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201Fall2011MidtermReview - New Paradigm Note Sheet(ljm...

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New Paradigm Note Sheet (ljm8/22/2008) Section ___ Name___________________ 1. The two things paradigms do are: 1. Establish boundaries 2. Provide rules for success 2. What is the “paradigm effect?” Paradigms act as filters, causing one to see that which fits the paradigm, and perhaps ignore data that doesn’t fit the model. “What may be perfectly obvious to a person with one paradigm may be totally imperceptible to someone with another.” Examples: (1) Believers in alternative medicines often ascribe cures to practices which non believers ignore or disdain. (2)The unusual practices of Hindu Sadhus (holy men) are often considered bizarre by non Hindus. 3. What is meant by the “going back to zero” rule? When a paradigm shift occurs, the playing field is leveled so that everyone (even established companies) starts from ground zero. Past success guarantees nothing. Examples: (1) When the telephone was invented, the field was opened for anyone to succeed. It is interesting that Western Union, the big telecom company of that era, was not the one to succeed at telephony. 4. What are the six key observations? 1. Paradigms are common—you see them in all aspects of life 2. Paradigms are useful—they show us what’s important and what is not; they focus our attention 3. Sometimes YOUR paradigm can become THE paradigm. When you reject all other paradigms, that is called “paradigm paralysis” 4. The people who create new paradigms are usually outsiders—they are not established in the middle. Look to the fringes or edge for innovations. 5. Those practitioners who choose to adopt a new paradigm, the “paradigm pioneers,” must be courageous, have faith, trust in their judgment, and be willing to take risks. 6. You can choose to change your rules and regulations – your paradigm. 5. Paradigm flexibility allows you to see change as an ___ opportunity _____ rather than a threat.
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Competitive Advantage Quiz 1. What does the Five Forces Model help determine the relative attractiveness of? a. A company b. An industry c. An investment d. An organization 2. Which of the following forces is commonly reduced through the use of a loyalty program? a. Buyer power b. Rivalry among existing competitors c. Supplier power d. Threat of new entrants 3. What is high when competition is fierce in a market and low when competition is more complacent? a. Buyer power b. Rivalry among existing competitors c. Supplier power d. Threat of substitute products or services 4. Which part of the value chain acquires raw materials and manufactures, delivers, markets, sells, and provides after-sales services? a. Primary value activities b. Secondary value activities c. Support value activities d. None of the above 5. (2 points) Kid-to-Kid Stores gives customers a frequent shopper card. When you purchase something from the Kid-to-Kid Store, they sign off on each $10 you spend. You may redeem the full card on your next visit for 20% off your entire purchase. This is an example of Kid-to-Kid trying to reduce
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201Fall2011MidtermReview - New Paradigm Note Sheet(ljm...

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