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BU 111 Final Exam > Technology > Flashcards

Technology Flashcards

1
Q

What are five industries that have been radically changed by technology? Explain and give an example of each

A
  1. Music
  2. Travel
  3. Transportation
  4. Publishing
  5. Retail
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2
Q

How has the music industry changed as a result of technology? Give an example

A

How you can access music, how it is shared, and how it is created. More and more music is available through online sources instead of in stores. Eg. YouTube, Spotify, ITunes  

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3
Q

How has travel changed as a result of technology? Give an example

A

It’s faster and cheaper; the locations you visit change (you can go across the world in a few hours instead of driving a couple of days); how you book travel has changed (less travel agents, more self-bookings). Eg. Trivago; TripAdvisor

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4
Q

How has transportation changed as a result of technology? Give an example

A

The kind of transportation you use has changed (Eg. From horse and buggies to cars to planes, etc.). There has been an introduction of driverless vehicles. More and more, people organize their own rides online instead of relying on cabs. Eg. Uber

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5
Q

How has publishing changed as a result of technology? Give an example

A

Print is being used less, and more books are available online (textbooks, novels, etc.). Eg. Kindle; ibooks; Kobo; etc. There has also been an increase in self-publishing

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6
Q

How has retail changed as a result of technology? Give an example

A

An increase in online shopping (less brick and mortar, less costs). Eg. Amazon (they removed a lot of barriers to entry by not having to build stores, hire employees, or recruit customers)

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7
Q

Where is retail going next?

A

Amazon monitors people’s purchases, and they are working towards predicting people’s purchases. It might get to a position where it doesn’t wait for you to order: it could send products to your door and say “keep the stuff you like, send back the stuff you don’t like”. The chance of you keeping stuff that you already bought and have in your possession is very high

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8
Q

How has the automobile industry changed as a result of technology? (6 points)

A
  1. More is happening online; people are influenced by online marketing (even though most people still go into a dealership to make their purchases)
  2. You can design and test a car on the computer before testing it in real life: it’s faster and cheaper to produce new cars
  3. Functions of cars are changing; cars can tell you when you are too close to a car, will brake automatically, or will give warning noises when you get too close
  4. Service booking and diagnostics have changed. Eg. Tesla can connect to your car remotely to diagnose and sometimes correct problems without ever having to go to the dealer
  5. 3D printing customization: easy to replicate car pieces and customize
  6. More connected to user: recognizes that it’s your phone that is connected to the car: can be completely hands-free
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9
Q

What is a threat of technology? (Use the CSF)

A

Because people can access any company around the world very easily, can compare prices, and can order from anywhere, it can be harder to maintain customer loyalty (low switching costs)

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10
Q

What is an opportunity of technology? (Use the CSF)

A

You can now access customers around the world via the internet, so your customer base can grow significantly, resulting in more purchases and increased financial performance

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11
Q

What are the difference elements of technology?

A
  1. Internet

2. Information technologies (the hardware and software that run technology products)

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12
Q

What is the significance of technology? Give an example

A

It demands constant scanning and learning. It creates significant change and challenge. Eg. Kodak vs. canon. Canon scanned and saw that digital imaging was the way of the future, Kodak didn’t and didn’t survive

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13
Q

Is technology limited to computers and information? Give an example

A

No! Things can be technology without needing to be plugged in or have a computer chip. Eg. Mechanical pencils

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14
Q

What are the two aspects of technology?

A
  1. Equipment and material advancements

2. Information technology advancements

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15
Q

Explain equipment and material advancements and give examples

A
  1. Substitutes/magnifies human effort. Technology can do the stuff that we used to do ourselves (eg. calculator, doing google searches instead of going to a physical library, etc.)
  2. Reduces cost, improves performance, and increases flexibility. Machines don’t need breaks/pay raises/etc. Eg. Robots (such as the Roomba), and the Swiffer sweeper/duster vs traditional brooms/feather dusters
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16
Q

Explain information technology advancements and give examples

A
  1. Devices and software for creating, storing, exchanging, and using information. Eg. Cloud; analytics (using information to understand consumers and/or predict their behaviour); artificial intelligence (machines learn from the data you feed into them and they are now able to take actions)
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17
Q

What are the five ways in which technology can/has shift(ed)?

A
  1. Power
  2. Build and move
  3. Communication
  4. Information
  5. Smart technology
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18
Q

Explain how technology can shift through power. Give an example

A

By increasing/creating more efficient power, you expand the possibilities that are available for technology. Eg. Electricity, steam, etc.

