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30 Cards in this Set
- Front
- Back
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Information Technology
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A field concerned with the use of technology in the managing and processing information.
It is a important enabler of business success and innovation |
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Management Information Systems
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A general name for the business function and academic discipline covering the applications of people, technologies, and procedures. (IE information systems)
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Data
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raw facts that describe the characteristics of an event
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Information
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data converted into meaningful and useful context
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Business Intelligence
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Applications and technologies that used to gather, provide access to, and analyze data and information to support decision making efforts.
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Competitive Advantage
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A product or service that an organization's customer place a greater value on than similar offerings from a competitor
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First- Mover advantage
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occurs when an organization can significantly impacts its market share by being first to the market with competitive advantage
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Environmental scanning
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the acquisition and analysis of events and trends in the environment external to an organization.
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Three tools to analyze competitive advantage
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Porters five forces model
Porters three generic strategies Value chains |
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Porter Forces Model
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Threat of substitute product/services
Supplier power Buyer power threat of new entrants |
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Buyer power
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the ability of buyers to directly impact the price they are willing to pay for an item
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Ways to reduce buyer power
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Loyalty program
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supplier power
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suppliers ability to impact the price they are charging for their supplies
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As a business you want: (supplier power)
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high buying power
high supplier power create a competitive advantage by locating alternative supply sources |
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Threat of a substitute
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high when there are many alternatives to a product or service and low when there are few alternatives
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Response to threat of a substitute
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switch cost- cost that make a customer reluctant to switch to another provider
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Threat of new entrants
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high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market
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Response to threat of entrants
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entry barrier- feature that customers want and new competition must provide to enter market
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Rivalry Among existing competitors
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high when there is great competition in the marketplace
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Response to rivalry among existing competitors
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Use IT to compete on price
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Business process
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a standardized set of activities that accomplish a specific task (processing a customers order)
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Value Chain
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series of processes of which add a value to the product or service for each customer
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business process improvements
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measure what matters to most customers
monitor the performance of key business processes assign accountability for process improvement |
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business process
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a standardized set of activities that accomplish a specific task such as processing a customers order
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customer facing process
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a product or service that is received a external customer (marketing and sales, product development..ect)
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business facing process
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invisible to the external customer but essential to the effective management of the business (budgeting, training..ect)
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business process reengineering
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analysis and redesign of workflow within and between enterprises
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Supply chain management
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the management of information that flows between and among stages in a supply chain to maximize total supply chain effectiveness
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customer relationship management
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all aspects of a customers relationship with an organization
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Enterprise resource planning
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all department and functions throughout an organization into a single IT system
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