Summary B: Concepts and Frameworks for Strategy and Technology Flashcards
1
Q
What is a competitive advantage?
A
Having a financial performance that consistently outperforms the industry averages
2
Q
What is the fast follower problem?
A
Competitors watch the actions of rival, see if they succeed or failed and enter the market quickly with improved knowledge
3
Q
What technology disrupted the telecommunications industry?
A
Dense wave division multiplexing
4
Q
What are six different switching costs?
A
- Learning costs
- Information and data
- Financial commitment
- Contractual commitments
- Search costs
- Loyalty programs
5
Q
How do firms commonly break the commodity trap?
A
Differentiating through technology
6
Q
What are APIs?
A
Application Programming Interfaces that allow other firms to tap into their services
7
Q
What are porters five forces?
A
- Rivalry among competitors
- Threat of new entrants
- Threat of substitute products
- Bargaining power of buyers
- Bargaining power of suppliers
