit’s Network Information Center1.)
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Manajemen Keuangan & Teknologi E-Bisnis
Market
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Cost
ICT profile
Pricing
Types of ecommerce
• Business to business
– Example ESIP 1 to ESIP 3 ecommerce
• Business to consumer
– Distributing
customers.
data products
to
non
ESIP
• Both types have different needs and
resources.
• Both types of customers can be served
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
Barriers to success in ecommerce
Survey from commerce.net
Top Ten Barriers to ecommerce, 2000
1. Security and encryption
2. Trust and risk
3. Lack of qualified personnel
4. Lack of business models
5. Culture
6. User authentication and lack of public key infrastructure
7. Organization
8. Fraud and risk of loss
9. Internet/Web is too slow and not dependable
10.Legal issues
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Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
Concept of Internet
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ICT profile
Pricing
Business Models
• The method of doing business by which a company can generate
revenue.
• The business model spells-out how a company makes money by
specifying where it is positioned in the value chain.
Ecommerce Models
• There are many models being talked about, so it depends on who
you are asking.
• Useful Categories
– Transplanted real world business models
– Native internet business models
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Manajemen Keuangan & Teknologi E-Bisnis
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Introduction
IT and Bussiness
Concept of Internet
Type and Model
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Economic framework
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Internet economics is different
from real world economics
• Real World
– It is based on supply and demand
– Value comes from a scarcity of goods and
services.
• Internet
– Scarcity doesn’t exist on the web. There is
almost no cost to replicate data.
– The economics of abundance makes attention
valuable.
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
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Market
ICT profile
Cost
Pricing
Native Internet Models
Library
Freeware
Information Barter
The internet is a source of
free information
Software is distributed free of
charge GNU or Netscape
Digital Products and digital
delivery
Provide information in trade
for the use of a product
Images animation text that is
purchased
Access provision
ISPs
Web site hosting and other
internet services
Electronic mail or web sites
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High Level Models
Brokerage
•Bring together buyers and sellers • charging fees for transactions
Advertising
•Extension of media broadcast
•high volume or specialized
Infomediary
•Collect data regarding usage
•Sell collected information
Merchant
•Classic wholesale and retail
•Fixed prices or Auctions
Manufacturer
• Direct to consumer
•Compress the supply chain
Affiliate
•Distribute purchase opportunity
Sites get paid for referrals
Community
•Based on loyalty
•Subscription or sponsors
Subscription
•High value content
•May combine free and pay
Utility
•Pay for what is used
•May depend on byte payments
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Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
Concept of Internet
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Economic framework
Market
ICT profile
Cost
Pricing
Brokerage Examples
Market Exchange (Common B2B model) Broker charges the seller a transaction
fee baed on the value of the sale. Pricing can be offer/buy offer/negotiated buy, or
an auction offer/bid approach.
Virtual Mall -- A site that hosts many online merchants. The Mall typically charges
setup, monthly listing, and/or per transaction fees.
Metamediary -- a business that brings buyers and online merchants together and
provides transaction services such as financial settlement and quality assurance. It is
a virtual mall, but one that will process the transaction, track orders, and provide
billing and collection services.
Auction Broker -- A site that conducts auctions for sellers (individuals or
merchants). Broker charges the seller a fee, which is typically scaled with the value
of the transaction.
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Manajemen Keuangan & Teknologi E-Bisnis
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Advertising Examples
Generalized Portal high-volume traffic driven by generic or diversified content or
services The high volume makes advertising profitable and permits further
diversification of site services.
Personalized Portal The generic nature of a generalized portal undermines user
loyalty. The profitability of this portal in based on volume and possibly the value
of information derived from user choices.
Specialized Portal Also called a "vortal" (i.e., vertical portal). Volume is less
important than a well-defined user base This can be highly sought after as a venue
for certain advertisers who are willing to pay to reach that particular audience
Free Model Give users something for freeFreebies create a high volume site for
advertising opportunities. Viability is hardest when based purely on advertising
revenue. Opportunity to blend with infomediary model.
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Manajemen Keuangan & Teknologi E-Bisnis
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Infomediary Examples
Recommender System
A site that allows users to exchange
information with each other about the quality of products and services -or the sellers with whom they have had a purchase experience (good or
bad). Recommender systems can take advantage of the affiliate model
offered by merchants to augment revenue from the sale of consumer
information.
Registration Model Content-based sites that are free to view but
require users simply to register (other information may or may not be
collected). Registration allows inter-session tracking of users' site usage
patterns and thereby generates data of greater potential value in targeted
advertising campaigns. This is the most basic form of infomediary model.
