Module 5 - The 5 domains of digital transformation (Customer and competition)

Question 1

Digital transformation

Answer 1

the systems-level restructuring of economies, institutions, and society that occurs through digital diffusion.

Question 2

Network of customers

Answer 2

a system of interconnected customers (for instance, for Oslo New University College, the students are a network of customers).

Question 3

Competition

Answer 3

the activities companies engage in when striving to gain or win something (e.g., market share) by defeating or establishing superiority over other companies (this definition is based on the definition from Oxford Languages).

Question 4

Co-opetition (or coopetition)

Answer 4

the act of cooperation between competing companies; businesses that engage in both competition and cooperation are said to be in co-opetition (this definition is from Investopedia).

Question 5

Data

Answer 5

nformation, especially facts or numbers, collected to be examined and considered and used to help decision-making, or information in an electronic form that can be stored and used by a computer (this definition is from Cambridge Dictionary).

Question 6

Innovation

Answer 6

a new product, service, idea.