Podcast
Questions and Answers
Complete list of domains being of digital transformation include:
Complete list of domains being of digital transformation include:
- Value, competition, customers, data and innovation (correct)
- Customers, data and innovation
- Competition, customers, data, value and patents
- Customer networks, big data and innovation
Strategic theme of “build platforms, not just products” is related to the domain of:
Strategic theme of “build platforms, not just products” is related to the domain of:
- Value
- Innovation
- Data
- Competition (correct)
Incumbent operating models comprise of the following types of digital transaction platforms:
Incumbent operating models comprise of the following types of digital transaction platforms:
- Process digitalization, communication digitalization and buyer digitalization (correct)
- Company, process and customers
- Platforms, customer networks and products
The customer network strategy of “be faster, be easier, be everywhere, be always on” is best suited to the following customer network behavior:
The customer network strategy of “be faster, be easier, be everywhere, be always on” is best suited to the following customer network behavior:
Changes in strategic assumptions from the analog to the digital age in terms of moving from having distinctions between partners and rivals to blurred distinctions and rivals and moving from having assets in the firm to having assets that reside in networks is related to the following domain of digital transformation:
Changes in strategic assumptions from the analog to the digital age in terms of moving from having distinctions between partners and rivals to blurred distinctions and rivals and moving from having assets in the firm to having assets that reside in networks is related to the following domain of digital transformation:
According to Crittenden et al. (2014), the platform through which channel members can bring high touch to the technology is:
According to Crittenden et al. (2014), the platform through which channel members can bring high touch to the technology is:
The three key characteristics of platforms are:
The three key characteristics of platforms are:
According to the classification of four types of platforms, platforms such as Uber and Airbnb are classified as:
According to the classification of four types of platforms, platforms such as Uber and Airbnb are classified as:
Platforms create network effects. When the value of a service goes up as the number of users rises, this is:
Platforms create network effects. When the value of a service goes up as the number of users rises, this is:
The way in which businesses produce, manage, and utilize information is covered by the following domain of digital transformation:
The way in which businesses produce, manage, and utilize information is covered by the following domain of digital transformation:
Key data types for business strategy are:
Key data types for business strategy are:
Distinctive characteristics of the big data are:
Distinctive characteristics of the big data are:
Types of experiments characterized by exploratory nature and informal design are:
Types of experiments characterized by exploratory nature and informal design are:
Two sided markets are faced with three challenges, namely:
Two sided markets are faced with three challenges, namely:
Convergent experiments are not characterized by which of the following principles:
Convergent experiments are not characterized by which of the following principles:
In an analog era, the value proposition was characterized by the following:
In an analog era, the value proposition was characterized by the following:
Once the new technologies kick in, this can decline the relevance of a once valued product or service. The routes out of shrinking market can be through:
Once the new technologies kick in, this can decline the relevance of a once valued product or service. The routes out of shrinking market can be through:
As firms try to continuously adapt their value's proposition, they may run into some organizational challenges, namely:
As firms try to continuously adapt their value's proposition, they may run into some organizational challenges, namely:
The way the firm Y started selling their product/service to the customers and entering the car market is an example of which trajectory of the disruptive business models:
The way the firm Y started selling their product/service to the customers and entering the car market is an example of which trajectory of the disruptive business models:
The way the firm X started exploring potential impact on them and other incumbents reflects the approach of:
The way the firm X started exploring potential impact on them and other incumbents reflects the approach of:
Creation of a firm of “X sharing cars” by X to directly compete with the firm Y reflects which of the strategies to deal with disruptors:
Creation of a firm of “X sharing cars” by X to directly compete with the firm Y reflects which of the strategies to deal with disruptors:
Flashcards
Digital Transformation
Digital Transformation
The process of changing business models, processes, and strategies to leverage digital technologies and meet evolving customer needs.
Digital Transformation
Digital Transformation
The process of changing business models, processes, and strategies to leverage digital technologies and meet evolving customer needs.
Build Platforms, Not Just Products
Build Platforms, Not Just Products
A strategy involving a shift from building individual products to creating online platforms that connect users and enable interactions.