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Merchant Example
Bit Vendor a merchant that deals strictly in digital products and services and, in its
purest form, conducts both sales and distribution over the web.
Virtual Merchant a business that operates only over the web and offers either
traditional or web-specific goods or services (a.k.a., pure-play e-tailers). The method
of selling may be list price or auction
Surf-and-Turf Traditional brick-and-mortar establishment with web storefront. The
model has the potential for channel conflict. Physical stores can prove to be an asset if
cleverly integrated into web operations. Also known as "bricks-and-clicks".
Catalog Merchant The migration of mail-order to a web-based order business.
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Perspective on Market Transactions (Dholakia et all)
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Manajemen Keuangan & Teknologi E-Bisnis
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Economic Effects of Internet and Impacts on Marketing (Dholakia et all)
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Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
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Market
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ICT profile
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Economic Effects of Internet and Impacts on Marketing (Dholakia et all)
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Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
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Measuring The Internet Economy (O’Donnel)
Four Layer (CREC Univeristy of Texas)
Internet
Infrastructure
:
including
Telecommunication Company, Internet Backbone
Providers, Internet Service Provider
Internet application infrastructure: principally,
software required for internet services, but also
consulting and service company hired to build web
sites
Internet Intermediary
Internet Commerce
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
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Economic framework
Market
Cost
ICT profile
Pricing
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Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
IT and Bussiness
Concept of Internet
Type and Model
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
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Four Common Topics in
Economics
• Cost
• Price
• Demand
– Substitutes and Complements
• Externalities
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Cost
•
•
•
•
Producing
Duplicating
Distributing
Capacity Limits
Internet
•
•
•
•
•
Phone Service
Movies
Music
Stock Quotes
Magazines
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The Cost of Information
• The cost of producing the first unit of a digital good is
generally not small, and can be substantial.
• As we have seen, the indestructibility and reproducibility
of digital goods means that the marginal cost of producing
an additional unit of the good is close to zero.
• Because the cost of storing and transmitting stored
information is cheap (and continues to get cheaper), there
are also no effective capacity constraints on the production
of digital goods.
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HOW IS INTERNET ACCESS PRICED?
What other types of pricing have been considered?
There are three main elements of network costs:
The cost of connecting to the net,
The cost of providing additional network capacity, and
The social cost of congestion.
To reduce congestion
Peer pressure and user ethic
Quee and priority
Overprovisioning
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Cost Issues
• In typical networks, most of the cost of building and
operating the network is fixed, with the marginal cost
of providing network services (transportation,
communication, transactions) generally small.
• This implies that as the network increases in size, the
average cost of providing network services decreases.
• Hence, there are natural incentives with networked
technologies for firms that operate the technology to
grow in size.
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Pricing of Access to The Internet
•
•
•
•
•
Flat Pricing
Auction Approach
Static Priority Pricing
Dynamic Priority Pricing
PMP Approach
Pricing of Goods and Services on
The Internet ?
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Price
•
•
•
•
Value not cost
Segment
Personalize
Bundle
Internet
•
•
•
•
•
•
•
Movie Theaters
Airlines
Books
Printers
Lexis-Nexis
Amazon.com
Super Markets Online
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Microsoft vs. Britannica
• Pre-internet: 32 volume set of Encyclopedia
Britannica cost $1600 in hardback.
• Microsoft’s strategy for marketing electronic
encyclopedic services:
– purchase Funk & Wagnalls Encyclopedia
– use the content of F&W to produce a CD with
multimedia enhancements and a user friendly search
facility
– market the result as MS Encarta for $49.95
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Microsoft vs. Britannica
• Result:
– Britannica loses significant market share to the search
features and multimedia enhancements of Encarta and
other electronic encyclopedia’s.
– Britannica fights back:
• Online version for libraries (cost: $2000)
– But households, smaller schools and libraries continue to defect
to cheaper electronic encyclopedias and online encyclopedia
services
• Britannica offers an online subscription for individuals for
$120/yr and CDROM for $200.
