💻Digital Business Model

During the third week, we delved into the concept of digital platforms, which are internet-based services that facilitate interactions between diverse user groups, including individuals and businesses. These platforms create a virtual space where users can engage in transactions that would be impractical to pursue individually. Our class discussions also provided valuable insights into the economic characteristics of digital platforms. First, the "long-tail effect," which is driven by digital platforms such as online marketplaces, enables businesses to offer niche and less popular products to a larger consumer base. Digital platforms, as opposed to conventional stores with limited space, can attract smaller and more specialised customer bases and enable them to discover and purchase products that align with their unique tastes. For instance, popular music streaming services like Spotify have a huge collection of songs, including ones that aren't as well-known. While the...

In the second week, we explore fundamental concepts of digital innovation and the profound impact of modern technology on our daily lives. It's crucial for businesses to recognize that embracing technology is no longer a choice but a strategic necessity to gain a competitive edge and seize new business opportunities. This is primarily because technology has the potential to enhance operational efficiency, productivity, and customer engagement. The article titled "How Smart, Connected Products Are Transforming Companies" by Michael E. Porter and James E. Heppelmann from Harvard Business School (Week 2 reading) highlights the significant influences of digital technology in the contemporary era. It becomes evident that digital technology extends beyond technological advancements; it translates into increased customer value and improved customer services. As discussed in a lecture, the value of customer data, specifically behaviour data obtained from interconnected devices ...

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