Ch 10 - Info for Advantage and Knowledge Management

Question 1

Marketing with Information - what is it needed for

Answer 1

• Info needed to meet CSF’s in segments and develop a sustainable comp advantage
• systematic gathering recording and analysiing of info is VIP in early stage of strategic plannin
• Monitor the success of a strategy

Question 2

Information Issues - what are two characterists of information

Answer 2

Relevant - assists in decision making

Reliable - as accurate as needed

Question 3

Information sources what is more reliable and more relevant

Answer 3

Internal -more reilable - qs over reliance

External - more relevant as wider range of issue

Question 4

What is a data warehouse

Answer 4

Large relationship database collate from multi sources
used as a database / extraction tool / decision support system etc
OLAP - enable users to extract summary info

Question 5

Data mining help unearth unknown relationships. Results include

Answer 5

Assocations, sequences, classification, clustering, forecasting

Question 6

Two types of data mining models what are they

Answer 6

Descriptive - describe pattern from existing

Predictative - use to forecast values. E.g who are likely to buy

Question 7

Big Data. What are the 4 V’s

Answer 7

Volume
Variety
Velocity
Veracity

Question 8

Knowledge managment is the process of using info to improve comprehension of an area of interest. what does it help with

Answer 8

strat planning / problem solving / dynamic learning / decision making

Question 9

What are type of knowledge

Answer 9

Tacit - staff might know

Explicity - already identified and coded

Question 10

Where does knowledge reside?

Answer 10

Human capital - people 
Structured capital 
Innovation - IP 
customer - address lists etc 
org - systesm for processing policies etc

Question 11

What are the steps to implement KM strategy

Answer 11

1) gain support
2) create tech infrastucture
3) data structures
4) Create sharing culture
5) Populate and use database / capture store / train