Class 1: Flashcards
what does value proposition mean?
is it desirable
what is it you do as a business
what is it that you have to offer to your customers
what does value extraction mean?
can we make money from it
what does value creation mean?
is it technically feasible
do we have, can acquire, can we invent, can we design tech that will allow us to give the value we propose
what are the steps to the creation of value?
- value proposition
- value creation
- value extraction
after identifying the value proposition and finding the product, what must you identify after?
the five forces model
who invented the five forces model
Micheal Porter from Harvard
what does the five forces model allow us to think about?
allows us to think about how our value proposition exists in its ecosystem and environment
who Arte the five forces in the five forces model
rivals and competitor
threat of more entrants
supplier power
buyer power
threat of substitue products or services
what do you do after identifying the forces in the five forces model?
you find your strategies
what are the aspects to consider in the strategy
cost leader
differentiation
innovation
operational effectivness
customer orientation
what is the value chain used for?
add the value promised in the value proposition
why is it important to check the value chain?
you wanna check if there is lack of efficiency
increases competitive advantage
this allows for more profits
why information technology (IT)?
Computer-based tool that people use to work with information
to support the information and information-processing needs of an organization
ex: equipment, hardware, the whole thing together
information systems (IS)?
the system itself
a tool to:
collect info
process info
store info
analyze info
disseminate (distribute) info
all for a specific purpose
it includes IT
what is the purpose of information systems (IS)
get the right information to the right people at the right time in the right amount and in the right format
to help business processes and decision making
