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30 Cards in this Set

  • Front
  • Back
Information Technology
A field concerned with the use of technology in the managing and processing information.

It is a important enabler of business success and innovation
Management Information Systems
A general name for the business function and academic discipline covering the applications of people, technologies, and procedures. (IE information systems)
Data
raw facts that describe the characteristics of an event
Information
data converted into meaningful and useful context
Business Intelligence
Applications and technologies that used to gather, provide access to, and analyze data and information to support decision making efforts.
Competitive Advantage
A product or service that an organization's customer place a greater value on than similar offerings from a competitor
First- Mover advantage
occurs when an organization can significantly impacts its market share by being first to the market with competitive advantage
Environmental scanning
the acquisition and analysis of events and trends in the environment external to an organization.
Three tools to analyze competitive advantage
Porters five forces model

Porters three generic strategies

Value chains
Porter Forces Model
Threat of substitute product/services

Supplier power

Buyer power

threat of new entrants
Buyer power
the ability of buyers to directly impact the price they are willing to pay for an item
Ways to reduce buyer power
Loyalty program
supplier power
suppliers ability to impact the price they are charging for their supplies
As a business you want: (supplier power)
high buying power

high supplier power

create a competitive advantage by locating alternative supply sources
Threat of a substitute
high when there are many alternatives to a product or service and low when there are few alternatives
Response to threat of a substitute
switch cost- cost that make a customer reluctant to switch to another provider
Threat of new entrants
high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market
Response to threat of entrants
entry barrier- feature that customers want and new competition must provide to enter market
Rivalry Among existing competitors
high when there is great competition in the marketplace
Response to rivalry among existing competitors
Use IT to compete on price
Business process
a standardized set of activities that accomplish a specific task (processing a customers order)
Value Chain
series of processes of which add a value to the product or service for each customer
business process improvements
measure what matters to most customers

monitor the performance of key business processes

assign accountability for process improvement
business process
a standardized set of activities that accomplish a specific task such as processing a customers order
customer facing process
a product or service that is received a external customer (marketing and sales, product development..ect)
business facing process
invisible to the external customer but essential to the effective management of the business (budgeting, training..ect)
business process reengineering
analysis and redesign of workflow within and between enterprises
Supply chain management
the management of information that flows between and among stages in a supply chain to maximize total supply chain effectiveness
customer relationship management
all aspects of a customers relationship with an organization
Enterprise resource planning
all department and functions throughout an organization into a single IT system