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CIS > Ch. 7 > Flashcards

Ch. 7 Flashcards

1
Q

Who came up with, “The Productivity Paradox?” (1991)

A

Erik Brynjolsson

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2
Q

What is The Productivity Paradox?

A

Studies investment in IT and productivity showed that gains in productivity were not realized because there were mis-measurement of outputs and inputs, lags due to learning and adjustment, redistribution and dissipation of profits, and mismanagement of information and technology

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3
Q

Who is famous for thinking in business about competitive strategy?

A

Michael Porter

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4
Q

What three models did Michael Porter develop to help us think about strategy?

A
  1. 5 force model
  2. Value chain
  3. Generic strategies
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5
Q

What is competitive advantage?

A

Creating and sustaining superior performance and is when a company can sustain profits that exceed the average for the industry

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6
Q

What are the three generic strategies?

A
  1. Cost: Compete by offering the lowest prices
  2. Differentiation: Product or service that offers unique value
  3. Focus: Narrow or large, focus on an entire industry or a small market segment
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7
Q

What are the components that make up the value chain?

A
  1. Firm infrastructure
  2. Human resource management
  3. Technology development
  4. Procurement
  5. Inbound logistics
  6. Operations
  7. Outbound logistics
  8. Marketing and sales
  9. Service
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8
Q

What is inbound logistics?

A

Raw materials brought into the company

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9
Q

What are operations?

A

Any part of the business that converts raw materials into products and services

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10
Q

What are outbound logistics?

A

Getting the products and services to the customers

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11
Q

What are sales/marketing?

A

Entire buyers to purchase products and services

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12
Q

What is service?

A

Support of products and services that customers have purchased

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13
Q

What is firm infrastructure?

A

All the organizational functions that support the business. Technology connected/supported

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14
Q

What is human resource management?

A

Recruiting, hiring, and retaining employees

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15
Q

What is technology development?

A

Advances and innovations adopted to add value to the company

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16
Q

What is procurement?

A

Acquiring raw materials for production/operations.

17
Q

What does Porter’s Force Model consist of?

A
  1. Threat of new entrants
  2. Bargaining power of suppliers
  3. Industry rivalry
  4. Bargaining power of buyers
  5. Threat of substitue
18
Q

What is bargaining power of buyers (customers)?

A

Ability of the customers to put the firm under pressure to reduce prices

19
Q

What is bargaining power of suppliers?

A

Power of suppliers to control prices

20
Q

What is intra-industry rivalry?

A

Competitiveness of a given industry (Amazon producing TV shows)

21
Q

What is threat of new entrants?

A

Profitable industries attract new competitors

22
Q

What is threat of substitute products and services?

A

Other entities that consumers can use, instead of your product (bike instead of car)

23
Q

What is switching costs?

A

The cost of a customer to switch to another product or service. Used to reduce the threat of new entrants and substitute products. Increasing switching costs is a way to prevent your customers from going to substitute products.

24
Q

What is business process management?

A

A field in operations management that focuses on improving corporate performance by managing and optimizing a company’s business processes

25
Q

What is the electronic data interchange?

A
  • The computer-to-computer exchange of business documents in s standard electronic format between business partners.
  • Automation of the value chain gets products to market quicker
  • Allows for integration of partners in the value chain
  • Allows for flexible value chain because of automation
26
Q

What is collaborative systems?

A

Easier ways for people to collaborate in work and processes. Ex. Google Drive, MS Powerpoint, Cisco WebEx, Atlassian Confluence, and IBM Lotus Notes

27
Q

What is decision support systems?

A

Assists with decision making at all levels, particularly semi-structured.

Internally: Having centralized data can give opportunities to see what the data is telling you.

Externally: Data sources can informstrategic decisions about new technologiesand your industry.

CIS (8 decks)

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