Chapter 1

Question 1

Data

Answer 1

Raw facts that describe the characteristics of an event or object.

Question 2

Information Age

Answer 2

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

Question 3

Business Intelligence

Answer 3

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

Question 4

Knowledge

Answer 4

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

Question 5

Knowledge Worker

Answer 5

Individual valued for their ability to interpret and analyze information.

Question 6

Human Resources

Answer 6

Maintains policies, plans and procedures for the effective management of employees.

Question 7

Sales

Answer 7

Performs the function of selling goods or services

Question 8

Marketing

Answer 8

Supports sales by planning, pricing, and promoting goods or servicing

Question 9

Accounting

Answer 9

Records, Measures, and reports monetary transactions.

Question 10

Systems Thinking

Answer 10

Monitoring the entire system by viewing multiple inputs being processed while continuously gathering feedback on each part.

Question 11

Management Information System MIS

Answer 11

A business function, like accounting and human resources that moves information about people, products, and processes across the company to facilitate decision (the rest in PowerPoint)

Question 12

Chief Information Officer (CIO)

Answer 12

Oversees all uses of IT and ensures the strategic alignment of IT with business

Question 13

Business Strategy

Answer 13

A leadership plan that achieves a specific set of goals or objectives. I.E. Developing, Entering, Increasing, Attracting, Grow.

Question 14

Competitive Advantage

Answer 14

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

Question 15

First Mover Advantage

Answer 15

Occurs when an organization can significantly impact its market share by Bing first to market with a competitive advantage.

Question 16

Competitive Intelligence

Answer 16

Gathering information about the competitive environment to improve the company’s ability to succeed.

Question 17

Buying Power ****

Answer 17

The ability of buyers to affect the price of an item

Question 18

Switching Costs *****

Answer 18

Manipulating Costs that make customers reluctant to switch to another product.

Question 19

Loyalty Programs

Answer 19

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

Question 20

Supplier power

Answer 20

The suppliers ability to influence the prices they charge for supplies.

Question 21

Supply Chain

Answer 21

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

Question 22

Threat of Substitute Products

Answer 22

High when there are many alternatives to a product or service (IN SLIDES)

Question 23

Entry Barrier

Answer 23

A feature of a product or service that customers have come to expect and entering competitors must offer the same survival.