– Households still not willing to pay 4 times the cost of Encarta
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The Basic Rule for Profit-Maximization
•
•
•
(Price - Marginal Cost)/Price = 1/-Ed
Not an operational decision rule - a statement of the condition required for maximum
profit
Can be re-stated in an “average cost plus margin” format
Pricing and Market Structures
•
•
•
Under perfect competition, firms are price-takers
Under monopoly, firms are price-makers (but still constrained by the requirement to
make maximum profit)
Under monopolistic competition, prices settle at the ‘excess capacity’ level where P=AC
Price Discrimination
•
•
Price discrimination exists when the same product is sold for different prices, that are
not attributable to differences in the cost of supply
Two conditions are needed:
– the market must be divisible into sub-markets between which there cannot be any
arbitrage
– demand conditions (elasticity) must be different in the sub-markets
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Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
Concept of Internet
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Third Degree Price Discrimination
•
•
A number of sub-markets, each containing a number of potential customers
These markets may be separated by:
– distance ( car prices differ between Europe and the UK - but is it really price
discrimination?)
– time (for non-storable commodities) - peak versus off-peak journeys
– age and status - Student Railcards, Old Person Railcards
Second Degree Price Discrimination
•
Customers are charged one price for the first block of units they purchase, then
a different price for the second block
– electricity, water, gas tariffs
– the producer appropriates part of the consumer surplus
First Degree Price Discrimination
•
•
•
Every buyer is charged the maximum they are willing to pay (the demand
curve becomes the marginal revenue curve)
Can be difficult to evaluate willingness to pay but first degree discrimination
may be possible in personal, household or commercial services
Note that the socially optimal level of output will be produced but all the
surplus accrues to the producer
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-43
Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
Concept of Internet
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Market
Cost
ICT profile
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Market Stucture
Type of
market
Number
of firms
Freedom of
entry
Perfect
competition
Very
many
Monopolistic
competition
Many /
several
Oligopoly
Monopoly
Few
One
Nature of product
Examples
Implications for demand
curve
faced by firm
Unrestricted
Homogeneous
(undifferentiated)
Cabbages,
carrots
(approximately)
Horizontal:
firm is a price taker
Unrestricted
Differentiated
Plumbers,
restaurants
Downward sloping,
but relatively elastic
Undifferentiated
Cement
or differentiated
cars, electrical
appliances
Downward sloping.
Relatively inelastic
(shape depends on
reactions of rivals)
Restricted
Restricted or
completely
blocked
Unique
Local water
company, gas
and electricity in
many countries
Downward sloping:
more inelastic than
oligopoly. Firm has
considerable control
over price
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-44
Manajemen Keuangan & Teknologi E-Bisnis
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Market Structure Issues
• The decreasing cost structure and incentives for firms to
grow will typically lead to market structures which are not
competitive
• Rather, they are characterized by the emergence of
monopolies or oligopolistic industry structures, with
substantial degrees of both upstream (supply chain) and
downstream (distribution network) integration.
• One focus of the course, then, will be to examine issues of
industrial
organization
in
networked
economic
environments.
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-45
Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
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Market Structure Issues
• Positive Feedback
– The larger the network, the greater the incentive to join
• Example: Wintel network
– Within the network, don’t need adapters for file sharing or
communication
– Outside the network, these activities become expensive
• When positive feedback effects are strong, it can lead to
market tipping, with the largest component of the network
growing at the expense of competiting networks.
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-46
Manajemen Keuangan & Teknologi E-Bisnis
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Market Strategy Issues
•
The nature of the demand for networked goods, and the underlying technology involved
in the supply of networked goods determines the optimal strategy for providing such
goods
•
Strategic dimensions include:
•
–
Compatibility or incompatibility
–
Cooperation or competition
–
Degree and mix of quality provided
Dynamics and feedback effects in market organization
– Technology dictates standards and decision on whether or not to provide
compatibility across different products
– These decisions determine the way industry structure will evolve (monopoly,
oligopoly, monopolistic competition, competition)
– Market structure then determines pricing and profit margins
– Hence, anticipations about the evolution of market structure are important inputs
into the decision on standard setting
• Example: Microsoft’s recent negotiations with AOL over standards for Windows XP
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-47
Manajemen Keuangan & Teknologi E-Bisnis
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What will be the market structure of
the information highway?
One interesting question is the interaction between
pricing schemes and market structure. If competing
backbones continue to offer only connection pricing, would
an entrepreneur be able to skim off high-value users by
charging usage prices, but offering more efficient congestion
control? Alternatively, would a flat-rate connection price
provider be able to undercut usageprice providers, by
capturing a large share of low-value "baseload’’ customers
who prefer to pay for congestion with delay rather than
cash?
