1. Explain the value creation process. How does a firm contribute to the creation of economic value? 2. Provide two examples of firms that you think have been able to create value using information systems. The first one should be a firm that has done so mainly by focusing on customer willingness to pay. The sec- ond one should be a firm that has done so mainly by focusing on supplier opportunity cost. 3. Think about the last time you bought something that you felt was a great deal." Why did you think the product or service was such a great deal? Do you believe that the transaction was considered "great" by the firm from which you acquired the product or ser- vice? Why or why not? Explain using the framework of value creation and appropriation. 4. What is the difference between value creation and value appropriation? Why is this difference impor- tant? 5. Provide an example of a well-known firm that you think currently has added value. Explain your example using added value analysis. 6. Define the concept of strategic information systems and provide an example. 7. Define the concept of tactical information systems and provide an example. 8. Define the concept of IT-dependent strategic initiative and provide an example