Incumbent Operating Model
Incumbent Operating Model
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Customer Network Strategy
Customer Network Strategy
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Digital Transaction Platforms
Digital Transaction Platforms
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Blurred Distinctions
Blurred Distinctions
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Network Effects
Network Effects
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Key Data Types
Key Data Types
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Big Data
Big Data
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Divergent Experiments
Divergent Experiments
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Two-Sided Markets
Two-Sided Markets
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Laddering
Laddering
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Launch an Independent Disruptor
Launch an Independent Disruptor
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Value Proposition
Value Proposition
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Launch an Independent Disruptor
Launch an Independent Disruptor
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Laddering
Laddering
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Two-Sided Markets
Two-Sided Markets
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Divergent Experiments
Divergent Experiments
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Big Data
Big Data
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Key Data Types
Key Data Types
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Network Effects
Network Effects
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Blurred Distinctions
Blurred Distinctions
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Digital Transaction Platforms
Digital Transaction Platforms
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Customer Network Strategy
Customer Network Strategy
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Incumbent Operating Model
Incumbent Operating Model
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Build Platforms, Not Just Products
Build Platforms, Not Just Products
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Digital Transformation
Digital Transformation
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Digital Transformation
Digital Transformation
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Study Notes
ISM Sample Exam Questions
- Exam will have 35 total questions, approximately 5 per lecture topic.
- Exam is open-book multiple-choice.
- Some questions have one or more correct answers.
- Two question types:
- Statements/questions where you select one or more correct answers (e.g., questions 1-18)
- Short cases followed by multiple-choice questions where you select one or more correct answers (e.g., cases X and Y car firms, questions 19-21).
- Exam questions may come from the textbook, articles, and lectures.
Digital Transformation Domains
- Complete list of digital transformation domains includes: value, competition, customers, data, and innovation.
Strategic Theme
- "Build platforms, not just products" relates to the innovation domain.
Incumbent Operating Models
- Incumbent operating models include platforms, customer networks, products, process digitalization, communication digitalization, and buyer digitalization.
Customer Network Behavior
- The "be faster, be easier, be everywhere, be always on" customer network strategy best suits the "customize" behavior.
Strategic Assumptions
- Digital age changes strategic assumptions.
- Distinction between partners/rivals blurs.
Digital Transformation Domain: Networks
- Moving from assets in the firm to network assets is related to the "Customer Networks" domain of digital transformation.
Platform Through Which Channel Members Bring High Touch
- According to Crittenden et al. (2014), the channel through which channel members bring high-touch to technology is "communications digitalization."
Platform Characteristics
- Three key characteristics of platforms are: distinct customer types, direct interaction, and facilitation.
Platform Types
- Uber and Airbnb, classified as exchange platforms.
Network Effects
- Value of a service increases as user numbers rise (indirect effect).
Information Utilization
- The way businesses produce, manage, and utilize information is covered in the "data" domain of digital transformation.
Business Strategy Data
- Key data types for business strategy: business process data, product/service data, and customer data.
Big Data Characteristics
- Distinctive characteristics of big data include: volume, velocity, variety, structure in some cases.
Experiment Types
- Convergent experiments are characterized by exploratory nature and informal design. (divergent, causal, and confirmatory are other types).
Two-Sided Markets
- Two-sided markets face pricing, winner-take-all dynamics, and envelopment challenges.
Experiment Principles
- Convergent experiments do not follow the principle of blind testing .
Value Proposition (Analog Era)
- Value propositions in the analog era were defined by industry, changing customer needs, and required adaptability.
New Technologies and Their Relevance
- New technologies can diminish the relevance of previously valuable products or services. Relevancy can be regained by developing new value propositions or targeting new customers.
Adapting Value Proposition
- Firms that continuously adapt their value proposition may face organizational challenges.
Case Study: Car Firms X and Y
- Firm X is a long-time automaker that previously focused on robust, reliable cars for ownership.
- Firm Y introduced a car-sharing service.
- Firm X responded to the emergence of the new business model by creating its own car-sharing service to compete.
- The case explores different business model trajectories for entering a market (outside-in, inside-out).
- The case also looks at different strategies to respond to disruption in the market.
Diversifying Portfolio/Exiting
- Possible strategies for dealing with challenges in a market include diversifying your portfolio, or planning an exit strategy.
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Description
Prepare for your upcoming exam on digital transformation with this comprehensive quiz. Covering key themes such as value, competition, and customer networks, this open-book multiple-choice exam features both statement questions and short case analyses. Test your understanding of strategic themes and incumbent operating models to excel in your studies.
