Info Exam 1 Ch 2

Front 1

Business Processing Reengineering (BPR)

Back 1

Restructuring and transforming a business process by a fundamental rethinking and redesign to achieve dramatic improvements in cost, quality, speed, and so on.

Front 2

Competitive Forces

Back 2

A firm must confront (1) rivalry of competitors within its industry, (2) threats of new entrants, (3) threats of substitutes, (4) the bargaining power of customers, and (5) the bargaining power of suppliers

Front 3

Competitive Strategies

Back 3

A firm can develop cost leadership, product differentiation, and business innovation strategies to confront its competitive forces

Front 4

Switching Costs

Back 4

The costs in time, money, effort, and inconvenience that it would take a customer or supplier to switch its business to a firm’s competitors

Front 5

Locking in Customers & Suppliers

Back 5

Building valuable relationships with customers and suppliers that deter them from abandoning a firm for its competitors or intimidating it into accepting less profitable relationships.

Front 6

Strategic Information Systems

Back 6

Information systems that provide a firm with competitive products and services that give it a strategic advantage over its competitors in the marketplace. Also, information systems that promote business innovation, improve business processes, and build strategic information resources for a firm.

Front 7

Value Chain

Back 7

Viewing a firm as a series, chain, or network of basic activities that adds value to its products and services and thus adds a margin of value to the firm.

Front 8

Virtual Company

Back 8

A form of organization that uses telecommunications networks and other information technologies to link the people, assets, and ideas of a variety of business partners, no matter where they may be, to exploit a business opportunity

Front 9

Primary Business Processes

Back 9

Inbound logistics: auto just-in-time warehousing, operations: flexible manufacturing, outbound logistics: online point-of-sale & order processing, marketing & sales: target marketing, customer service: customer relationship mgmt

Front 10

Elements of Strategic Mgmt

Back 10

Long range planning, Response mgmt, innovation

Front 11

role of IT

Back 11

creates applications, Reengineering, business practices

Front 12

Competitive Forces

Back 12

Bargaining power of customers, bargaining power of suppliers, rivalry of competitors, new entrants, substitute products

Front 13

Competitive Strategies

Back 13

Cost Leadership, Differentiation, Innovation, Growth, Alliance

Front 14

Other Competitive Strategies

Back 14

Lock in Customers & Suppliers, Build in switching costs, Erect barriers to entry, Build strategic IT capabilities, Leverage investment in IT

Front 15

agile company

Back 15

company that has the ability to prosper in rapidly changing, continually fragmenting global markets for high-quality, high-performance, customer-configured products & services; can make a profit in markets with broad product ranges and short model lifetimes and can produce order individually and in arbitrary lot sizes; supports mass customization; depend heavily on internet techn to integrate and manage business processes

Front 16

customer value

Back 16

recognizes that quality, rather than price, has become the primary determinant in a customer's perception of value; keep customers loyal, anticipate their future needs, respond to customer concerns, and provide top-quality customer service

Front 17

interenterprise info systems

Back 17

alliances and extranet links with suppliers, customers, subcontractors, and competitors

Front 18

knowledge-creating company

Back 18

consistently creating new business knowledge, disseminating it widely throughout the company, and quickly building the new knowledge into their products & services; exploit two kinds of knowledge: explicit & tacit

Front 19

4 basic strategies to be an agile company

Back 19

1) ensure customers perceive the products as solutions to their individual problems 2) cooperates with customers and suppliers and competitors 3) organizes so it thrives on change and uncertainty 4) leverages impact of its people and the knowledge they possess

Front 20

explicit knowledge

Back 20

data, documents, and things written down or stored on a computer

Front 21

tacit knowledge

Back 21

"how-tos" of knowledge; resides in workers and often represents some of the most important information within an organization

Front 22

successful knowledge mgmt

Back 22

creates techniques, technologies, systems, and rewards for getting employees to share what they know and make better use of accumulated workplace and enterprise knowledge

Front 23

competition

Back 23

positive characteristic in business, competitors share a natural, healthy rivalry