Chapter 1 Flashcards
Data
Raw facts that describe the characteristics of an event or object.
Information Age
The present time, during which infinite quantities of facts are widely available to anyone who can use a computer.
Business Intelligence
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
Knowledge
Skills, experience , and expertise coupled with information and intelligence that creates a person’s intellectual resources.
Knowledge Worker
Individual valued for their ability to interpret and analyze information.
Human Resources
Maintains policies, plans and procedures for the effective management of employees.
Sales
Performs the function of selling goods or services
Marketing
Supports sales by planning, pricing, and promoting goods or servicing
Accounting
Records, Measures, and reports monetary transactions.
Systems Thinking
Monitoring the entire system by viewing multiple inputs being processed while continuously gathering feedback on each part.
Management Information System MIS
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)
Chief Information Officer (CIO)
Oversees all uses of IT and ensures the strategic alignment of IT with business
Business Strategy
A leadership plan that achieves a specific set of goals or objectives. I.E. Developing, Entering, Increasing, Attracting, Grow.
Competitive Advantage
A product or service that an organizations’s customers place a greater value on than similar offerings from a competitor.
First Mover Advantage
Occurs when an organization can significantly impact its market share by Bing first to market with a competitive advantage.
Competitive Intelligence
Gathering information about the competitive environment to improve the company’s ability to succeed.
Buying Power ****
The ability of buyers to affect the price of an item
Switching Costs *****
Manipulating Costs that make customers reluctant to switch to another product.
Loyalty Programs
Rewards customers based on the amount of business they do with a particular organization.
Supplier power
The suppliers ability to influence the prices they charge for supplies.
Supply Chain
Consists of all parties involved in the procurement of a product or raw material.
Threat of Substitute Products
High when there are many alternatives to a product or service (IN SLIDES)
Entry Barrier
A feature of a product or service that customers have come to expect and entering competitors must offer the same survival.
