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MGSC 300 Chapters 1 and 2 (1)
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MGSC 300 Chapters 1 and 2 (1)
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MGSC 300 Chapters 1 and 2•Resource acquisition is "as needed"
•faster application deployment
•no upfront hardware costs
•a flexible capacity for changing computing requirements
•the ability to add or reduce server space on-demand. - ANS-What are the benefits of cloud
computing?
Objects that connect themselves to the Internet with sensor-embedded devices are commonly
referred to as the Internet of Things (IoT)
•widely used to automate business processes in industries By adding sensors to heart monitors,
vending machines, etc. companies can track and manage their products remotely. - ANS-What
is machine-to-machine (M2M) technology? Give an example of a business process that could
be automated with M2M.
The Cloud: Huge data centers accessible via the Internet at the core that provide 24/7 access to
storage, apps, and services.
•Handheld and wearable devices and their users form the edge of the cloud.
•Social channels connect the core and edge. - ANS-Describe the relationships in the SoMoClo
model.
The cloud consists of huge data centers accessible via the Internet which provides 24/7 access
to storage, apps, and services. - ANS-Explain the cloud.
Being mobile, consumers can check endorsements and prices on the spot when contemplating
a purchase. Customer loyalty, and therefore revenue, is increasingly dependent upon a
business exploiting mobile technology, such as location-aware services, apps, alerts, and social
networks. - ANS-Why have mobile devices given consumers more power in the marketplace?
the means by which a company expects to, and does, make money. - ANS-What is a business
model?
defines how a business makes money digitally. - ANS-What is a digital business model?
refers to a set of capabilities enabled when physical things are connected to the Internet via
sensors - which share real-time data as well as the tracking, monitoring, and management of
products remotely. - ANS-Explain the Internet of Things.
An agile organization has the ability to respond or adapt quickly. Organizations depend on IT
agility and responsiveness to be able to adapt to market conditions and gain a competitive
, edge. That competitive advantage is short-lived if competitors quickly duplicate it. - ANS-What
are the characteristics of an agile organization?
IT capacity can be easily scaled up or down as needed, which essentially requires cloud
computing. - ANS-Responsiveness
the ability to quickly integrate new business functions or to easily reconfigure software or apps. -
ANS-Flexibility
the migration of consumer technology into enterprise IT environments. Caused by personally
owned IT is as capable and cost-effective as its enterprise equivalents. - ANS-Explain IT
consumerization.
industry structure and competitive advantage - ANS-What are two key components of corporate
profitability?
determines range of profitability of an average competitor in that sector. can be very difficult to
change - ANS-Industry Structure
the edge that enables a company to outperform its average competitor.
•can be sustained only by continually pursuing new ways to compete. - ANS-Define competitive
advantage.
a series of processes in which an organization selects and arranges its businesses or services
to keep the organization healthy or able to function even when unexpected events disrupt one
or more of its businesses, markets, products, or services
•involves environmental scanning and prediction, or SWOT analysis - ANS-Describe strategic
planning.
an industry's profit potential is largely determined by the intensity of competitive forces within the
industry. The five major forces in an industry affect the degree of competition, which impact
profit margins and ultimately profitability. These forces interact so while you read about them
individually, their interaction determines the industry's profit potential. - ANS-Porter's five forces
model
1. Threat of entry of new competitors.
2. Bargaining Power of suppliers
3. Bargaining power of customers
4. Threat of substitute products/services
5. Competitive rivalry among existing firms in the industry - ANS-Five Forces:
large profit margins attract entrants. In order to gain market share, entrants typically sell at lower
prices. Those companies already in the industry may be forced to defend their market share by
lowering prices, which reduces their profit margin. Thus, this threat drives prices down.
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