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55 Cards in this Set

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  • Back
The confirmation or validation of an event or object
Fact
Raw facts that describe the characteristics of an event or object
Data
Data converted into a meaningful and useful context
Information
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
Business Intelligence
manipulates multiple variables and in some cases even hundreds of variables such as
Interest rates
Weather conditions
Gas prices
Business Intelligence
Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources
Knowledge
Individual valued for their ability to interpret and analyze information
Knowledge worker
Which department maintains policies, plans, and procedures for the effective management of employees?
Human resources
Which department performs the function of selling goods and services?
Sales department
which department supports sales by planning, pricing, and promoting goods and services?
Marketing
Which department records, measures, and reports monetary transactions?
Accounting
A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
Systems thinking
A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
MIS
Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
Chief Information Officer (CIO)
CIO
Chief information officer
Responsible for collecting, maintaining, and distributing the organization’s knowledge
Chief knowledge officer (CKO)
Responsible for ensuring the ethical and legal use of information
Chief privacy officer (CPO)
oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
CIO
is one of the most recent positions added to the executive leadership team
CKO
are the newest senior executive position, and many are lawyers by training
CPO
CPO
Chief privacy officer
CKO
Chief knowledge officer
Responsible for ensuring the security of IT systems
CSO - chief security officer
Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT
CTO - Chief technology officer
are similar to CIOs, except CIOs take on the additional responsibility for effectiveness of ensuring that IT is aligned with the organization's strategic initiatives; ensures the efficiency of IT
CTOs
A leadership plan that achieves a specific set of goals or objectives such as
Developing new products or services
Entering new markets
Increasing customer loyalty
Attracting new customers
Increasing sales
Business strategy
A product or service that an organization’s customers place a greater value on than similar offerings from a competitor
Competitive advantage
occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
First-mover advantage
The process of gathering information about the competitive environment to improve the company’s ability to succeed
Competitive intelligence
Porter’s Five Forces Model
Porter’s Three Generic Strategies
Porter’s Value Chain Analysis

these are tools of what?
Competitive intelligence tools
the acquisition and analysis of events and trends in the environment external to an organization
Environmental scanning
Porter's Five Forces Model - what are the five forces?
1. Buyer power
2. Supplier power
3. Threat of new entrants
4. Threat of substitutes
5. Competitive environment - current rivalry among competitors
the power of customers to drive down prices
Buyer power
the power of competitors to enter a market
threat of new entrants
the power of suppliers to drive up prices of materials
supplier power
the power of customers to purchase alternatives
Threat of substitute products or services
the power of competitors
rivalry amongst competitors
A leadership plan that achieves a specific set of goals or objectives such as
Developing new products or services
Entering new markets
Increasing customer loyalty
Attracting new customers
Business strategy
Rewards customers based on the amount of business they do with a particular organization
Loyalty program
Manipulating costs that make customers reluctant to switch to another product
Switching cost
Consists of all parties involved in the procurement of a product or raw material
supply chain
Substitute vs. rivalry - what would be a substitute for Starbuck's coffee?
Jamba Juice
Tea House

(other beverages besides coffee)
Substitute vs. rivalry - what would be a rival for Starbuck's coffee?
Dunkin' Donuts coffee
High Point coffee
A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival
Entry barrier
Occurs when a company develops unique differences in its products or services with the intent to influence demand
Product differentiation
Porter's Three Generic Strategies
1. Cost Leadership
2. Differentitation
3. Focused strategy
A standardized set of activities that accomplish a specific task, such as a specific process
Business process
Views a firm as a series of business processes that each add value to the product or service
Value chain analysis
5 Primary value activities
1. Inbound logistics
2. Operations
3. Outbound logistics
4. Marketing and Sales
5. Service
Acquires raw materials and resources
Inbound logistics
transforms raw materials or inputs into goods and services
Operations
distributes goods and services to customers
Outbound logistics
promotes, prices, and sells products to customers
Marketing and sales
provides customer support
Service
1. firm infrastructure
2. human resource management
3. technology development
Support value activities