Questions and Answers
Value chain focuses less on cost reduction and more on ______ to the customer.
innovation
The value chain aims to give a company a competitive ______.
advantage
All value chains involve the supply chain but not all supply chains are ______.
value chains
Step 1 in the Four-Step Framework is understanding the ______.
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Step 2 involves creating a portfolio of ______.
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Step 3 focuses on launching ______.
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Step 4 is about ______ up.
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Your group shall identify the relevant industry or ______ your client may operate in.
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These are the tacit knowledge which human have a 'feeling' about a particular situation based on cues in the ______.
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In principle, machines are able to mimic the building of developed structures but it is extremely expensive to reach the same level of ______ as humans.
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A human labour is endowed with tacit knowledge developed over a long ______ process.
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The most obvious value derived from using AI-enabled automation is the partial ______ of complex or mentally draining repetitive tasks.
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For routine tasks that can be easily automated, operations using such systems tend to provide more ______ in the long run than human-centric operations.
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Automation frees up human for higher value tasks like solving complex ______, embarking on new ambitious projects and creating more value.
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Tasks that are narrow, well-defined and do not require much ______ are good candidates for automation.
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For example, ______, preparing of legal documents.
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Tasks that require processing large amounts of information and data in a relatively short time preclude humans from undertaking them due to the sheer amount and _____ involved.
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AI machines have been known to predict best responses and optimal strategies by examining tens of millions of potential _____ over a short timeframe.
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For example, AI can aid humans in complex and constantly shifting situations as well as in situations where relevant information is _____ and not apparent.
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The ideal scenario is there is a 'Known Known' where data is accessible and known to be _____ .
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In the Four Data Scenarios, 'Known Unknown' refers to the situation where we do not have accessible information but we know the data is _____.
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In AI applications, cancer detection is one of the examples where large amounts of data processing are required for _____.
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The concepts of 'Unknown Known' and 'Unknown Unknown' describe situations where we either know or do not know the _____.
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Games like chess and Go are examples where AI can systematically explore tens of millions of potential _____ to devise optimal strategies.
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The five competitive forces describes competitive strategy as actions to create a position in an industry to yield a superior return on ______ for a company.
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In coping with the five competitive forces, there are three generic strategies: Cost ______, Differentiation, and Focus.
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A company can pursue more than one generic ______, but rarely possible, as total commitment is required for effective implementation.
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Rivals are highly committed to the business with the largest market ______ in Singapore.
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Threat of New ______ is one of Porter's Five Forces.
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The ______ Power of Suppliers is a crucial factor in determining industry competition.
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The ______ Among Existing Competitors is a key element of Porter's Five Forces.
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The ______ of Substitutes is another force that impacts market dynamics.
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Ice Cream Town has a wall filled with pictures of real customers enjoying their ______.
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A strategic position is not sustainable unless there are ______ with other positions.
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A company known for one service is likely to confuse customers when attempting to deliver two different kinds of ______ at the same time.
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Trade-off creates the need for choice and protects against ______ and straddlers.
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Different positions require a different set of ______, or a different way to carry out the same activities.
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Companies trying to be all things to all customers risk confusion amongst ______.
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An attractive and sustainable position requires choosing the right ______ and these activities must fit one another.
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An attractive position attracts imitation in one of the two ways: a company repositions itself to be a ______ of a competitor.
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Study Notes
Value Chain and Strategic Advantages
- Emphasis on innovation and customer value rather than solely on cost reduction.
- Competitive advantage derived from effectively managing the value chain.
- All value chains involve a supply chain, but not all supply chains qualify as value chains.
Understanding AI in Business
- Three types of AI discussed, focusing on practical applications rather than theoretical "moon shots."
- Four-Step Framework includes:
- Step 1: Understanding the technology.
- Step 2: Creating a portfolio of projects.
- Steps 3 and 4: Launching pilots and scaling up, respectively.
Ice Cream Town Business Strategy
- Consultant role for a new ice cream business; developing a comprehensive business plan.
- Identifying relevant industries for the client, excluding ICT fields.
- Each identified industry should be explored for potential projects to gain competitive advantages.
AI-Enabled Automation
- AI automation is beneficial for outsourcing complex, repetitive tasks not central to operations.
- Routine tasks suitable for AI often yield better long-term value than human-only operations.
- Automation allows humans to focus on higher-level tasks like complex problem-solving and innovation.
- Ideal candidates for automation include narrow and well-defined tasks that do not require flexibility.
Data Handling Scenarios
- “Known Known”: Reliable and accessible information.
- “Known Unknown”: Unreliable or inaccessible information.
- “Unknown Known”: Uncertain information is available.
- “Unknown Unknown”: No available or reliable data.
Strategic Brand Positioning
- Diverse strategic positioning examples needed for variety-based, needs-based, and access-based positioning.
- Importance of clearly communicating brand positioning to avoid customer confusion.
Strategic Trade-Offs
- Attractive market positions lead to imitation unless strategic trade-offs are made.
- Repositioning risks: imitation from competitors or confusion among customers with overlapping value propositions.
- Sustainable strategy requires choosing specific activities that fit collectively, without exceeding capacity.
Porter’s Five Forces Model
- Framework to analyze competitive pressures in an industry.
- Identifies five forces affecting competition:
- Threat of New Entrants.
- Bargaining Power of Suppliers.
- Bargaining Power of Buyers.
- Threat of Substitutes.
- Rivalry Among Existing Competitors.
Porter’s Generic Strategies
- Competitive strategy involves creating market positions for superior ROI.
- Three generic strategies for outperforming competitors:
- Cost leadership: Offering the lowest prices.
- Differentiation: Providing unique products or services.
- Focus: Targeting a specific market segment.
- A company can pursue multiple strategies, but full commitment is typically required for successful implementation.
Studying That Suits You
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Description
Explore the interplay between innovation, customer value, and competitive advantage in the context of the value chain. This workshop will delve into concepts related to supply chains and how they contribute to a company's strategic positioning, informed by insights from Davenport and Ronanki's work on artificial intelligence.
