Studied by 10 people
How many of the top degrees in demand are technology related?
4/10
what era are we in right now
the big tech era
what industry is the biggest right now in the S&P500
Information Technology
what major makes the most money
MIS
how long will MIS jobs be around?
demand for workers in these occupations will be driven by the continuing need for businesses, government agencies and other organizations to adopt and utilize the latest technologies
how much are information technology jobs projected to grow
15% adding 682,800 new jobs from 2021-2031
what is digital transformation
a process that aims to improve an organization “by triggering significant changes to its properties through combinations of information, computing, communication and connectivity technologies”
what is the SMACIT acronym
social, mobile, analytics, cloud and the Internet of Things
what percent of firms are failing at digital transformation
72%
how is technology changing the accounting, marketing and transportation industries
accounting: AI is doing audits remotely
marketing: content generation
transportation: amazon drivers are hired and fired by bots
what are some of the new technologies
generative AI, internet of things and cloud computing and software
what have new technologies done
fueled globalization
redefined concepts of software and computing
crushed costs
fueled data-driven decision-making
automating work
who were most of the world’s most successful technology created by
young people in college
what does IPO mean?
initial public stock offering, the first time a firm makes shares available via a public stock exchange, also known as “going public”
what is the largest IPO of all time?
Alibaba- the world’s most valuable retailer from China
What other country is on the rise in the technology industry?
India- starting to match China in consumer internet influence
how can mobile money help in African countries?
it cuts the corruption of transactions- especially in paychecks
what is the Internet of Things
a vision where low-cost sensors, processors and communication are embedded into a wide array of products and out environment, allowing a vast network to collect data, analyze input and automatically coordinate collective action
who are some of the college kids/young people who started major companies
Bill Gates- Microsoft
Michael Dell- Dell Computers
Mark Zuckerberg- Facebook
Steve Jobs- Apple
Sergey Brin and Larry page: Google
Kevin Systrom- Instagram
what is the Sarbanes-Oxley Act
also known as Sarbox or SOX; US Legislation enacted in the wake of the accounting scandals of the early 2000’s
raises executive and blrd responsibility and ties criminal penalties to certain accounting and financial violations
seen as raising the stakes for mismanagement and misdeeds related to a firm’s accounting practices
is technology taking over just the tech industry?
no all industries will eventually be affected by the tech era that we are in right now
as a manager, what is the most valuable yet most difficult skill to master
the ability to size up a form’s strategic position and understand its likelihood of sustainability
what is sustainable competitive advantage?
financial performance that consistently outperforms industry averages
who is the father of the value chain and the 5 forces concepts
michael Porter
according to Porter, what is the reason so many firms suffer aggressive, margin-eroding competition
they have defined themselves according to operations effectiveness rather than strategic positioning
what is operational effectiveness
performing the same tasks better than rivals perform them
what is a commodity
a basic good that can be interchanged with nearly identical offerings by others
the more commoditized an offering, the greater the likelihood that competition will be based on price
what is the fast follower problem?
exists when savvy rivals watch a pioneer’s efforts, learn form their successes and missteps, then enter the market quickly with a comparable or superior product at a lower cost before the first mover can dominate
what is augmented reality
a technology that superimposes content, such as images or animation, on top of real-world images
what is strategic positioning
performing different tasks than rivals, or the same tasks in a different way
what was the CEO of Fresh Direct’s goal in launching the firm
addressing the gaping quality gap between store-bought produce and the goods that the restaurant were using
what is Fresh Direct?
a website offering a product mix heavy on fresh produce as well as one-click menus and semi-prepared specials in New York
what is the percentage of food waste at fresh direct compared to other grocers
Fresh Direct food waste is about 1% and other grocers throw out 1 in 7 truckloads of food delivered to stores
what are inventory turns
sometimes referred to as inventory turnover, stock turns or stock turnover. The number of times inventory is sold or used during a given period
a higher figure means that a firm is selling product quickly
what kind of food does Fresh Direct specialize in selling
perishable food
who does fresh direct buy from
directly from the suppliers- eliminating the middle men when possible
what are slotting fees?
the payments by suppliers for prime shelf space
what is straddling
attempting to occupy more than one position, while failing to match the benefits of a more efficient, singularly focused rival
why can’t traditional grocers copy Fresh Direct’s delivery business
it would leave them straddling two markets and they would be unable to gain optimal benefits from either
who is Fresh Direct’s biggest rival?
Amazon Fresh
why do consumers not like Amazon Fresh
early reviews have criticized the firm for a poor online shopping experience and an uneven selection
what is resource-based view of competitive advantage
the strategic thinking approach suggesting that if a firm is to maintain sustainable competitive advantage, it must control an exploitable resource or set of resources, that have four critical characterisitics
must be valuable, rare, imperfectly imitable and nonsubstitutable
what is dense wave division multiplexing
a technology that increases the transmission capacity (and hence speed) of fiber-optic cable. Transmissions using fiber are accomplished by transmitting light inside “glass” cables .
