Porter 2014 Flashcards
What are the three core elements of smart, connected products
Physical components, smart components, and connectivity components
What is the role of physical components in smart, connected products?,
They comprise the product’s mechanical and electrical parts
What do smart components include in smart, connected products
They include sensors, microprocessors, data storage, controls, software, and embedded operating systems.
What is the purpose of connectivity components in smart, connected products
They enable communication between the product and its environment.
How do smart, connected products create new value opportunities
They offer improved monitoring, control, optimization, and autonomous operation.
What are the four key capabilities of smart, connected products?
Monitoring, control, and optimization and autonomous.
What is the importance of monitoring in smart, connected products?
It allows for real-time data collection and analysis.
How does control enhance the functionality of smart, connected products
It enables remote and automated operation of the product.
What does optimization in smart, connected products entail
It involves using data and analytics to improve product performance and efficiency.
How do smart, connected products contribute to autonomous operation?,
They use advanced algorithms and machine learning to make decisions and operate independently.
What are the three levels of connectivity in smart, connected products?,
One-to-one, one-to-many, and many-to-many.
What is one-to-one connectivity
Direct communication between the product and its user or manufacturer.
What does one-to-many connectivity enable
It allows a single product to connect and interact with multiple other products or systems.
How does many-to-many connectivity benefit smart, connected products
It enables a network of products to communicate and coordinate with each other.
What is the impact of smart, connected products on competition?,
They redefine industry boundaries and create new competitive opportunities.
How do smart, connected products affect traditional product design?,
They require integration of hardware, software, and connectivity.
What new challenges do smart, connected products pose for manufacturers?,
They must manage data security, privacy, and software updates.
How can smart, connected products improve customer relationships
They enable personalized service and proactive maintenance.
What is a key strategic decision companies face with smart, connected products
?,Deciding whether to build or buy the necessary technology and capabilities.
How do smart, connected products influence after-sales service?,
They allow for remote diagnostics and predictive maintenance.
What is the role of the ‘technology layer’ in the layered architecture of business models?
The technology layer encompasses the technological infrastructure and capabilities that support the business model.
How do you often describe physical products? (architecture)
Modular architecture
How do you often describe digital products? (architecture)
Layered architecture
