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ITECH Ch 2

TermDefinition
Operational Effectiveness Performing the same tasks better than rivals
Commodity A basic good that can be interchanged with nearly identical offerings by others
Fast Follower Problem A basic good that can be interchanged with nearly identical offerings by others
Strategic positioning Performing different activities than rivals, or the same activities in a different way
Value Chain Set of activities through which a product or service is created and delivered to customers
Imitation Resistant Value Chain A way of doing business that competitors struggle to replicate and that involves technology in a key enabling role
Brand Symbolic embodiment of all information connected with a product or service
Switching Costs Cost incurred by consumers when switching from one product to another
Network Effects When the value of a product or service increases as its number of users expands
Affiliates Third parties that promote a product or service in exchange for a cut of any sales
Patents Grant protection for intellectual properties; applicable to innovations deemed to be useful, novel, and nonobvious
Inventory Turns Sometimes referred to as inventory turnover, stock turns, or stock turnover. It is the number of times inventory is sold or used during a given period. A higher figure means that a firm is selling products quickly
Straddling Attempts to occupy more than one position, while failing to match the benefits of a more efficient, singularly focused rival.
Resource-based view of Competitive Advantage The strategic thinking approach suggesting that if a firm is to maintain sustainable competitive advantage, it must control an exploitable resource that are (1) valuable, (2) rare, (3) imperfectly imitable, and (4) non substitutable.
Viral Marketing Leveraging consumers to promote a product or service.
Scale Advantages Advantages related to size.
Economics of Scale When costs can be spread across increasing units of production or in serving multiple customers. Businesses that have favorable economies of scale (like many Internet firms) are sometimes referred to as being highly scalable.
Distribution channels The path through which products or services get to customers.
Non-Practicing entities Commonly known as patent trolls, these firms make money by acquiring and asserting patents, rather than bringing products and services to market.
Price transparency The degree to which complete information is available.
Information asymmetry A decision situation where one party has more or better information than its counterparty.
APIs Programming hooks or guidelines, published by firms that tell other programs how to get a service to perform a task such as send or receive data
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