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SGMA 217 > Chapter 4_Leveraging Tech > Flashcards

Chapter 4_Leveraging Tech Flashcards

1
Q

How does tech help modern businesses

A

Businesses can operate more efficiently

-competitive advantages because of tech advances

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2
Q

Largest online retailer
Largest Offline Retailer

A

Amazon
Hudson bay

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3
Q

what does leveraging tech mean

A

those business online must use offline too
those business offline must learn e commerce

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4
Q

what does the value of a new tech depend on

A
  1. complementary products
  2. installed base
  3. network efffects
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5
Q

What is a complementary product in context of tech

A

most tech requires the use of other tech to have value!

phone and service provider

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6
Q

Installed base

A

the number of users of a particular technology

or the number of units of a product that are currently in use

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7
Q

POsiitve comp products, Positive installed base cycle

Name, defintion

A

Virtuous cycle, the more comp products, the more popular the tech is, the larger the installed base becomes

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8
Q

Negative comp products, Negative installed base cycle

Name Definition

A

Vicious cycle, less comp products, less installed base

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9
Q

Network effects

A

when a product gains more value as more people use it

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10
Q

NETWORK EFFECT MANTRA

A

MORE USERS MORE VALUE

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11
Q

Canadian economy shift

A

industrial economy to a knwoledge based economy driven by tech

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12
Q

Relation of relevant info to risk

A

no info, most risk

complete info, less risk

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13
Q

sources of relevant business info

A

-internal company records
-market research projects
-published news and research
-analysis of competititors

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14
Q

Management Info systems MIS

A

MIS is typically an integrated computer database

IT PROCESSES INFO

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15
Q

Why is MIS better than manual methods of info processing

A

1) huge amoiunts of data processed qucikly, increasing chance of unlocking key insights

2) Timely and usedul unfo can be distributed automatically and effficiently

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16
Q

RECALL 5 ASPECTS OF A BUSINESS

A

Operations and production
finance accoutning
marketing
research
human resources

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17
Q

mis 3 function

A

colllect
-collect data from all osurces
-internal: barcodes, operations inventory
-external: market research report

process
-refine data, flean highlight, sort filter

present
- report summarize visualize display

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18
Q

4 types of Management information systems

A

Financial
sales data and expense data become econ projections

Operations
-Raw material costs, Labour costs become Quality control

Marketing
Sales data, customer data become competiitve analysis

HR:
wage and benefits data, employee skills data becoem Compliance Reports

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19
Q

Cloud computing

A

pracitce of using a network of remote servers on the internet to store manage and process data

this way you can use MIS anywhere

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20
Q

cloud ocmputing pros

A

-make collaborating easier (acess anywhere)
-reduce it costs
-more tools for storing and processing

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21
Q

Green IT

A

the practice of encironemtnally sustainable computing

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22
Q

is cloud computing green?

A

yes bc less phsyical servers, and it has a’pay as you go nature’ so companies only use what they need

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23
Q

cloud computing risks

A

anyone can access it, could not be backed up or secure, is it cheaper than on site data storage? must check

24
Q

3 online business models

A

1) online only retailing
2) click and mortar
3) B2B prcourement

25
Q

online only retailing

A

sell goods and services purely online

26
Q

3 revenure models for online business

A

1) advertising based model
2) fee based content free
3) freemium
4) fee based platform

27
Q

click and mortar retailing

A

when a physical store has an online ecoommerce side

28
Q

B2B procurment

A

when businessses submit and track supply orders online

it does not create new revenue, but decreases the costs of tracking goods

29
Q

online revenue model: advertising based

A

they make revenue because poeple pay to be displayed

google

30
Q

online revenue model:

Fee-based content/Freemium

A

-pay to acces the platform (netflix)
-Freemium : you can access some things for free w ads, then you have to pay

31
Q

online revenue model: fee based platform

A

share contact/ conduscting tranasctions

they are a platfomr to share content but can be made better with a fee (WIX)

32
Q

what is the most important thing to do before launching an online business

A

to do RESEARCH to ensure that there is actually a need for the produc tin the market

33
Q

Disabilities and online shopping

A

businesses need to be sure they are not reducing accesibility for customers when online

it is legislated against! YOU can make your content accedisble by following Web Content Acesibility guidelines

34
Q

web content accedibility uidelend 4 main ones

A

1 percievable
2 operable
3 undestanable
4 robust

35
Q

fee based content site vs fee based platform

A

fee for access to content

fee to use the platform for connectivity/functionablity

36
Q

online marketing steps

A

1) what orle does OM play in marketing strategy

2) achieve clarity about goals of online marketing

37
Q

6 categories of online marketing

A

1 search enginge seo
2 online adds
3 email markitng
4contetn marketing
5 social media
6 lead generation

38
Q

search enging optimatization

A

-Optimizing website strcutice
-use keywords
-limit links from other sites

YOU CAN DO THIS BY YOURSELF, BUT YOU WILL NEED EXPERTS

-this creates a free targeted tractions

39
Q

onlie ads

A

PPC pay per clcik

-Search ads
-Banner ads

-highly targetd ads

40
Q

content marketing

A

-blogs videos

-content to engage customers

41
Q

social media marketing

A

-facebook,twt,insta

-ask questions, make announciemtns, build brand aweareness

42
Q

lead generataion

A

creating a website thats sole reason is to get customers to give their contact

these have langing pages wehre people give a lead to for a future customer

43
Q

email marekting

A

ongoing direct communication w customers

periodic newsletters

44
Q

web analytics

A

collection and analysis of data related to acomapnys website and online markting

45
Q

what can web analytics measure

A

visitors
most visited pages

shows what works and what doesnt

46
Q

using online to cnnect w stakeholders

A

1) customer service
2) manage brand rep
3) gather product an dmarketing insights

47
Q

how does online help customer service

A

IMPROTANT BC TWT CAN TALK BAD

BRAND rep, and social media is cheaper than call centre

small businessses can get more customers

48
Q

how does online help manage brand rep

A

negative publicity can damage the company irreparably

SO THEY MUST BE ACTIVE IN GOOD SERVICE

49
Q

HOW DOES ONLINE HELP gather product /marekting insight

A

using facebook and twt gets to understand what people use and dont use

starbucks getting drink ideas

lays getting a flabour contest

50
Q

the three things online does for company and stakeholders

A

1 manage brand rep
2 customer services
3. product and marketing insight

51
Q

new shift in online tech

A

people sue phones more than computers!!

52
Q

since more people use phoens how has markting changed

A

1 should ooptimize site design for mobiles
2 compatible w modiels
3 pay w mobilers

53
Q

how should companies optimize sites for ohones

A

screen is smaller so it needs to be changed!

-maintian consistent branding
- streamlined layout
- prioritze the things people use most

54
Q

how should companies ensure compaitability

A

companies should use tech that are reccomended for phones

for ANIMATIONS, avoid java and flash, appple doesnt support glash

55
Q

how should companies SIMPLIFY PAYMETNon phones

A

1) saved customer accounts pn phones from websites
2) online pay services such as pay pal google wallet

like APPLE PAY, STARBUCKS PAY

56
Q

MOBILE apps

A

every company has a mobile app now,

this is for efficienct user experince, and also benefits

sepcial deals in app

SGMA 217 (13 decks)

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