what is an imitation-resistant value chain
a way of doing business that competitors struggle to replicate and that frequently involves technology in a key enabling role
what is the value chain
the set of activities through which a product or service is created and delivered to customers
what are the 5 primary components of the value chain
inbound logistics, operations, outbound logistics, marketing and sales and support
what are the secondary components of the value chain
firm infrastructure, human resource management, technology/R&D and procurement
what is a brand
the symbolic embodiment of all the information connected with a product or service
what does a strong brand do
proxies quality and inspires trust
what is viral marketing
leveraging consumers to promote a product or service
what are scale advantages
advantages related to size
what are economies of scale
when costs can be spread across increasing units of production or in serving multiple customers
what does scalable mean
firms that benefit from scale economies as they grow is referred to as being scalable
the scale of technology investment required to run a business can also act as a what?
barrier to entry, discouraging new, smaller competitors
what are switching costs
the cost a consumer incurs when moving from one product to another
being aware of major sources of competitive advantage can help managers how?
recognize an organization’s opportunities and vulnerabilities and brainstorm winning strategies
what are secondary value activities?
activities that provide the inputs and infrastructure so the primary activities can take place
what are primary value activities
represents the flow of goods and services
goal is to create value that exceeds the cost of conducting that activity
why would we use the value chain framework
to consider a firm’s differences and distinctiveness compared to rivals
reveal operational weaknesses
what are network effects
also known as Metcalfe’s Law or network externalities; when the value of a product or service increases as its number of users expands
what are distribution channels
the path through which products or services get to customers
what are application programming interfaces (APIs)
programming hooks or guidelines published by firms that tell other programs how to get a service to perform a task such as send or receive data
what are affiliates
third parties that promote a product or service, typically in exchange for a cut of any sales
what are non-practicing entities (NPE)
commonly known as patent trolls, these firms make money by acquiring and asserting patents, rather than bringing products and services to market
what does private mean
“to go private” or “take a firm private” buying a publicly traded firm’s shares
what is the most popular frameworks for examining a firm’s competitive environment
Porter’s 5 Forces
what are Porter’s 5 forces (Industry and Competitive analysis)
a framework considering the interplay between the intensity of rivalry among existing competitors, the threat of new entrants, the threat of substitute goods or services, the bargaining power of buyers and the bargaining power of suppliers
what is price transparency
the degree to which complete information is available
what is information asymmetry
a decision situation where one party has more or better information than its counterparty
what do switching costs weaken
buyer bargaining power
what are the two most pressing problems for Big Apple shoppers
selection is limited and prices are high
what is a product market fit
a key concept in entrepreneurship and new product development that conveys the degree to which a product satisfies market demand
what is a data asset
competitive advantage related to data which the firm can leverage and which rivals are not able to match
what is the 4th industrial revolution
rapid change to technology, industries and societal patterns and processes due to increasing interconnectivity and intelligent technologies
analytics, algorithms and artifical intelligence
what do analytics, algorithms and artifical intelligence reduce the need for
managers and professionals to coordinate and control work
intelligent tech is doing what the the hierarchy
flattening it
what is computing hardware
the physical components of information technology, which can include the computer itself plus peripherals such as storage devices
what is software
a computer program or a collection of programs. a precise set of instructions that tells hardware what to do
what is the operating system
the software that controls the computer hardware and establishes standard for developing and executing applications
provides a common set of controls for managing computer hardware
what are applications
includes desktop applications, enterprise software, utilities, and other programs that perform specific tasks for users and organizations
what is user interface (UI)
the mechanism through which users interact with a computing device, includes elements of the graphical user interface (GUI) such as windows, scroll bars, buttons, menus etc.
what is firmware
software stored on nonvolatile memory chips (as opposed to being stored on devices such as hard drives or removable discs)
what are embedded systems
special-purpose software designed and included inside physical products
what is a platform
products and services that allow for the development and integration of software products and other complementary goods
what is desktop software
applications installed on a personal computer, typically supporting tasks performed by a single user
what is enterprise software
applications that address the needs of multiple users throughout an organization or work group
software package that intergrates the many functions of a business
SAP and Oracle
what is a software package
a software product offered commercially by a third party
what is enterprise resource planning (ERP)
a software package that integrates the many functions of a business
what is customer relationship management (CRM)
systems used to support customer-related sales and marketing activities
what is supply chain management (SCM)
systems that can help a firm manage aspects of its value chain, from the flow of raw materials into the firm, through delivery of finished products and services at the point-of-consumption
what are business intelligence (BI) systems
systems that use data created by other systems to provide reporting and analysis for organizational decision-making
what is a database management system (DBMS)
sometimes referred to as database software; software for creating, maintaining and manipulating data
can be set up to work with several applications both within and outside the firm
what is distributed computing
a form of computing where systems in different locations communicate and collaborate to complete a task
what is a server
software context: a program that fulfills the requests of a client
hardware context: a computer that has been configured to support requests from other computers
what is a client
a software program that makes requests of a server program
the world wide web is what kind of system
a client-server system
client makes the request and the server receives and attempts to fulfill that request
what is an application server
software that houses and serves business logic for use (and reuse) by multiple applications
what are web services
small pieces of code that are accessed via the application server, and permit interoperable machine to machine interaction over a network
what are application programming interfaces (APIs)
programming hooks or guidelines, published by firms that tell other programs how to get a service to perform a task such as send or receive data
what is a service-oriented architecture (SOA)
a robust set of Web services built around an organization’s processes and procedures
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