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19
Q

Explain how technology can shift through building/moving. Give an example

A

Finding new places and opportunities for businesses to take advantage of. Eg. assembly lines, trains, planes, cars, etc.

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20
Q

Explain how technology can shift through communication. Give an example

A

When methods of collecting and sharing information change, businesses can improve their decision making. Eg. mass media, telecommunications

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21
Q

Explain how technology can shift through information. Give an example

A

Advancements in technology can make more information available (analysing available information can improve decision making) and technology can make sharing and use information easier. Eg. Computers, internet

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22
Q

Explain how technology can shift through smart technology. Give an example

A

With improvements in technology, businesses can collect more information without their customers realizing that they are collecting it. Both people and machines are learning from the data they collect. Eg. By collecting, analyzing, and learning what customers want by monitoring their purchases, businesses can take actions to improve their business model/offer products that their customers want

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23
Q

What are the opportunities of technology?

A
  1. Innovation
  2. Uniqueness
  3. Value
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24
Q

Explain how innovation is an opportunity of technology

A

People see new technologies and connect and apply them to each other in different ways, creating new products and new ideas. It also affects the kinds of innovations you can use and how quickly you can innovate

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25
Q

Explain how uniqueness is an opportunity of technology and give an example

A

Technology allows customers to customize more easily (eg. downloading apps onto your smartphone, changing the paint colour of their car (on the assembly line it was difficult to change the colour, now you just change the software))

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26
Q

Explain how value is an opportunity of technology. Give an example

A

People can use the internet to find the products that they will value the most, either for their function their price. Eg. People can program slow cooks so that it starts at a certain time and ends at a certain time, so that they come home at the end of the day to perfectly cooked meals

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27
Q

How does technology help businesses to improve their use of information?

A
  1. Better service through coordination
  2. Leaner organization
  3. Improved operations efficiency
  4. Greater independence of company and workplace
  5. Big data and better decisions
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28
Q

Explain how technology improves the use of information through creating better service through coordination. Give an example

A

If all the different parts of a company communicate easily with each other, the customer is served better. People in different parts of the organization can work better together. Eg. If a customer wants something from a store that isn’t in stock, salespeople can see that the product is available at another store and ship it to them

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29
Q

Explain how technology improves the use of information through creating a leaner organization

A

Technology can substitute for human effort: less humans are needed to do the same task. It doesn’t cost you as much to run the business because you don’t need as many humans to run the organization (achieving financial performance). There is also an agility advantage: they can change and adjust to the environment much more quickly

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30
Q

What is CAD? Explain how technology improves the use of information through creating improved operations efficiency through the CAD

A

Computer assisted design. You can use technology to design and view products on a computer before producing it. Eg. Using computers to design an automobile; creating a design and viewing it in 3D; using software to design products and test for flaws before building them

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31
Q

What is ERP? Explain how technology improves the use of information through creating improved operations efficiency through the ERP

A

Enterprise resource planning. Long term planning instead of short term planning allows you to look into the future to see what you will need: you can buy things in bigger quantities and reduce your per unit cost. Eg. It’s like making a big shopping list so that you know what you need and when

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32
Q

Explain how technology improves the use of information through creating greater independence of company and workplace

A

Because of advancements in technology, you don’t need to be in the office to work; you can work from home. You don’t need to provide your employees with workspaces, building space, computers, etc. (lowers your cost). Your employees can work at their own place and have more flexible hours and are therefore more productive and happier (gains employee commitment)

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33
Q

Explain how technology improves the use of information through big data and better decisions. Explain how it connects to some CSF by giving some examples

A

When businesses have access to more information about their customers, they can make better decisions about inventory (how much, when, variety, etc.). They can also make better decisions about where to make investments or where not to invest. Eg. This helps you to meet customer needs (track spending patterns, know what your customers want), and improves innovation and creativity (more access to information so that you know what your customers would value, and so that you can correct flaws)

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34
Q

How does technology create a competitive opportunity?

A
  1. Creates barriers to entry
  2. Cooperation with other firms
  3. Reduces cycle times
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35
Q

Explain how technology can create barriers to entry and give an example

A

Businesses can create higher switching costs; many people stick with apple products because the products all communicate with each other. They also don’t want to have to learn how to operate a new system (the more advance technology becomes, the more difficult it is fore new-comers to catch up). Eg. Cars have become much more complicated with both mechanical and software aspects: it is much harder to repair your own care

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36
Q

Explain how technology can improve cooperation with other firms

A

Businesses can sources their products from anywhere in the world. This increases the number of suppliers you can choose from and cost goes down (lower supplier power). It lets you make better sourcing decisions in terms of what you all want to include in your design, and it also helps with “just in time inventory”, where the raw materials arrive right before you need to use them (which reduces handling/storage costs)

37
Q

Explain how technology can reduce cycle times by giving an example

A

In the past, people had to calculate how much they worked during the two-week period, send those paysheets to payroll, who would manually enter it into a system, make a check, and mail the check to the worker, who had to deposit the check at the bank. Now, your hours get sent to payroll online, and they deposit the money directly into your account

38
Q

How does technology improve communication and collaboration between both firms and customers?

