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20 Cards in this Set
- Front
- Back
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Data |
Raw facts |
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Information |
Data converted into meaningful content |
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Business Intelligence |
Information from multiple sources, customers, suppliers etc, that analyzes patterns and trends for strategic decision making |
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Knowledge workers |
Individuals valued for their ability to interpret and analyze info |
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Age of information drivers |
Data, kowledge, information, and business Intelligence |
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Systems thinking |
A way of monitoring the entire system by viewing multiple inputs to produce output while continuously Gathering feedback on each part |
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Management Information Systems |
A business function which moves information about people products etc. across the company to facilitate decision-making and problem-solving |
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Business strategy |
A leadership plan that achieves a set of specific goals or objectives |
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Competitive advantage |
A product or service that an organization's customers place a greater value on in similar competitor offerings |
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First-mover advantage |
When an organization can significantly impact its market share by being first to the market with a competitive advantage |
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Buyer Power |
The ability of buyers to affect the price of an item |
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Ways to reduce buyer power |
SWITCHING COSTS - costs that make customers reluctant to switch to another product or service. LOYALTY PROGRAMS - programs that reward customers based on their spending |
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Supply chain |
All parties involved directly or indirectly in obtaining raw materials or a product |
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Supplier Power |
The supplier's ability to influence the prices they charge for supplies |
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Supplier power threats |
Threat of substitute products or Services. Threat of new entrants. Rivalry among existing competitors. |
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Product differentiation |
When a company develops unique differences to its products or services with the intent to influence demand |
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Porter's three generic strategies |
1 - broadcast leadership. 2- broad differentiation. 3- Focused strategy |
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Value chain analysis |
Views a firm as a series of business processes that each add value to the product or service |
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Primary value activities |
Inbound Logistics, operations, outbound Logistics, marketing and sales, service. |
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Support value activities |
Firm infrastructure, human resource management, technology development, procurement. |
