IAB202 Lecture Notes - Lecture 3: Machine Age, Big Data, Marginal Cost
Document Summary
Social media: mobile, analytics, cloud, big data, wearables, ai, iot, etc. etc. Digitalization is about new ways of doing business in a digital world with a focus on creating opportunities and transforming business (innovation). Commercialisation: product development and commercialisation are often intertwined, commercialisation is traditionally the domain of marketing which focusses on creating, communicating and delivering value to customers. Three groups of factors that influence the ability of a firm to capture value from innovation: appropriability regime. Imitation and protection: complementary assets, utilised in conjunction with other capabilities or assets, dominant design, key features that become a de facto standard. First mover advantage: network effects, winner takes all. An innovation is an idea, practice, or object that is perceived as new by an individual or other unit of adoption. Diffusion is the process by which 1, an innovation, 2, is communicated through certain channel, 3 over time, and 4, among the members of a social system.
