Ch 1 Flashcards

1
Q

The confirmation or validation of an event or object

A

Fact of Information Age

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2
Q

The present time during which infinite quantities of facts are widely available to anyone who can use a computer

A

Information Age

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3
Q

Core drivers of Information Age

A

Data
Knowledge
Information
Business intelligence

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4
Q

Raw facts that describe the characteristics of an event or object

A

Data

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5
Q

Data converted into a meaningful and useful context

A

Information

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6
Q

Information collected from multiple sources such as suppliers, customers, competitors, partners and industries that analyzes patterns trends and relationships for strategic decision making

A

Business intelligence

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7
Q

Skills,experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources

A

Knowledge

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8
Q

Individual valued for their ability to interpret and analyze information

A

Knowledge worker

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9
Q

A way monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

A

System thinking

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10
Q

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

A

Managment information systems (MIS)

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11
Q

Responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives

A

Chief information officer (CIO)

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12
Q

Responsible for collecting, maintaining, and distributing company knowledge

A

Chief of knowledge officer (CKO)

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13
Q

Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses

A

Chief security officer (CSO)

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14
Q

Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.

A

Chief technology officer (CTO)

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15
Q

Responsible for ensuring the ethical and legal use of information within a company

A

Chief privacy officer (CPO)

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16
Q

A product or service that an organizations customers place a greater value on than similar offerings from a competitor

A

Competitive advantage

17
Q

Occurs when an organization can significant impact its market share by being first to market with a competitive advantage

A

First-mover advantage

18
Q

Evaluates an organizations strengths, weakness, opportunities, and threats to identify significant influences that work for or against business strategies

19
Q

Porter’s five forces model

A
  1. Threat of substitute products or services
  2. Supplier power
  3. Threat of new products
  4. buyer power
  5. Rivalry among existing competitors
20
Q

The ability of buyers to affect the price of an item

A

Buyer power

21
Q

Manipulating costs that make customers reluctant to switch to another product

A

Switching cost

22
Q

Rewards customers based on the amount of business they do with a particular organization

A

Loyalty program

23
Q

The suppliers ability to influence the prices they charge for suppliers

A

Supplier power

24
Q

Consists of all parties involved in the procurement of product or raw material

A

Supply chain

25
High when there are many alternatives to a product or service and low when there are few alternatives
Threat of substitute products or services
26
High when it is easy for new competitors to enter a market and low when there are significant entry barriers
Threat of new entrants
27
A feature of a product or device customers have come to expect and entering competitors must offer the same survival
Entry barrier
28
High when competition is fierce in. A market and low when competitors are more complacent
Rivalry among existing competitors
29
Occurs when company develops unique differences in its products or devices with the intent to influence demand
Product differentiation