Chapter 4_Leveraging Tech Flashcards
How does tech help modern businesses
Businesses can operate more efficiently
-competitive advantages because of tech advances
Largest online retailer
Largest Offline Retailer
Amazon
Hudson bay
what does leveraging tech mean
those business online must use offline too
those business offline must learn e commerce
what does the value of a new tech depend on
- complementary products
- installed base
- network efffects
What is a complementary product in context of tech
most tech requires the use of other tech to have value!
phone and service provider
Installed base
the number of users of a particular technology
or the number of units of a product that are currently in use
POsiitve comp products, Positive installed base cycle
Name, defintion
Virtuous cycle, the more comp products, the more popular the tech is, the larger the installed base becomes
Negative comp products, Negative installed base cycle
Name Definition
Vicious cycle, less comp products, less installed base
Network effects
when a product gains more value as more people use it
NETWORK EFFECT MANTRA
MORE USERS MORE VALUE
Canadian economy shift
industrial economy to a knwoledge based economy driven by tech
Relation of relevant info to risk
no info, most risk
complete info, less risk
sources of relevant business info
-internal company records
-market research projects
-published news and research
-analysis of competititors
Management Info systems MIS
MIS is typically an integrated computer database
IT PROCESSES INFO
Why is MIS better than manual methods of info processing
1) huge amoiunts of data processed qucikly, increasing chance of unlocking key insights
2) Timely and usedul unfo can be distributed automatically and effficiently
RECALL 5 ASPECTS OF A BUSINESS
Operations and production
finance accoutning
marketing
research
human resources
mis 3 function
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
4 types of Management information systems
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
Cloud computing
pracitce of using a network of remote servers on the internet to store manage and process data
this way you can use MIS anywhere
cloud ocmputing pros
-make collaborating easier (acess anywhere)
-reduce it costs
-more tools for storing and processing
Green IT
the practice of encironemtnally sustainable computing
is cloud computing green?
yes bc less phsyical servers, and it has a’pay as you go nature’ so companies only use what they need
cloud computing risks
anyone can access it, could not be backed up or secure, is it cheaper than on site data storage? must check
3 online business models
1) online only retailing
2) click and mortar
3) B2B prcourement
online only retailing
sell goods and services purely online
3 revenure models for online business
1) advertising based model
2) fee based content free
3) freemium
4) fee based platform
click and mortar retailing
when a physical store has an online ecoommerce side
B2B procurment
when businessses submit and track supply orders online
it does not create new revenue, but decreases the costs of tracking goods
online revenue model: advertising based
they make revenue because poeple pay to be displayed
online revenue model:
Fee-based content/Freemium
-pay to acces the platform (netflix)
-Freemium : you can access some things for free w ads, then you have to pay
online revenue model: fee based platform
share contact/ conduscting tranasctions
they are a platfomr to share content but can be made better with a fee (WIX)
what is the most important thing to do before launching an online business
to do RESEARCH to ensure that there is actually a need for the produc tin the market
Disabilities and online shopping
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
web content accedibility uidelend 4 main ones
1 percievable
2 operable
3 undestanable
4 robust
fee based content site vs fee based platform
fee for access to content
fee to use the platform for connectivity/functionablity
online marketing steps
1) what orle does OM play in marketing strategy
2) achieve clarity about goals of online marketing
6 categories of online marketing
1 search enginge seo
2 online adds
3 email markitng
4contetn marketing
5 social media
6 lead generation
search enging optimatization
-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
onlie ads
PPC pay per clcik
-Search ads
-Banner ads
-highly targetd ads
content marketing
-blogs videos
-content to engage customers
social media marketing
-facebook,twt,insta
-ask questions, make announciemtns, build brand aweareness
lead generataion
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
email marekting
ongoing direct communication w customers
periodic newsletters
web analytics
collection and analysis of data related to acomapnys website and online markting
what can web analytics measure
visitors
most visited pages
shows what works and what doesnt
using online to cnnect w stakeholders
1) customer service
2) manage brand rep
3) gather product an dmarketing insights
how does online help customer service
IMPROTANT BC TWT CAN TALK BAD
BRAND rep, and social media is cheaper than call centre
small businessses can get more customers
how does online help manage brand rep
negative publicity can damage the company irreparably
SO THEY MUST BE ACTIVE IN GOOD SERVICE
HOW DOES ONLINE HELP gather product /marekting insight
using facebook and twt gets to understand what people use and dont use
starbucks getting drink ideas
lays getting a flabour contest
the three things online does for company and stakeholders
1 manage brand rep
2 customer services
3. product and marketing insight
new shift in online tech
people sue phones more than computers!!
since more people use phoens how has markting changed
1 should ooptimize site design for mobiles
2 compatible w modiels
3 pay w mobilers
how should companies optimize sites for ohones
screen is smaller so it needs to be changed!
-maintian consistent branding
- streamlined layout
- prioritze the things people use most
how should companies ensure compaitability
companies should use tech that are reccomended for phones
for ANIMATIONS, avoid java and flash, appple doesnt support glash
how should companies SIMPLIFY PAYMETNon phones
1) saved customer accounts pn phones from websites
2) online pay services such as pay pal google wallet
like APPLE PAY, STARBUCKS PAY
MOBILE apps
every company has a mobile app now,
this is for efficienct user experince, and also benefits
sepcial deals in app
