Question 1

Identifying new market segments

Accepted Answer

Identifying new customer segments that could benefit from the company's products or services and developing new business models to target these segments. IT managers can develop a clear plan for identifying, prioritizing, and targeting new market segments that can help drive growth and maintain a competitive edge in the market.

Question 2

Creating new products or services

Accepted Answer

Developing new products or services that meet the changing needs of customers and creating new business models to support these offerings. IT managers can develop a clear plan for identifying, prioritising, and creating new products or services that can help drive growth, enhance customer satisfaction, and maintain a competitive edge in the market.

Question 3

Leveraging technology

Accepted Answer

Using technology to create new business models, such as offering subscription-based services or creating online marketplaces, that can help the business stay competitive.IT managers can develop a clear plan for identifying, prioritising, and leveraging new technology solutions and systems that can help drive growth, improve efficiency, and maintain a competitive edge in the market.

Question 4

Collaborating with partners

Accepted Answer

Partnering with other companies to create new business models that leverage the strengths of both organisations. IT managers can develop a clear plan for identifying, selecting, and collaborating with partners in a way that maximizes the benefits and minimises the risks.

Question 5

Exploring new distribution channels

Accepted Answer

Identifying new distribution channels, such as e-commerce or social media, to reach customers and developing new business models to support these channels. IT managers can develop a clear plan for exploring, selecting, and implementing new distribution channels that can help drive growth, improve customer satisfaction, and maintain a competitive edge in the market.

Information Technology Managers