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High-Tech Marketing > Week 1-Shifa > Flashcards

Week 1-Shifa Flashcards

1
Q

What is the one and only valid definition of a business purpose

A

to create a customer

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2
Q

What is any business enterprise two basic functions

A

1.marketing
2.innovation

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3
Q

What are two common types of tech firms

A
  • Digital
  • Information Communications Technology (ICT)
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4
Q

What are the subcategories in digital tech firms

A
  • Internet platforms: search engines, social networks, other platforms
  • Digital solutions: electronic payment, other digital solutions
  • e-commerce: internet retailers
  • Digital content: digital media, games, info and data providers
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5
Q

What is digitalization?

A
  • Increase use of digital technologies and their integration and cross fertilization in the firm’s products and - inbound and outbound marketing activities
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6
Q

Different types of uncommon tech firms

A

big data
cybersecurity
aerospace
robatics
blockchain, crypto
additive manufacturing: 3D printing
cloud
vr
IoT

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7
Q

Increased generation, analysis, and use of data to:

A

increase organizational efficieny
grow the firm

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8
Q

What can digital technologies impact?

A
  • Product
  • marketing and sales
  • service delivery - chat bot -> ‘problem solver’, zoom
  • innovation process and time to market
    -markets and customers able to be served: amazon went from seattle to world
    -nature of comp
    -business models
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9
Q

What are the three levels of digitalization?

A
  1. add digital offer (Fitbit, google nest)
  2. shift to more digital processes and decisions (aka digital transformation) (dominos)
  3. compete with a digital business model (shopify)
    Matzler et al 2018
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10
Q

What are some new companies

A
  1. transition into remote first workplace: Zoom
  2. Analyze and optimizing the customer journey: Ikea
  3. Implementing automated customer service: Jane
  4. Using AI driven insights to improve sales efficiency: Salesforce
  5. Automating employee performance management: 7 Shifts
  6. New business models (e.g SaaS): Maple
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11
Q

Sales and Marketing: Traditional offering to SaaS offering

A

Marketing and lead generation: Tradeshows, conferences, print, outdoor, email -> websites, webinars, social marketing, content marketing, referrals, SEO

Sales Model: Small to Mid cusotmers: high touch, partner/reseller based slaes, shorter sales cycle -> low touch, land and expand, short sales cycle

Sales Model: Enterprise Customers: high touch, direct sales force, lenghtly sales cycle -> high tough, direct sales force, lenghtly sales cycle

Sales compensation plans: traditional sales incentives and compensation plans structred towards bookinds and revenue recognition -> elaborate compensation plans, sig focus on ACV and multipliers/decelerators based on service mix, billing, contract lenght and renewal

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12
Q

Bonnet and Westerman, 2021

A

surveryed 1300 executives across 750 global firms
1. the rise of multi sided platforms and global dominance of platforms like Amazon and Google and Alibaba
2. quickly evolving digital capabilities

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13
Q

Results of a hub dominance? (Lansiti n Lakhani, 2017)

A
  1. hub firms compete against earchother (apple vs amazon)
  2. Incumbents like LG and GE are investing in eg IoT
  3. Incubents parterning with less established platforms to reduce power of others (eg Deutsche Telekom with Microsoft Azure rather than AWS)
  4. Users are ‘multi-homing’ eg use not only uber but lyft or others
  5. retailers support multipe payment solutions (Apple Pay, google wallet, samsung pay)
  6. lots more open-sourcing (eg Mozilla n Firefox)
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14
Q

Examples of Hub firms

A

Alibaba
Google
Amazon
Apple
Baidu
Meta
Microsoft
Tencent

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15
Q

How can digitilization provide a competitive advantage?

A
  1. can outsource functions to other firms (eg managing payments, negotiating prices, enforcing contracts)
  2. lots of experimentation and thus changing features (adding free shipping, product bundles, bound for extra items)
  3. can be profitable at a lower scale if they can cut out intermediaries
  4. are not that capital intensive
  5. don’t have big payroll
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16
Q

what do born digitals rely on digital infrastucture to do?

A
  • build their communication
  • collaboration and computing
  • capabilities so they can create and see something online
17
Q

born digitals have an identifiable…

A
  1. online presense (in space)
  2. a physical footprint (in a place)
18
Q

what is the new elements of digital transformation about by Bonnet and Westerman

A
  • discuess how companies can become ‘digital masters’ by cultivating two capabilities
    • digital capabilitiy, which enables them to use innovation technologies to improve elements of the business
    • leadership capabilities, which enables them to envision and drive organizational change in systematic and profitable ways
19
Q

Westerman and Bonnet, the new elements of digital transformation says companies can become digital masters by what two capabilities

A
  • digital capability
  • leadership capabilties
20
Q

Westerman and Bonnet, the new elements of digital transformation, what does digital capability mean?

A

enables them to use innovation technologies to improve elements of the business

21
Q

Westerman and Bonnet, the new elements of digital transformation, what does leadership capabilties means?

A

enables them to envision and drive organizational change in systematic and profitable ways

22
Q

Westerman and Bonnet, the new elements of digital transformation says that digital mastery is more important than ever why?

A

b/c the risk of falling behind are increasing, as digital transformation has grown increasingly complex new waves of tech and competitive possibilities arriving before many companies have master the first

23
Q

Westerman and Bonnet, the new elements of digital transformation argue that leaders need to recognize what needs?

A
  • transforming the fundamentals of how they do business
  • must move from disconnected technology experiments to a more systematic approach to strategy and execution
24
Q

The Crusade of Digital Disruption by Kurt Matzler, et al is about what?

A
  • aims is to help managers understand digitial disruptions and implement strategies that will support the digital transformation of companies
25
Q

The Crusade of Digital Disruption” by Kurt Matzler, et al states three levels of digitalization, what are they?

A
  • digital products and services
  • digital processes and decisions (algorithms and Big Data)
  • entirely new digital business models.
26
Q

The Crusade of Digital Disruption” by Kurt Matzler, et al states a framwork of 6 different value creation stages that result from digitization what are they?

A

step 1: physical products or process
step 2: Sensors and actuator
step 3: Connectivity
step 4: Analytics
step 5: Digital services
step 6: New value creation and value capture

27
Q

The Crusade of Digital Disruption” by Kurt Matzler, et al says how to tackle digital disruption, what are they?

A
  • Understand the customer problem
  • Develop the right mindset
  • Think in business models
  • Open your strategy process
  • Develop speedboats, not tankers
  • Cooperate with startups
  • Develop a failure culture

High-Tech Marketing (12 decks)

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