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CIMA 2019 Syllabus > E2 > Flashcards

E2 Flashcards

1
Q

Regulatory frameworks are challenged on 4 fronts by ecosystems. These are:

A

Speed of change
Innovators find back doors
Ecosystems evolve
Innovations cross lines of jurisdiction

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2
Q

The traditional business model has 4 key aspects:

A

Define value
Create value
Deliver value
Capture residual value

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3
Q

Name 6 drivers of the digital revolution

A 
Mobile and internet penetration
Connected devices
Data analytics and the cloud
User interfaces
Global accessibility
Increasing urbanisation
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4
Q

According to KPMG, a business model must include 6 things:

A 
How the firm is structured
The markets in which it operates
How it engages with the markets
Its main products and services
Its main categories of customers
Its main distribution methods
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5
Q

4 ways that organisations can keep ahead of customer expectations are:

A

Design thinking
Experiential pilots
Prototyping
Brand atomisation

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6
Q

What are 7 things that digital customers want?

A 
Contextualised interactions (individualised)
Seamless experience across channels
Anytime, anywhere
Great service
Transparancy
Peer reviews/ advocacy
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7
Q

Draw the ecosystem archetypes matrix

A

Orchestration

                                          Loose                       Tight

                     High        Hornets Nest           Lions Pride         Complexity
                     Low           Shark Tank             Wolf Pack
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8
Q

The 2 key characteristics of an ecosystem and their definitions are:

A

Orchestration - the formal or informal coordination or interactions or collaborations between partcipants

Mutuality - companies working together with shared ideals, standards or goals to achieve more together than they coudl as individuals

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9
Q

What are the 3 things that define an ecosytem interaction?

A

Rules - this is the set of explicit or implicit guidelines on how the interactiosn take place

Connections - this refers to the linkages between different elements of the environment

Course - how quickly content or value an be exchanged between participants

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10
Q

What are the 3 things which define an ecosystem participant?

A

Role - the expected behaviour of the individual/organisation in the environment

Reach - the extent or range of the individuals/ organisations ability to influence or impact

Capability - what the individual/organisation is actually able to do within the environment

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11
Q

What are the 4 key factors that establish the total cost in the cost model:

A

Efficiency of processes
Levels of activity
Resources consumed during the activities
Price paid for resources

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12
Q

Value is 4 things primarily, and 2 others secondarily:

A

Financial or non-financial
Tangible or intangible
Not limited to the past
Covers both the short-term and long-term

About people
Creates shared value (benefits more than 1 shareholder)

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13
Q

There are 5 key elements for creating value:

A 
Partners
Resources
Processes
Activities
Outputs
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14
Q

What are the 3 main issues to consider when capturing value:

A

Cost model
Revenue model
Sharing residual value

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15
Q

The 4 P’s marketing mix are:

A

Product
Place
Price
Promotion

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16
Q

PESTLE stands for:

A 
Political
Economic
Social
Technological
Legal
Ecological/ Environmental
17
Q

Porters 5 forces are:

A 
Competitive rivalry
Threats of new entrants
Threats of substitutes
Power of suppliers
Power of consumers
18
Q

Porters generic strategies are:

A

Low cost High cost

Broad target Cost Leadership Differentiation

Narrow target Cost and focus Differentiation and focus

19
Q

An ecosystem is:

A

An ecosystem is a complex web of interdependent enterprises and relationships aimed to create and allocate business value.

20
Q

A business ecosystem is:

A

A business ecosystem is a network of organisations who are involved in the delivery of a specific product or service through both competition and collaboration.

21
Q

Emergngg technologies create an environment that is:

A

Connected and open
Simple and intelligent
Fast and scalable

22
Q

A market is:

A

A market is a place where 2 parties can gather to facilitate the exchange of goods or services. The parties involved are usually buyers and sellers. Markets are therefore comprised of individuals or organisations who exchange products or services within an environment governed by the laws of supply and demand.

23
Q

Define culture

A

The shared set of beliefs, values and mindsets tha guide a group’s behaviours.

24
Q

The 3 factors that disitinguish a digital culture from others are:

A

Having a strong mission statement and a clear sense of purpose
Lean business structures, with small cross fusnctional teams as opposed to individual divisions working as seperate silos
A diverse workforce with good digital skills

25
Q

Leaders can focus on 4 keys areas to move towards a digital culture:

A

Communication
Journey management
Continuous change monitoring
Make changes visible

26
Q

According to the World Economic Forum, CEO’s should fulfil 6 key roles in the digital age:

A

Creator of vision and mission
Stategic planner
Driver of information-based business models
Enabler of shift to on-demand operating models
Innoation promoter
Operational excellence driver

27
Q

3 methods of creatinga workforce with digital skills are:

A

Developing required competencies within the workforce
Mining your own organisation for hidden talent
Bringing new skills into the organisation

28
Q

The World Economic Forum proposes the following 5 options in regards to an organisation becoming an employer of choice in the digital era:

A

Formulate a long-term working strategy for millenials
Work with staff to fomrulate company values together
Empower the workforce
Build spaces that attract digital talent
Create policies that support collaboration and knowledge sharing tools

29
Q

5 emerging trends which business leaders should focus on in developing digital strategies are:

A 
The internet of me
Outcome economy
The platform (r)evolution
The intelligent enterprise
Workforce reimagined
30
Q

8 abilities which the execultive leadership team will need to survive digital transformation/ disruption are:

A 
Inspirational leadership
Competitive edge
Establishing a strategic direction
Influence external parties 
Collaboration
Business judgement
Execution
Building talent
31
Q

5 strategies to build disruptive business models as suggested by the World Economic Forum:

A

Build a digitally disruptive business model
Buy a digitally disruptve business model
Partner with a digitally disruptive startup
Invest in a digitally disruptive startup
Incubate/ accellerate a digitally disruptive startup

32
Q

The World Ecominc Forum identified 5 successful digital operating models:

A 
Customer-centric
Extra-frugal
Data-powered
Skynet
Open and liquid
33
Q

Draw mendelows matrix to show the traditional approach to defining value:

A

Interest
Low High

           High       Keep Satisfied         Key Players Power 
           Low        Minimal Effort         Keep Informed
34
Q

The 4 step process of defining value is (stakeholder ranking):

A

1 Identify stakeholders
2 Prioristise stakeholders
3 Identify needs of stakeholders
4 Formulate value proposition

35
Q

Stakeholders are ranked on 3 attributes:

A

Power - ability to impose their will
Legitimacy - according to the norms and values of the firm and society
Urgency - the need for immediate action in the light of a stakeholder claim

36
Q

Traditional customer segmentation is based on a number of variables including: (4)

A

Geographic
Demographic
Psychographic
Behavioural

37
Q

Value based segmentation looks at groups of customers in terms of:

A

Value based segmentation looks at groups of customers in terms of the revenue they generate and the costs of establishing and maintaining relationships with them.

38
Q

Whatever method of customer segmentation is chosen, the segments should be: (6)

A 
Measurable
Meaningful
Mutually exclusive
Stable
Sustainable
Easy to understand

CIMA 2019 Syllabus (1 decks)

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