ADM1301_KBE I -- description - SocialContextofBusiness

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    1 Social Context of Business The Knowledge-Based Economy and Innovation
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    2 The Firm’s Environment firm Competitors Suppliers Customers Universities and Colleges Local people Government Civic Entrepreneurs
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    3 The Knowledge Based Economy What is it? In 1996, the OECD defined the knowledge-based economy: “The term knowledge-based economy” results from a fuller  recognition of the role of knowledge and technology in  economic growth.  Although knowledge has always been a  central component in economic development, the fact that the  economy is strongly dependent on the production, distribution,  and use of knowledge is now being emphasized.” The OECD estimates that 50 percent of the GNP of the largest  OECD countries is knowledge-based
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    4 Evolution towards a “KBE Peter Drucker – three fundamental changes in knowledge during the  twentieth century: Four Stages in the Development of the Knowledge Based Economy: First Second Third Revolution Industrial Productivity Management Knowledge Application Tools, process, and  products Human labour Knowledge Stage 1 Increasing importance of information in which information and communication  technology are being broadly applied Stage 2 A shortening of the product and technology life cycle Stage 3 The development of the “soft side” of products becoming more important (changes  in markets, tastes, values, life styles) Stage 4 Rising of the network economy
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    5 The Knowledge Based Economy Some characteristics of the KBE: 1. Technology is a given 2. Globalism is here to stay 3. Knowledge builds wealth 4. People are the most important raw material 5. There’s no such thing as a smooth ride 6. Competition is relentless 7. Alliances are the way to get things done 8. Place still matters - but for different reasons
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    6 The Knowledge Based Economy TECHNOLOGY IS A GIVEN Technology is not an end in itself, but the means to  productivity gains, revenue growth and better  connections Michael Porter: There are no such thing as a low tech  industry -- just low tech companies The network effect - the value of a unit rises with the  number of units in use
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    7 The Knowledge Based Economy
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ADM1301_KBE I -- description - SocialContextofBusiness

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