Lesson 4 - Concepts Flashcards
(38 cards)
Strategy
Definition of the future direction and actions of a company defined as approaches to achieve specific objectives
Digital business strategy
Definition of the approach by which applications of internal and external electronic communications can support and influence business strategy
Digital channel strategies
Definite how a company should set specific objectives and develop specific differential strategies for communicating with its customers and partners through electronic media
Multichannel ( omnichannel) digital business strategy
Defines how different marketing and supply chain channels should integrate and support each other to drive business efficiency and effectiveness. As noted in Chapter 1 , in 2012-2013 the term omnichannel became used, particularly in the retail sector, to reference the importance of customer touchpoints on social media and mobile platforms.
Strategy process model
A framework for approaching strategy development
Prescriptive strategy
Strategic analysis, strategic development, and strategy implementation are linked together sequentially.
Emergent strategy
Strategic analysis, strategic implementation are interrelated and are developed together
Strategic analysis
Collection and review of information about an organisation’s internal processes and resources and external marketplace factors in order to inform strategy definition
Resource analysis
Review of the technological,financial and human resources of an organisation and how they are utilised in business processes.
SWOT analysis
Strengths, weaknesses, opportunities and threats
Demand analysis
Assessment of the demand for e-commerce services amongst existing and potential customer segments
Commoditization
The process whereby product selection becomes more dependent on price than differentiating features, benefits and value-added services
Soft lock-in
Electronic linkages between supplier and customer increase switching costs
Co-opetition
Interactions between competitors and marketplace intermediaries which can mutually improve the attractiveness of a marketplace
Competitor analysis for digital business
Review of digital business services offered by existing and new competitors and adoption by the customers
Core competencies
Resources, including skills or technologies, that provide a particular benefits to customers
Customer value
Value dependent on product quality, service quality, price and fulfilment time
Strategic objectives
Statement and communication of an organization’s mission, vision and objectives
Vision or mission statement
A summary of the scope and broad aims of an organization
Scenario-based analysis
Models of the future environment are developed from different starting points
Efficiency
Minimizing resources or time needed to complete a process: ‘ doing the thing right’.
SMART
Specific. Is the objective sufficiently detailed to measure real-world problems and opportunities?
Measurable. Can a quantitative or qualitative attribute be applied to create a metric?
Actionable. Can the information be used to improve performance?
Relevant. Can the information be applied to the specific problem faced by the manager?
Time-related. Does the measure or goal relate to a defined timeframe?
Online or Internet revenue contribution ( ORC)
An assessment of the direct or indirect contribution of the Internet to sales, usually expressed as a percentage of overall sales revenge
Conversion marketing
Using marketing communications to maximize conversion of potential customers to actual customers