A

Information can be shared much more quickly and efficiently. People can develop and help other people develop those ideas. The more people you can connect together, the more likely it is for innovation to occur. Eg. workers can share information with each other via email instead of organizing meetings or writing memos.

39
Q

Explain how communication and collaboration between firms can meet the CSF

A

Innovation and creativity: people can share their ideas with each other quickly and easily. Eg. Shopify (people share their ideas/products and people from all over the world who are also on Shopify can see those and ideas and connect with/be a part of your team)
Achieving financial performance: Saves a lot of time, you don’t need to wait, and you can video chat with people across the world instead of paying to fly there for meetings
Gaining employee commitment: people like working for companies like Shopify because they emjoy connecting with people from all over the world

40
Q

How does technology improve customization? Give an example

A

Because of technology, customers can see what the product they are customizing will look like before they buy it. Eg. Timbuk2 lets you customize bags that you are buying online without every having to see a salesperson

41
Q

How does customization meet the CSF?

A

Meeting customer needs: customers can design the exact products that they want to purchase
Achieving financial performance: businesses can increase their price because customers can customize their product

42
Q

What are some threats of technology?

A
  1. Imitation
  2. New technologies in unfamiliar areas
  3. Unpredictable evolution
  4. Need for constant learning and scanning
  5. Information overload; security
  6. Greater independence of company and workplace
43
Q

Explain how imitation can be a threat of technology. Give an example

A

Information is costly to develop but cheap to share. Eg. In the music industry, it costs a lot to produce/create music, but people can access it for free

44
Q

Explain how new technologies in unfamiliar areas can be a threat of technology

A

It challenges an organization’s capabilities and resources. When businesses need to develop new softwares, they need to hire a lot of human resources who can develop those resources

45
Q

Explain how unpredictable evolution can be a threat of technology by using an example

A

You cannot always predict the new direction the technological environment will take. Eg. VCR vs. Betamax. Each movie store would carry both VCR and Betamax versions of movies, which frustrated retailers and customers because they couldn’t get the movie they wanted in the format they needed. Industry became divided. Investors thought that Betamax would win because they had the better product, but VCR ended up taking over

46
Q

Explain how the need for constant learning and scanning can be a threat of technology and give an example

A

Businesses can’t only scan in their industry, but also in lots of other ones. Otherwise they will be caught off guard. Eg. Kodak and Canon

47
Q

Explain how information overload and security can be a threat of technology and give an example

A

Information overload: Because there is so much information on the internet, it can be easy to miss/difficult to find important information both for businesses and their customers. Businesses need to stand apart to get their customer’s attention.
Security: Businesses have to protect their customer’s information. Eg. Ashley Madison was a dating site for married people who wanted to have an affair. Many people used their real names and emails. The website got hacked and someone leaked the information

48
Q

Explain how greater independence of company and workplace can be a threat of technology

A
  1. If people are working from home and on other networks, there may be unintentional security breaches.
  2. There may be less employee loyalty because they don’t make personal connections with people at work and they don’t have as much attachment to the company.
  3. People may be less productive because their boss cannot walk in on them to make sure they are working
49
Q

Give some examples of leading innovations

A
  1. Gamification (encourages engagement through games)
  2. Online microlearning (Axonify)
  3. E-commerce (Shopify)
  4. Omnichannel (making every channel with your potential customers synchronized)
  5. Virtual and augmented reality (the power to expand your market; sell and develop your product more effectively and quickly)
  6. Chatbots (messenger: communicate with customers)
  7. Cloud (google)
  8. Internet of things (when objects talk to each other)
50
Q

What are the technological opportunities and threats on achieving financial performance?

A

Opportunity: you can expand your market and sell more by sharing information with customers and reaching customers farther away through E-commerce
Threat: lots of imitation. People can sometimes get your same product for free

51
Q

What are the technological opportunities and threats on meeting customer needs?

A

Opportunity: customization, personalized products
Threat: low switching costs for customers, low customer loyalty, constantly changing to meet their needs, online reviews have a lot of power

52
Q

What are the technological opportunities and threats on building quality products and services?

