MIS test 1

36 terms by ckottwitz 

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sustainable competitive advantage

financial performance that consistently outperforms industry average

operational effectiveness

performing the same tasks better than rivals perform

fast follower problem

exists when savvy rivals watch a pioneer's efforts, learn from their success and missteps, then enter the market quickly with a comparable or superior product at a lower cost before the first mover can dominate

strategic positioning

performing different tasks than rivals, or the same tasks in a different way

straddling

attempts to occupy more than one position while failing to match the benefits of a move efficient, singularly focused rival (ex: blockbuster attempting online sales and store sales)

resource-based view of competitive advantage

the strategic thinking approach suggesting that if a firm is to a maintain sustainable competitive advantage, it must control an exploitable resource, or set of resources. that have 4 critical characteristics. these resources must be 1. valuable, 2. rare, 3. imperfectly imitable and 4. nonsubstitutable

dense wave division multiplexing (DWDM)

a technology that increases the transmission capacity (and hense speed) of fiber-optic cable. transmissions using fiber are accomplished by transmitting light inside "glass" cables. In ____ the light inside fiber is split into different wavelengths in a way similar to how a prism splits into different colors

imitation-resistant value chain

a way of doing business that competitors struggle to replicate and that frequently involves technology in a key enabling role

value chain

the "set of activities though which a product or service is created and delivered to costumers"

brand

the symbolic embodiment of all the information connected with a product or service

viral marketing

leveraging consumers to promote a product or service

scale advantages

advantages related to size

switching costs

the cost a consumer incurs when moving from one product to another. it can involve actual money spend as well as investments in time, any data loss, and so forth

network effects

also known as Metcalfe's Law, or network externalities. When the value of a product or service increases as its number or users expands

distribution channels

the path through which products or services get to costumers

affiliates

third parties that promote a product or service, typically in exchange for a cut of any sales

Porter's five forces

also known as industry and competitive analysis. A framework considering the interplay btw (1) the intensity of rivalry among existing competitors (2) the threat of new entrants (3) the threat of substitute goods or services (4) the bargaining power or buyers (5) the bargaining power of suppliers

staying power

the long-term viability of a product or service

total cost of ownership (TCO)

an economic measure of the full cost of owning a product (typically computing hardware and/or software) this includes direct costs such as purchase price, plus indirect costs such as training, support, and maintenance

complementary benefits

products or services that add additional value to the primary product or service that makes up a network

platforms

products or services that allow for the development and integration of software products and other complementary goods. windows, the iphone, the wii, and the standards that allow users to create facebook apps are all _____

one sided market

a market that derives most of its value from a single class or users ex: AIM

same side exchange benefits

benefits derived by interaction among members of a single class of participation ex: the exchange value when increasing numbers of IM users gain the ability to message each other

two sided market

network markets comprised of two distinct categories or participant, both of which that are needed to deliver value for the network to work ex: video game console owners and developers of video games

cross side exchange benefit

when an increase in the number of users on one side of the market (console owners for ex) creates a rise in the other side (software developers)

monopoly

a market where there are many buyers but only one dominant seller ex: microsoft

oligopoly

a market dominated by a small number of powerful sellers

technological leapfrogging

competing by offering a new technology that is so superior to existing offerings that the value overcomes the total resistance that older technologies might enjoy via exchange, switching cost, and complementary benefits

blue ocean strategy

an approach where firms seek to create and compete in uncontested _____ market spaces, rather than competing in spaces and ways that have attracted many similar rivals

convergence

when two or more markets, once considered distinctly separate, begin to offer features and capabilities. As an ex: the markets for mobile phones and media players are _____

envelopment

when one market attempts to conquer a new market by making it a subset, component, or feature of its primary offering

adaptor

a product that allows a firm to tap into the complementary products, data, or user base of another product or service

the osbourne effect

when a firm preannounces a forthcoming product or service and experiences a sharp and detrimental drop in sales of current offerings as users wait for the new term

congestion effect

when increasing numbers of users lowers the value of a product or service

wisdom of crowds

the idea that a group of individuals (the crowd) often consisting of untrained amateurs, will collectively have more insight than a single or small group of trained professionals

prediction market

polling a diverse crowd and aggregating opinions in order to form a forecast of an eventual outcome

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