What Is Network Effects What Are The Other Names For This...

Sonja Wenzel CGS 2301-65046 Instructor Dr. M Chapter 6 What are network effects? What are the other names for this concept? Let me start of with the other names, which are Metcalfe’s Law or Network Externalities. Network effects are the effect that a single person using a good or a service has on the total perceived value of that product or service for others. The more people using the product or service, the higher it s value becomes to the group More users = more value. For example, the larger the group of people with access to a phone, the more valuable the phone will be to the people who use it; and the more people who join a social network like Facebook, the more valuable the site is for the people who are already using it. Three primary sources of value for network effects: 1. Exchange – User can potentially communicate with more individuals 2. Staying Power – Long-term viability 3. Complimentary Benefits – products or services that increase value to the network Those three values adding sources often work together to reinforce one another in a way that makes the network effect even stronger. Why is staying power particularly important to many technology products and services? When users exchanging information it will attract more users, they can also attract firms offering complementary products. When developers of complementary products invest time writing software; and users install, learn, and customize these products; switching costs are created toShow MoreRelatedImpact of Social Media on Relationships Essay1050 Words   |  5 Pagesprogresses and social networking grows. Social networks like Instagram, Twitter, and Facebook have grown to have billions of users. In fact in today’s society, it is necessary or nearly expected to use one if not all of these technological communication networks. 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