Digital Strategy Course Quiz

The approach a business takes to create value for its customers and generate revenue.

A detailed plan outlining how a business will create, deliver, and capture value. It encompasses key elements like value propositions, customer segments, revenue streams, and key resources.

The core activities that a business performs to deliver its value proposition. For example, if a business sells consulting services, its core activity is providing expert advice.

Assets that are essential for a business to operate and deliver its value proposition. Examples include employees, technology, intellectual property, or physical assets.

The way a business generates income from its customers. Common revenue models include subscriptions, commissions, advertising, or selling products.

A strategic plan outlining how a business will leverage digital technologies to achieve its goals. This involves understanding how technology can enhance value propositions, reach new customers, and improve operations.

The blurring of traditional boundaries between industries and business functions. It's driven by technological advancements and new business models.

A business model lever is a key decision point that shapes the overall business model. They include factors like focus, channel, core activity, key resource, and revenue model.

The process of using technology to fundamentally change how a business operates, often leading to significant improvements in efficiency, customer experience, and competitiveness.

A situation where the market becomes dominated by a few large companies, making it difficult for new players to enter or compete. This is common in digital industries.

A type of business model where a company provides a platform that connects users and facilitates transactions, generating revenue through fees or commissions. Examples include Uber, Airbnb, and Amazon Marketplace.

The use of information technology to gain a competitive advantage by enhancing existing processes, creating new products or services, or improving customer relationships.

Technology advancements like AI, machine learning, and automation are changing the nature of work, replacing some tasks and creating new opportunities. It's crucial to understand how these changes impact the workforce.

A framework developed by Michael Porter to analyze an organization's core activities and supporting processes, identifying areas for value creation and cost reduction.

A suite of integrated software applications designed to manage a company's core business processes such as finance, human resources, supply chain, and customer relationship management.

The use of information and communication technologies (ICT) to enhance value or reduce costs in different parts of the value chain.

The process of outsourcing certain activities to external providers, allowing businesses to focus on their core competencies.

The ability of an organization to respond quickly and effectively to changes in the market environment.

The need for companies to be able to react quickly to changes in the market and adapt their operations accordingly. This requires seamless communication and collaboration across different departments and levels of the organization.

Traditional organizational structure where departments operate independently, focusing on their own specific functions and using specialized software. This can lead to information silos and inefficiencies.

A comprehensive software system that integrates various business functions across an entire organization, facilitating information flow and collaboration between departments.

Focusing on the best software solution for each specific business function, regardless of integration with other systems. May lead to efficiency within individual departments but creates challenges in overall data integration and information sharing.

The process of linking different software systems and data sources within an organization to create a unified and interconnected information flow.

The benefits of ERP systems include streamlining business processes, improving information visibility and reducing operational costs. However, implementing ERP can be a complex and expensive undertaking.

The concept of open supply chains, where companies extend their operations beyond their own factories, utilizing external partners and suppliers to maximize efficiency and speed. It often involves outsourcing manufacturing, logistics, and distribution to third-party providers.

A business model characterized by rapid production and distribution of trendy, affordable clothing. This model heavily relies on open supply chains to respond quickly to shifting fashion trends, often leading to low production costs and environmental concerns.

The potential for a company's brand image and reputation to be negatively affected by the actions of its suppliers or partners within an open supply chain. This can lead to public scrutiny and damage to the company's reputation.

The event in 2012 where a factory building in Bangladesh collapsed, killing over 1,100 workers. It highlighted the potential for human rights violations and safety concerns within the fast fashion industry.

The incident in 2021 where the container ship Ever Given ran aground and blocked the Suez Canal, disrupting global trade and highlighting the interconnectedness and vulnerability of international shipping routes.

The ability of a business to gather, analyze, and use information about its customers, market trends, and competitor activities. This information is crucial in fast fashion, where quick adaptation to consumer demand is vital.

The process of integrating and coordinating different stages of a company's operations, from manufacturing to logistics to sales and marketing. In the context of open supply chains, this involves managing relationships with multiple external partners.

The interconnectedness of different parts of a business network, where problems in one area can have cascading effects on other parts of the chain. This can be a challenge in open supply chains, where companies rely on multiple external partners.

The phenomenon where a vast number of products, each with limited individual demand, collectively contribute significantly to overall sales. Think of a music streaming platform offering a huge catalog of songs, where each individual song might have relatively few listeners, but the combined effect of many niche songs drives a significant amount of usage and revenue.

A type of recommendation system that analyzes user preferences and behaviors to predict what they might like, based on the choices and ratings of similar users. It leverages collective user data to suggest items, such as songs, movies, or products, that users might enjoy.

A product that fulfills the same need as another product, but with a different form or characteristics. For example, digital music tracks are a substitute for physical CDs, offering similar entertainment value but in a different format.

The process of compressing digital audio files to reduce their size, often resulting in some loss of sound quality. This is done to efficiently store and transmit music files, but can affect the perceived fidelity of the sound.

The ability of consumers to influence prices and product offerings due to a wide range of choices and competition in the market. This gives them leverage to demand lower prices, more convenient options, and a greater variety of products.