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-48
Manajemen Keuangan & Teknologi E-Bisnis
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IT and Bussiness
Concept of Internet
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Market
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Internet Market Segment
Content
Growing rapidly
Portals
Raging phenomenon but nearly dead
AOL: 34M subscribers, MSN: 8M subsribers, Yahoo: 1/3 of the portal market $2B in revenue
Advertising
Declined over the last two years
for 2002 $5.5B in revenue
Web Hosting
Dilemma: Customers will require less and less space for increasingly powerful server and price of
the connectivity is falling. In 2000, the hosting market’s revenue approximately $4B
ASPs
One of the fastest growing segment of the internet economy
Industry estimates vary from $1B to $3B range in revenue
Backbone
Highly concentrated segment (in 2002, top-tep backbone providers control 92% of the market)
But (profit) margins are not generous.
CDNs
CDNs expedite the delivery of internet content. Approximately $300M in 2001. The most widely
recognized CDN operator is Akamai, with a 60-70% market share.
ISPs
ISPs are the one sure expenditure for conumers. In 2002 ISP market to be approximately $31B,
almost equally divided between consumer and bussines market.
E-commerce
The value of of B2C commerce in 2002 will be approximately $40B. The B2B market is
substantially larger than B2C segment. In 2001 volume of B2B transaction was approximately $1B.
$1.6B in revenue
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-49
Manajemen Keuangan & Teknologi E-Bisnis
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Indonesia ?
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-50
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
Introduction
•
•
•
IT and Bussiness
Concept of Internet
Type and Model
Making payment in the physical
word
Making payment in cyberspace
using
traditional
payment
instrument
Making payment in cyberspace
using new means of payment
Measurement
Economic framework
Market
Cost
ICT profile
Pricing
How monetary value is exchanged?
How payments are made?
•
Cash
•
Checks
•
Debit Cards
•
Credit Cards
•
Stored value
•
•
•
•
•
Credit Card
Cardless charge account
Debit Cards
Checks
Stored Value
Alternative Currencies
•
Digital cash
•
Reward currencies
Brokerage MonetaryValue
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-51
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
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E-Finance
“The provision of financial services and markets using
electronic communication and computation”
(Allen, McAndrews, and Strahan, 2002)
3 Area
The use of electronic payment system
The operation of financial services firms
The operation of financial markets
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-52
Manajemen Keuangan & Teknologi E-Bisnis
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E-Finance and the financial services industry
Adoption of e-finance by financial services
firms
Financial intermediary
Insurance
Securities firms
The effects of E-finance on the financial
services sector
Disintermediation
Consolidation
Acces to Credit
Sistem Kliring Electronic
Real Time Gross Settlement (RTGS)
Fedwire (US-RTGS)
CHIPS
SWIFT
CHAPS
TARGET
E-Finance technologies in payment services
The impact on financial markets
Stock markets ---------Jakarta Automated Trading System (JATS)
Foreign exchange markets
Bond Market
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-53
Manajemen Keuangan & Teknologi E-Bisnis
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E-Finance:Reshaping Financial Landscape
(Claessens, Glaessner, Klingebiel, 2002)
Recent Trends in financial services
Globalization
•
•
•
Increased financial integration
Increased mergers and acquisitions within and cross borders
Lower barriers between markets
The new world of financial services
•
•
•
•
Technological advances
Change in industry structure
The new model for financial services provision
Change in trading systems
What effect ?
•
•
Lower costs for providing financial services
Benefits for consumers and corporations
Electronic
Enablers
Financial
Product
Financial
Institutions
Agregrators
Portal
Distributions
Access
Devices
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-54
Manajemen Keuangan & Teknologi E-Bisnis
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E-Finance:Reshaping Financial Landscape
Characteristics of Financial services provision in an internet world
●None
● ● Low
● ● ● Medium
● ● ● ● High
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-55
Manajemen Keuangan & Teknologi E-Bisnis
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E-Finance:Reshaping Financial Landscape
Implication for public policy
Safety and soundness
•
•
Competition Policy
•
•
Consumer protection
Global public policy
•
•
•
•
•
Definition of product, markets,
and barriers to competition
Scale and scope economies’
barriers to entry
Organizational structure and
competition
Entry by nonbanks, links with
banks, vertical integration, and
competition
Security risks
Privacy
Transparency
Investor protection
Development and enforcement of
standard
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-56
Manajemen Keuangan & Teknologi E-Bisnis
E-Finance
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IT and Bussiness
Concept of Internet
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ICT profile
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• Technology Acceptence Model for E-commerce
adoption
• Economics perspective of internet
• E-business model and principles
Program Pascasarjana, Universitas Gunadarma, Magister Management , Budi Hermana-57