ISM3004 Exam 1 (Scavenger Hunt 1-3) with complete solution
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Module
ISM3004
Institution
ISM3004
ISM3004 Exam 1 (Scavenger Hunt 1-3) with complete solution
What is disruption?
"To cause something to be unable to continue in its normal routine" this can be either a treasure or a tumult
Technology is a disruptor - what does that mean?
Tech creates both treasure and tumult. These disruption...
ISM3004 Exam 1 (Scavenger Hunt 1-3) with complete
solution
What is disruption?
"To cause something to be unable to continue in its normal routine" this can be either a
treasure or a tumult
Technology is a disruptor - what does that mean?
Tech creates both treasure and tumult. These disruptions will accelerate, impact
organizations, careers, and job functions throughout your lifetime.
Technology has caused normal routines to change completely
Advertising
print ads are practically out, Google alone has more ad revenue than all of print
Causing the trust of ads to decrease
Education
Online classes/Universities are taking away from the "traditional" schooling
Financial Services
Majority of banking can be done via apps
Credit Card Machine - "Square"
Journalism
Professional writers aren't being hired by news companies, because they hire external
bloggers
Wikileaks
Retail
Traditional stores taking a hit by online shopping companies
Share Economy
Alternative ways to hotels, music, rental cars, taxis
For video rentals, music industry, and higher education be able to explain...
What was the normal way of doing business?
Go to a brick and mortar store like Blockbuster, which included uncertainty, long lines,
and late fees
For video rentals, music industry, and higher education be able to explain...
What was the tech change?
Netflix came with "same but different" change. It implemented highly efficient distribution
centers which shipped and received videos. Their entire catalogue and
recommendations were all on their website.
The way the content was delivered changed. Netflix recognized that CD's weren't the
future, so changed to streaming media across the internet
What was the treasure outcome for some and what was the tumult outcome for
others?
,Video Rentals
Treasure Outcome: Netflix
Tumult Outcome: Blockbuster
Netflix is one of the highest grossing streaming platforms and Blockbuster only has one
store left globally
What was the treasure outcome for some and what was the tumult outcome for
others?
Music Industry
Treasure Outcome: Digital music platforms (iTunes, Spotify)
Tumult Outcome: Physical music
But in terms of whole album sales, physical music is the treasure and digital music is
the tumult because most people don't digitally buy an entire album, they usually only
buy a single song
What was the treasure outcome for some and what was the tumult outcome for
others?
Higher Education
This is both a treasure and tumult for the universities that are willing to adapt to changes
in technology because it allows them to have more students no matter where the
students are; however, it also means that there may be a time where physical
universities are only available to people who are well off or won't exist at all.
Be able to define the term "share economy" and give an example.
Share Economy
Refers to a phenomenon whereby asset owners can use digital clearinghouses to rent
the unused capacity of assets they own and consumers rent from their peers rather than
buying or renting from a company
How does IT bring asset owners and consumers together in the share economy?
By using Digital Clearinghouses to rent from their peers instead of companies.
How is the share economy disruptive?
It disrupts the new normal between consumers and rental businesses.
Briefly explain four key factors causing these disruptions:
Moore's Law
...and who is the tech pioneer who proposed Moore's Law?
The observation that computing power roughly doubles every two years at the same
price
Gordan Moore (Intel co-founder)
, Briefly explain four key factors causing these disruptions:
Moore's Law
Be able to explain what Moore's Law says.
Every 2 years, the abilities of our electronic devices will double while staying at
approximately the same price as time goes on
This also means that a device that has a constant amount of abilities or power will be
twice as cheap every 2 years
Briefly explain four key factors causing these disruptions:
Moore's Law
Some products only need a small amount of computing power. How does Moore's
Law make these products more affordable over time?
Cost for CPU has become cheaper and cheaper over the years.
Briefly explain four key factors causing these disruptions:
Social Media
Be able to use one of the statistics about business of social media from the
lecture to explain why over 140 million businesses regularly use Facebook to
communicate with their customers.
The population of people using facebook is 2.4 billion - Facebook in size is just behind
China and India
Users share their purchases, domino effect (55%)
Relationships/Divorces
Generates about twice the leads as shows, telemarketing, mail
Briefly explain four key factors causing these disruptions:
Mobile
What is the tipping point and why is this important?
Billions of people use phones for social media
$3.2 trillion in mobile transactions
Online retailers make more money from mobile sales than from traditional devices like
laptops and desktops
70% use smartphones
50% of Google searches are done on a mobile device
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