BU111 Study Guide - Final Guide: Analysis Paralysis, Complementary Good, Switching Barriers
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BU111 Full Course Notes
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How firms manage info and communicate with other firms: more. Technology is much more than just computers. Why is it important: new advances in technology place extreme demands on businesses, there"s a (cid:374)eed for (cid:272)o(cid:374)ti(cid:374)uous lear(cid:374)i(cid:374)g a(cid:374)d s(cid:272)a(cid:374)(cid:374)i(cid:374)g, these demands create large challenges for companies. How does technology impact business decisions: changes what we can make, how we make it, and how we sell/distribute, creates many opportunities and threats. Allows for more data driven decisions and instant analysis of decisions. More avenues for receiving feedback and acting on it. Allows companies to bypass traditional mediums that may cause high costs: leaner organizations and improved efficiency. Mass customization: able to better meet customer needs by providing them the features they want while maintaining scale. Increased competitiveness within the industry: faster innovation cycles. Allows for lower costs to develop products (ex. Can develop into a barrier to entry: technology can facilitate cooperation and collaboration with other firms.
