BU111 Lecture Notes - Lecture 7: Complementary Good, Switching Barriers, Risk Aversion
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BU111 Full Course Notes
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Document Summary
Includes human knowledge, work methods, equipment, business processing systems. The various devices for creating, storing, exchanging and using information. Companies use it to gather and share information and execute activities. Formal and informal research and development (r&d) Technology transfer-out of the lab and into the world. Management and organizational processes: instant access to info, better service through coordination in the business, leaner stronger organization, improved operations efficiency, greater independence of workplace and company (working from home etc. ) Competitiveness, create barriers to entry, cooperation with other firms, reduce cycle times. Communication and collaboration, within firms and with customers. Imitation, others can easily copy ideas and produce them. New technology in unfamiliar areas, disruptive tech. in new areas challenge the value of organizational capabilities and resources. Tech. allows your company to advance become more efficient, ex. Customization allows companies to give customers what they want. Tech. allows you to improve, design software to make products.
