ADMS 4570 Chapter Notes - Chapter 8: Management System, Cost Leadership, Mass Customization
27 Sep 2016
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Document Summary
Digital technology capabilities have become a major driver in today"s economy. Using the internet and digital technologies, you can find new geographic areas, make bids and purchase, have a reservoir of knowledge that is online, and you can sell stuff. With the internet, competitive advantage, industry analysis and long-term customer relations are even more important. Databases can be updated instantaneously, systems are more flexible and alternative choices can be valued in real time. Co creation process becomes possible customers can be involved from the beginning in developing products which blurs the lines between suppliers, customers and the firm it is the co-creation process. This is why strategy formulation is so important things are changing should use the internet as a tool to help get profitable transactions. How the internet affects the 5 competitive forces: Threat of new entrants: it reduces barriers to entry such as the need for a sales force, access to channels, and physical assets.
