Innovation of Technology
The invention of this created opportunities for global connectivity in the 1980s-90s.
The Internet
The first type of capability in a smart product.
Monitoring
What attritibute is created when firms make it clear how consumer information is used?
value
Huge amounts of data can be captured and analyzed because of the invention in 1960s-70s.
Combining monitoring, control, and optimization enables what capability?
Autonomy
Give an example of a factor that can shift the five forces of an industry structure.
new technology, new consumer needs
A place for data to be stored and analyzed.
Product Cloud
Enables personalization of the user experience.
Control
What are the three ways a company can achieve competitive advantage in the smart product market.
differentiate itself and command a price premium, as well as operate at a lower cost than its rivals or both.
Product + Connectivity+ Product Cloud=
The new technology stack
allows predictive diagnostics, services and repairs.
Optimization
What kind of barriers do new entrants face in the smart product market?
high fixed cost of more complex products and embedded technology
What are One to One, One to Many, Many to Many forms of?
Forms of Connectivity
In order for a product to have optimization capabilities, it must first have:
Monitoring and control capabilites
What are the 5 competitive forces that drive industry competition?
The bargaining power of buyers, The nature and intensity of rivalry among existing competitors, The threat of new entrants, The threat of substitute products or services, The bargaining power of suppliers.