1, 2, 3, 4 Flashcards
balanced scorecard
A management system that enables organizations to clarify their vision and strategy and translate them into action.
benchmark
Baseline values the system seeks to attain.
benchmarking
The process of continuously measuring system results, comparing those results to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance.
best practices
The most successful solutions or problem-solving methods that have been developed by a specific organization or industry.
business-facing process
Invisible to the external customer but essential to the effective management of the business and includes goal setting, day-to-day planning, performance feedback, rewards, and resource allocation.
business intelligence (BI)
Refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts.
business process
A standardized set of activities that accomplish a specific task, such as processing a customer’s order.
business process reengineering (BPR)
The analysis and redesign of workflow within and between enterprises.
business strategy
A leadership plan that achieves a specific set of goals or objectives.
buyer power
Is assessed by analyzing the ability of buyers to directly impact the price they are willing to pay for an item.
competitive advantage
A product or service that an organization’s customers place a greater value on than similar offerings from a competitor.
competitive intelligence
The process of gathering information about the competitive environment, including competitors’ plans, activities, and products, to improve a company’s ability to succeed.
critical success factor (CSF)
A factor that is critical to an organization’s success.
CRM reporting technologies
Help organizations identify their customers across other applications.
CRM analysis technologies
Help organizations segment their customers into categories such as best and worst customers.
CRM predicting technologies
Help organizations make predictions regarding customer behavior such as which customers are at risk of leaving.
customer-facing process
Results in a product or service that is received by an organization’s external customer.
customer relationship management (CRM)
Involves managing all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization’s profitability.
data
Raw facts that describe the characteristics of an event.
efficiency MIS metric
Measures the performance of the IT system itself including throughput, speed, and availability.
effectiveness MIS metric
Measures the impact IT has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases.
enterprise resource planning (ERP)
Integrates all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) so that employees can make decisions by viewing enterprisewide information on all business operations.
entry barrier
A product or service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive.
fact
The confirmation or validation of an event or object.
feedback
Information that returns to its original transmitter (input, transform, or output) and modifies the transmitter’s actions.
first-mover advantage
An organization can significantly impact its market share by being first to market with a competitive advantage.
goods
Material items or products that customers will buy to satisfy a want or need. Clothing, groceries, cell phones, and cars are all examples of goods that people buy to fulfill their needs.
information
Data converted into a meaningful and useful context.
key performance indicator (KPI)
Measures that are tied to business drivers.
knowledge
Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources.
knowledge workers
Individuals valued for their ability to interpret and analyze information.
loyalty program
Rewards customers based on the amount of business they do with a particular organization.
management information systems (MIS)
A general name for the business function and academic discipline covering the application of people, technologies, and procedures—collectively called information systems—to solve business problems.
market share
Calculated by dividing the firm’s sales by the total market sales for the entire industry.
metrics
Measurements that evaluate results to determine whether a project is meeting its goals.
primary value activities
Found at the bottom of the value chain, these include business processes that acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services.
production
The creation of goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge.
productivity
The rate at which goods and services are produced based upon total output given total inputs.
project
A temporary endeavor undertaken to create a unique product or service.
product differentiation
An advantage that occurs when a company develops unique differences in its products with the intent to influence demand.
return on investment (ROI)
Indicates the earning power of a project.
rivalry among existing competitors
High when competition is fierce in a market and low when competition is more complacent.
service
A business task.
supplier power
High when one supplier has concentrated power over an industry.
supply chain
Consists of all parties involved, directly or indirectly, in the procurement of a product or raw material.
supply chain management (SCM)
Involves the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability.
support value activities
Found along the top of the value chain and includes business processes, such as firm infrastructure, human resource management, technology development, and procurement that support the primary value activities.
system
A collection of parts that link to achieve a common purpose.
systems thinking
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.
switching cost
The costs that can make customers reluctant to switch to another product or service.
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.
threat of substitute products or services
High when there are many alternatives to a product or service and low when there are few alternatives from which to choose.
value chain analysis
Views a firm as a series of business processes that each add value to the product or service.
variable
A data characteristic that stands for a value that changes or varies over time.
workflow
Defines all the steps or business rules, from beginning to end, required for a business process.