A

Threat: tech is changing so quickly that it can be hard to keep up with the best quality products/services
Opportunity: new technologies can allow businesses to create products more efficiently, consistently, and of better quality

53
Q

What are the technological opportunities and threats on encouraging innovation and creativity?

A

Opportunity: collaboration across organizations: can share information and ideas much more easily
Threat: Requires constant scanning, technological is advancing very quickly, can be hard to keep up

54
Q

What are the technological opportunities and threats on gaining employee commitment?

A

Greater independence of employee and workplace.
Opportunity: working from home = more flexible hours, happier employees, employee loyalty
Threat: working from home = potential security breaches, low productivity, low employee loyalty (no personal connections)

55
Q

What are the technological opportunities and threats on distinct competitive advantage?

A

Opportunity: If you have a unique technology that people can’t copy, then people have to come to you for that
Threat: customers can access a variety of products from all over the world, so it can be harder to be noticed/stand out from the competition

56
Q

What are the key technology concepts?

A
  1. Complementary goods
  2. Technology standards
  3. Installed base
  4. Network effect
  5. Lock-in
  6. Switching costs
57
Q

Explain how complementary goods are a key technology concept and give some examples

A

They are needed in order for your product to have value. Eg. connections between video games, consoles, electricity, and chargers, or connections between software and the hardware needed to run it

58
Q

Explain how technology standards are a key technology concept and give some examples

A

In order for a good to complement your good, it has to be compatible with your good. Eg. outlets in Europe compared to North America; apps on apple software or android software

59
Q

Explain the vicious/virtuous cycle between complementary goods, technology standards, and the installed base

A

If there is a small number of user, you will not be very attractive to the producers of complementary goods, so they don’t provide a lot of complementary goods for your product

The more attractive the product, the more likely it is for the company to develop it. The greater the value of the complementary goods that are available to users, the more users buy it. the more users buy it, the more attractive it is to complementary product producers.

60
Q

Explain how the network effect works and give some examples

A

This is when the value of your product depends on the network of users. The greater the installed base, the greater the value of the produce (Eg. social media). The value of the product may also depend on the number of the other users (Eg. dating apps, facebook, etc.). In this case, if you are the only one using the app it has very little value

61
Q

How do you break the vicious/virtuous cycle?

A
  1. Make it attractive to the producers of complementary goods
  2. Increase the number of users (Eg. Bumble faked the number of users on their app: fake profiles)
  3. Availability of complementary goods (Eg. Blackberry switched over to android instead of convincing developers to code to their software)
62
Q

What are some solutions businesses can use to implement the first four key technology concepts?

A
  1. Compatibility
  2. Alliances
  3. Incentives for complementary goods suppliers
  4. Build base
63
Q

Explain how lock-in is a key technology concept and give some examples

A

When the lock-in is larger, there is a greater resistance to switch. This could be a dollar value, as in buying a video game system and the parts that go along with it or a learning investment, as in learning how to use a new video game system or powerpoint vs. keynote

64
Q

Explain how switching costs is a key technology concept and give an example

A

When switching costs are higher, it makes locking in more exaggerated. Eg. It’s a lot of time and hassle to switch banks, so customers are more willing to stay where they are

65
Q

What are some solutions businesses can use to implement the last two technology concepts?

A

Lower switching costs and offer leaps in performance (make your product so amazing that customers think that it’s worth the switch)

66
Q

Explain how lock-in and switching costs connect to the five forces

A

Meeting customer needs: provide them with a product that they want enough that they are willing to switch

67
Q

Give an example of a disruptive technology

A

Ford coming in with an automobile and completely eliminating horses

68
Q

How do sustaining technologies improve existing products?

A

They improve products in expected ways because they are able to see advancements coming (Eg. Apple improving their camera; depth recognition, face recognition)

69
Q

What is the target of sustaining technology companies?

A

Mainstream, high-margin customers with enhancements in product functionality. They focus on the customers that give them the most amount of profit

70
Q

When companies are fighting for mainstream customers, who usually wins and why?

A

Incumbents (existing companies) usually win because they are already established as a brand, they have a good customer base, and they have all the resources that new companies don’t

71
Q

What is the target market of disruptive technologies?

