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Flashcards in Chapter 3 Deck (7)
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1
Q

What are Porter’s 5 forces?

A

the five forces are divided into two types: competitive and bargaining

competitive:

  • threat of substitutes
  • threat of new entrants
  • competition from existing rivals

bargaining:
- bargaining power of suppliers: how easy it is for a supplier to raise prices
- bargaining power of customers: how easy it is for a customer to influence price

2
Q

what are Porter’s 4 competitive forces

A

Porter’s 4 competitive forces are characterized by Cost, how Industry-wide it is, Differentiation, and Focus

3
Q

What is a value chain and how is it made?

A

a value chain is a network of value-creating activities and a generic chain is made from five primary activities and four support activities

4
Q

What are the primary activities in a value chain?

A

inbound logistics, operations/manufacturing, outbound logistics, sales & marketing, and customer service

5
Q

How does a company gain a generic competitive advantage?

A

by creating new products or services, enhancing products or services, and differentiating products or services

6
Q

What is “digital transformation” and its impact on business?

A

digital transformation is “the realignment of, or new investment in , technology and business models to more effectively engage digital customers at every touchpoint in the customer experience lifecycle”

It has an impact on customer experience–sales/marketing & customer service, as well as Operations–automation, employee collaboration, and analytics

7
Q

What should an effective omni-channel strategy include?

A

the merging of sales, service and support into a seamless experience, personalized service and authentic interactions, increased automation where possible, and improved backend systems for a seamless front end experience