Week 5 FSM4505 Lecture Diary~~ 🔮💻🛜

Hi everyone! Welcome to the Everyday Everytime blog🪄 

This week, Dr Fareed did some recap with first before starting the class. 

We talked about what we had learned before this, such as DOI, Functional Area Integration, and so on. For today's lesson, we learned about what is Product Life Cycle, which is a short form of "PLC". It consists of three phases: introduction, maturity, and decline. In order to gain competitive advantages, the company may introduce the product during the decline phase. 

After that, we learned about the three theories from Porter. The first is PESTEL, which includes political, economic, social, technological, ethical and legal factors in the external environment. A PESTEL analysis is used to identify threats and weaknesses, which are used in a SWOT analysis. 

Figure: Business pressures, organisational performance and responses and IT support.

The second theory that we learned is about competitive forces. There are 4 components in this model. 

1. Threat of Entry of New Competitors

2. Bargaining Power of Suppliers

3. Bargaining Power of Customers/Buyers

4. Threat of Substitute Products or Services

The third theory that we learned is about the value chain model, which is a sequence of activities through which the organisation's inputs are transformed into valuable outputs. There are two categories of organisational activities in the Value Chain:

➡️Primary activities relate to the production and distribution of the firm's products and services. These activities create value for which customers are willing to pay.

➡️Support activities will contribute to the firm's competitive advantage by supporting the primary activity but do not add value directly to the firm's products or services. 

Next, in the afternoon class, we learned about the transaction processing system, and we continued to the lab session. During the lab session, Dr Fareed asked us about the CIP-UPM progress and discussed the SCL 3, which is the case study of the Osaka Flower Cafe. At the same time, we also registered the GDG account to have the learning session of the digital marketing program. There are a lot of to-do lists this week, and I hope we can try our best to do all the tasks! Fighting!!