2. Given the documents you read this week regarding Canada and the knowledge economy, how would you say that the federal government and provinces are hoping to compete and succeed in this new knowledge paradigm?
3. Describe how companies follow an e-commerce strategy. What are the benefits, and which strategies would you want to adopt if you were CEO of a business?Resources:
Flew & Smith, New Media: An Introduction (3rd ed.). Oxford University Press. Chapter 8.
Enchin, H. (2018, February 2). Opinion: Key to B.C.’s success is talent. Vancouver Sun. Retrieved from https://search.proquest.com/
Florida, R., Shutters, S., & Spencer, G. (2016, June). Pathways to Ontario’s knowledge economy: A system for identifying existing regional strengths and future prospects (Links to an external site.)Links to an external site. (REF. 2016 – MPIWP – 001, pp. 14, 816). Toronto, ON: University of Toronto (Rotman School of Management). Retrieved from http://martinprosperity.org/
Innovation, Science and Economic Development Canada. (2017, September 14). Empowering Canadas talented researchers to push the boundaries of knowledge, science and innovation (Links to an external site.)Links to an external site.. Retrieved from https://www.canada.ca/en/innovation-science-economic-development/Example:
1. The innovators dilemma, according to Clayton Christensen, is the traps that exist in two business orthodoxies, whether to work to your established strengths, or to listen to your customers. For example, if new products are released without being perfected, then there are bugs or design flaws. However, if the product is perfected, then it would exceed the needs of most users in the later stages of the product life cycle. This is often seen in real-world. For instance, Apples iphone had an antenna problem that interfered with phone signals. When a hand or finger covered the antenna area, there would be interference affecting the signal strength. Apple released the smartphone even though it had these problems. Another example is Amazons Alexa secretly recording and sending the conversations of users to their friends. There are bugs and flaws in these innovations that drew major attention.
2. The federal government and provinces appear to be investing in higher education to compete and succeed in terms of the knowledge economy. For instance, Marie-Clause Bibeau invested more than $10 million to support research at NSERC. The initiative was a part of the $515 million announced by Minister Duncan that will support over 4,000 researchers at 71 institutions across Canada. With the scholarship, fellowships, supplements, and grants, Canadian researchers and Canada as a whole have the financial support to play a bigger role globally. The academic findings that derive from the funding secures Canada position in the knowledge economy. It also motivates other countries (or provinces within Canada) to act similarly and invest in similar projects.
3. According to the reading this week, e-commerce can take various forms, from the digitalization of the products/service sold, to the transaction process, and the nature of the delivery. One of the major e-commerce strategies that companies use nowadays is to remove the brick-and-mortar stores and directly deal online with end-users. That way, the intermediary channels and middlemen are gone. With that, companies can offer a much lower price to consumers and increase sales and revenue. For instance, companies establish online stores on eBay, Amazon, and Alibaba. Shoppers find the products they desire on these platform through the search engines. The products that fit the query would pop up and shoppers would then compare the price and the vendors rating. This is a strategy I would adopt if I were CEO of a business. Another strategy I would utilize is to advertise my company and products on social media and online channels. Consumers can share news of the products on their phones and instant messages. My products could go viral and sales would peak. Benefits of e-commerce strategies include global reach, cost reduction, supply chain improvements, 24 hour businesses, lower communication costs, lower inventories, improved customer services, and many more.
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