BU111 Final Exam Review.docx

BU111 Final Exam Review.docx - BU111 Final Exam Review...

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BU111 Final Exam Review Technological Factors PEST - Technological Factors Internet Information technologies Not limited to computers and information Significance: demands constant scanning & learning, creates significant change and challenge What is Technology? Equipment & material advancements o Substitutes/magnify human effort o Reduce cost, improve performance, increase flexibility o i.e. robots Information technology advancements o Devices & software for creating, storing, exchanging, and using information o i.e. cloud, analytics, AI Technology Shifts Power - electricity, steam Build & move - assembly line, trains & cars Communication - mass media, telecommunications Information - computers, internet Smart tech. - collect + analyze + learn, connectedness & action Opportunities Products - innovation, uniqueness, value Access to information o Better service through coordination o Leaner organization o Improved operations efficiency o Greater independence of company & workplace o Big data & better decisions Competitiveness o Creates barriers to entry; cooperation with other firms; reduce cycle times Communication and collaboration o Within firm and with customers o Employee commitment, creating friendship and connections with other parts or organization Customization Threats Imitation o Information costly to develop but cheap to share New technologies in unfamiliar areas o Challenge organizational capabilities & resources Unpredictable evolution
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o USB ports vs. others Need for constant learning & scanning Information overload; security Greater independence of company & workplace (challenges gaining employee commitment, too big of a company they may not feel as connected to the company, physical connected to company like working from home) Some Leading Innovations Gamification Online micro learning E-commerce Omni channel Virtual & augmented reality Chat bots Cloud Internet of Things Tech. Impact on CSF Factor Opportunity Threat Achieving financial performance Find cheaper ways to produce the products – lowers production cost and improves profit More sales because making thinks more convenient, buying things online Information overload Hard to grow/achieve revenues were after Meeting customer needs More customization as they are unique Tailor product to what they want Production flexibility KODAK Misunderstood customer needs and disinvested in wrong area Building quality products and services Consistent level of product Technology can produce a consistent amount of high level product Building quality product becomes more complex which makes it harder for you to build the quality customers want Encouraging innovation and creativity Easier to develop new ideas Larger access to info (including employees) Pace is moving so quickly it is hard to keep up with Imitation Gaining employee commitment Distinctive competitive advantage
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Key Technology Concepts Complementary goods - needed for value o Compatibility between goods i.e. phone and specific phone iPhone case
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