Ch 1 Flashcards
The confirmation or validation of an event or object
Fact of Information Age
The present time during which infinite quantities of facts are widely available to anyone who can use a computer
Information Age
Core drivers of Information Age
Data
Knowledge
Information
Business intelligence
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
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
A way monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
System 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
Managment information systems (MIS)
Responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives
Chief information officer (CIO)
Responsible for collecting, maintaining, and distributing company knowledge
Chief of knowledge officer (CKO)
Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses
Chief security officer (CSO)
Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.
Chief technology officer (CTO)
Responsible for ensuring the ethical and legal use of information within a company
Chief privacy officer (CPO)
A product or service that an organizations customers place a greater value on than similar offerings from a competitor
Competitive advantage
Occurs when an organization can significant impact its market share by being first to market with a competitive advantage
First-mover advantage
Evaluates an organizations strengths, weakness, opportunities, and threats to identify significant influences that work for or against business strategies
SWOT
Porter’s five forces model
- Threat of substitute products or services
- Supplier power
- Threat of new products
- buyer power
- Rivalry among existing competitors
The ability of buyers to affect the price of an item
Buyer power
Manipulating costs that make customers reluctant to switch to another product
Switching cost
Rewards customers based on the amount of business they do with a particular organization
Loyalty program
The suppliers ability to influence the prices they charge for suppliers
Supplier power
Consists of all parties involved in the procurement of product or raw material
Supply chain
High when there are many alternatives to a product or service and low when there are few alternatives
Threat of substitute products or services
High when it is easy for new competitors to enter a market and low when there are significant entry barriers
Threat of new entrants
A feature of a product or device customers have come to expect and entering competitors must offer the same survival
Entry barrier
High when competition is fierce in. A market and low when competitors are more complacent
Rivalry among existing competitors
Occurs when company develops unique differences in its products or devices with the intent to influence demand
Product differentiation
