2. Macro forces & information age

Question 1

Competing in the information age

Answer 1

Power of business + technology
Amazon was just selling books
Netflix was just renting videos
Uber does not own vehicles
AirBnB does not own property

Question 2

IOT (Internet of Things)

Answer 2

Interconnected devices collect and share data without human interaction

e. g. car insurance black box sensor
e. g. delivery tracking and monitoring system (DHL)

Question 3

Core drivers of the information age

Answer 3

Data
Information
Business intelligence
Knowledge

Question 4

Data

Answer 4

Raw facts that describe the characteristics of an event or object

Question 5

Information

Answer 5

Data converted into a meaningful and useful context

Question 6

Business intelligence (BI)

Answer 6

Information collected from multiple sources (e.g. suppliers, customers, competitors, partners and industries) that analyses patterns, trends, and relationships for strategic decision making

Question 7

Knowledge

Answer 7

Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources

Question 8

Knowledge worker

Answer 8

Individual valued for their ability to interpret and analyse information

Question 9

SWOT analysis

Answer 9

Evaluates an organisation’s strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies

Question 10

The five forces model

Answer 10

Rivalry among existing competitors
Threat of substitute products or services
Buyer power
Threat of new entrants
Supplier power