Intro to Business Information Systems: Ch 2 Flashcards

1
Q

business strategy

A

plan that outlines how a business will achieve its goals while taking into account the business SWOT - stakeholders drive business strategy

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2
Q

business strategy uses

A

developing new products or services, entering new markets, increasing customer loyalty, attracting new customers, increasing sales

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3
Q

stakeholders

A

partners, suppliers, shareholders, investors, community, employees, customers, government - often have conflicting interests

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4
Q

Business strategy: low cost leadership

A

lower costs than competition

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5
Q

business strategy: differentiation

A

unique or different from competition

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6
Q

business strategy: focus

A

focus on particular market segments or niche

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7
Q

Business strategy notes

A

successful business strategies are regularly evaluated and updated, strategies which match core competencies to opportunities create competitive advantage, strategic positioning and operational effectiveness are different - strategy is to be different

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8
Q

three M’s business strategy

A

innovation, sustainability, portfolio management (product portfolio), digital transformation, customer focus, global expansion

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9
Q

competitive advantage

A

product/service that organization’s customer place greater value on than competitors - companies compete successfully via distinct/superior resources/capabilities

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10
Q

First mover advantage

A

when organization can significantly impact market share by being the first to market with a competitive advantage - continuous innovation required, companies must control resources (processes too), which are valuable, rare, imperfectly imitable, non-substitutable

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11
Q

sources of competitive advantage

A

competencies (innovation, agility, quality, integrity, low cost) result in models which set them apart from competitors

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12
Q

Information systems for supporting strategy

A

low cost strategy implies use of information to minimize expenses, high quality strategy implies use of information to support ensuring excellent quality/minimal defects

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13
Q

Michael Porter

A

key researcher/thinker in the field of management/competitive analysis

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14
Q

buyer power

A

power of customers to drive down prices

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15
Q

threat of new entrants

A

power of competitors to enter market

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16
Q

supplier power

A

power of suppliers to drive up prices of materials

17
Q

threat of substitution

A

power of customers to purchase alternatives

18
Q

rivalry among existing competitors

A

power of competitors

19
Q

high alternative/switching costs associated with outsourcing

A

companies outsource because cost of internalizing process/operation are higher, efficiency/effectiveness greater if outsourced

20
Q

entry barriers

A

feature that customers come to expect and entering competitors must offer to survive

21
Q

information systems as barriers

A

high initial investment cost, specialized knowledge/skills, network effects/switching costs, data/information advantages, regulatory compliance/security

22
Q

Porters three generic strategies

A

cost leadership, differentiation, focus/specialization

23
Q

cost leadership

A

offering same product for less than competitors

24
Q

differentiation

A

product perceived as unique

25
Q

focus/specialization

A

tailor products for niche unique needs

26
Q

business process

A

standard set of activities that accomplish specific tasks and processes

27
Q

value chain analysis

A

views firm as series of business processes that each add value to product

28
Q

primary value activities

A

takes in raw material and makes/delivers/sells/markets/services products

29
Q

inbound logistics

A

timely availability of inputs/reduces storage costs

30
Q

operations

A

transform inputs into outputs

31
Q

outbound logistics

A

collection/storage/ distribution of finished goods

32
Q

service (primary value activity)

A

after sales support (installation, maintenance, etc)

33
Q

support value activities

A

supports primary value activities - firm infrastructure (structure, systems, etc), HR management, tech development, and procurement

34
Q

procurement

A

sourcing/purchasing inputs