MIS 300: Chapter 1 Flashcards
Systems Thinking
a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part.
Management Information Systems
a business function, like accounting and HR, which moves information about people , products, and processes across the company to facilitate decision making and problem solving.
Competitive Advantage
a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.
First-mover Advantage
occurs when a company can significantly increase its market share by being first with a new competitive advantage.
Competitive Intelligence
The processes of gathering information about the competitive environment including competitors plans, activities, and products, to improve a company’s ability to succeed.
Buyer Power (right)
The ability of buyers to affect the price they must pay for an item… number of customers, sensitivity to price, size of orders, differences between competitors, availability of substitute products.
Supply Chain
all parties involved, directly or indirectly, in obtaining raw materials or a product. A company will typically be BOTH a supplier to customers and a customer to other other suppliers.
Primary Value Activities
- acquire raw materials and manufacture
- deliver, market, sell and provide after-sale services.
Value Chain Analysis
Views a firm as a series of business processes that each add value to the product or service. how to create/add value
Product Differentiation
Occurs when a company develops unique differences in its products or services with the intent to influence demand.
Rivalry Among Existing Competiors
High when competition is fierce in a market and low when competitors are more complacent.
Entry Barrier
A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival.
Threat of New Entrants (bottom)
High when its easy for new competition to enter a market and low when there are significant entry barriers to joining a market.
Threat of Substitute Products or Services (top)
High when there are many alternatives to a product or service and low when there are few alternatives from which to choose. Ex: Travel- there are many airline choices.
Supplier Power (left)
The suppliers ability to influence the prices they charge for supplies (including materials, labor and services).
Porter’s Five Forces Model
Analyzes the competitive forces within the environment in which a company operates to asses the potential for profitability in an industry.
System
A collection of parts that link to achieve a common purpose (a car)
Feedback
Information that returns to its original transmitter (input, transform, or output) and modifies the transmitters action (helps maintain stability)
Departmental Companies
Each department performs its own activities.
- Accounting
- Finance
- HR
- Marketing
- Operations Management
- Sales
Knowledge Workers
Individuals valued for their ability to interpret and analyze information.
Business Intelligence
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends and relationships for strategic decision making.
Knowledge
Includes the skills, experience and expertise, coupled with information and intelligence that creates a person’s intellectual resources.
Variable
A data characteristic that stands for a value that changes or varies over time.
Information
Data converted into a meaningful and useful context.