A

The market that the current industry is not meeting, or people who have to pay higher prices for features that they don’t really want

72
Q

Give an example of a disruptive technology

A

IBM controlled the computer industry, but sold huge powerful machines to businesses. Apple founders made cheap, individual computer models that was focused on simplicity and user friendliness. They focused on performance attributes that the mainstream consumers didn’t care about. Over time, Apple made little improvements to their computers; more and more people were buying it, and then IBM jumped in and started making their own (and therefore were not completely wiped out)

73
Q

Explain how/where distribution technologies start

A

They start in the lower performance segment of the market and improve rapidly, entering the mainstream market. The rate of improvement of disruptive technologies is faster than the rate of improvement of sustained technologies

74
Q

Why do disrupting firms often win?

A

They are playing by new rules that the old firms are not used to. When they change the game it makes it possible for them to win

75
Q

Explain how AirBnB is a disruptive technology to the hotel industry

A

They are providing the same service as hotels at a lower cost, and targeting a different market (hotels did not target backpackers). Over time their performance improved

76
Q

What are the things you have to consider when deciding if something is a disruptive technology?

A
  1. Initial target market
  2. Initial performance
  3. Later performance and market
77
Q

Why do large firms sometimes fail?

A
  1. Their organization structure and capabilities slow response time/ability and influence choices
  2. Organizational processes weed out ideas that don’t address current customer needs
  3. They focus on satisfying mainstream customers
  4. They avoid small, uncertain, and unfamiliar markets
78
Q

Describe how large firms’ slow response times and their organizational structure may cause them to fail

A

Your organization can bias you in terms of the choices you make (you have already built up the skills and habits that allow you to be efficient and effective). It’s hard for organizations to switch their habits

79
Q

Describe how large firms’ organizational processes to weed out ideas may cause them to fail

A

You have decision processes within the organization that help you keep doing a good job for your current market. You are less likely to target the markets that are not your focus

80
Q

Describe how large firms’ focus on satisfying their mainstream customers may cause them to fail

A

Large firms may ignore new technologies that your customers don’t value and keep using high margin technologies in order to keep the mainstream customers

81
Q

Describe how large firm’s avoidance of small, uncertain, and unfamiliar markets may cause them to fail

A

Managements will focus on the “safe” bet in order to keep their job and their standing in the company. Niche markets are small and financially unattractive because their growth potential is uncertain and they have lower profit margins

82
Q

What is the link between disruptive technologies and the Diamond-E?

A

Management: When the environment shirts, your strategy should also change. However, management does not want to change strategies in order to keep their standing in the company
Organization: Large firms’ capabilities do not match the changing environment or the new customers
Resources: Large firms do not have the talent required to do the new jobs, but their employees are really good at their current job. Also, building cannot be set up to make something else: they are designed to do one thing (Eg. Netflix compared to Blockbuster)

83
Q

How can large firms avoid failure due to disruptive technologies?

A
  1. Monitor outside of the industry
  2. Partner with young firms
  3. Establish venture units
  4. Design products by JOB not by customer
84
Q

How/why can large firms monitor outside of the industry?

A

Disruptive technologies and innovations often start outside of your industry and then jump into your industry

85
Q

How/why can large firms partner with young firms?

A

Young firms are quick to adapt and can change direction very quickly, unlike big companies. They are also a cheap alternative to exploring new technologies themselves: young firms are thinking differently and have already come up with a unique idea they want to pursue. Large firms can give them resources, advice, and support. If the idea takes off, the large firm can continue to partner with the young firm or buy them out. If the idea fails, it doesn’t affect the rest of the organization

86
Q

How/why can large firms establish venture units?

A

It’s an offshoot of the company that behaves like a young firm. It is isolated from the main organization, so the leaders aren’t biased by the organization. It is a different organizational structure and they have a different set of resources

87
Q

How/why can large firms design their products by their JOB instead of by their customers?

A

In a sense, we “hire” products to do things for us. When you identify the job of your product, you can identify what threats there are and what other products could do the same job

88
Q

How can small firms compete against small firms?

A
  1. Enter with a product or market large firms don’t care about: don’t target mainstream customers so they are not motivated or interested in targeting you; focus on what they are not good at; pick a market where the margins or the market is too small for the big company to want to go into that market
  2. One you are strong, move up in market
89
Q

How does technology connect to the five forces?

A

Potential entrants: technology can be a barrier to entry that makes it hard to new companies to come in and challenge you
Buyers: you can use technology to create lock in and switching costs (you need a lot of know-how to use technology: however, it can also reduce barriers to entry)
Substitutes: you can use technology to reduce the likelihood that customers will switch to substitutes (may also increase the likelihood)
Suppliers: you can access more suppliers around the world and source from the cheapest (lowers suppliers power)

BU 111 Final Exam (4 decks)

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