Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Infosys 110 > Topics 1 - 7 > Flashcards

Topics 1 - 7 Flashcards

1
Q

Visions of a business

A

states the general direction of its operations and development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

values of a business

A

the important “Key principles” of its operations and development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

sustainability of a business

A

ensuring that the business can survive both at present and prosper in the long term - requires consideration of factors besides its financial performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

characteristics of a vision statement

A

where the organization is going
clear, visible and passionate
big and audacious
single sentence, descriptive, time frame

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Dimensions of sustainability

A

Economy profit, society people, environmental planet

many business want to ensure that their current business is ok and functioning and also able to fully operate in the future to be a long-term successful business and go out of business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

5 capital model

A 
natural 
human 
social 
manufactured 
financial
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Industry analysis

A

used to identify the sources of profit in the external environment
relevant to both corporate level and business level strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Corporate strategy

A

concerned with deciding which industries the firms should engage in and how it should allocate its resources among them. Such decisions require assessment of the attractiveness of different industries in terms of profit potential

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Business strategy

A

concerned with establisheding competitive advantage - by analysing customer needs and preference and ways in which firms compete to serve customers we identify the general sources of competitive advantage in an industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Environmental influences

A 
PEST: 
Political 
Economical 
Social
Technological
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How to create value

A

know your customers and firms must understand its suppliers and maintain a good relationship with them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Industry environment

A

customers, suppliers and competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is value

A

created when the price the customer is willing to pay for a product exceeds the costs incurred by the firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is customer surplus

A

the difference between the price they actually pay and the max price they would actually pay and the max price they are willing to pay

  • the stronger competition is among producers, the more of the surplus is received by customers as customer surplus
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

3 factors impacting profitability

A

value to customers
intensity of competition
bargaining power of industry members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

5 forces model

A 
buyer power 
supplier power
substitute competition
threat of new entrants 
industry rivalry
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Buyer power

A

high when buyers have many choices

to reduce - lock them in! make it difficult to switch or loyalty points

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Supplier power

A

high when industry has few choices

to reduce- locate alternative supplier

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Threat of New entrants

A

high when its easy for new competitiors to enter

to reduce- increase entry barriers eg capital requirement, economies of scale, legal barriers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Substitute competition

A

high when there are many alternatives

to reduce - make customers reluctant to switch, develop your business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Industry rivalry

A

high when competition is high in the industry
to manage- survive competition with a strong competitive advantage
reduce it by monopolising the industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what is strategy ?

A
  • based on a companys vision
  • a general plan that direct the company to achieving the best potential, and to compete for the present and prepare for the future
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Porters Generic Strategy model

A

source of compeitive advantage:
low cost
differentiation

Competitive Scope:
Narrow
Broad

  Broad cost                        Broad Differentiation 

  Focus cost                         Focus differentiation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Treacy & Wiersema’s Value Disciplines Model

A

Product Leadership
Customer intimacy
Operational Excellence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Operational Excellence

A

want to focus on improving the production process to improve efficiency and reducing costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Product Leadership

A

You want to focus on development of tech - best product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Customer intimacy

A

want to cater for customers every need and requirement to satisfy customers - more personal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Treacy & Wiersema’s Value Disciplines Rules

A
  • focus on one discipline
  • reasonably maintain the other two- good customer service
  • continuously improve
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Value Chain Analysis

A

Step by step processes that add value to the final product (goods and services)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Why are most customers wiling to pay more for certain products eg meals ?

A

due to the value that has been added eg service, not having to make it yoursle f
novelty aspect
experience
the skills - paying for work the chef has done
- paying for additional materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What are Primary Activities?

A

primary activities are inputs to outputs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

what are Inbound logistics ?

A

involve the incoming delivery and storage of raw material

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

what are Logistics ?

A

Delivery from supplier to you and you supplying to consumers
having a warehouse to store your products, maintenance, storage

delivery trucks, supplier of material, warehouse and refrigerator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

How do logistics add value?

A

storage units can provide value to your business due to fresher products eg if you work in a restaurant
- when supplier delivers fast product is fresh and hence better quality

35
Q

What are operations?

A

involves the transformation from raw material into finished products
process to create a final product eg assembling of materials - operation adds value as it is done with appropriate and optimum skills to create high quality products that is better than what a nonqualified person can do

36
Q

what are outbound logistics?

A

involves the storage of finished products and the delivery to customers eg serving stead, getting the product to the customer
- business efforts

37
Q

marketing and sales

A

involves the promotion of the products snd brand image - how are you going to create a brand image ?

38
Q

What are support activities ?

A

the ones that facilitate the primary activities

39
Q

Firm infrastructure

A

includes assets, fittings processes, management structure, staff policies that makes up the companies eg desks

40
Q

Procurement

A

about the sourcing of raw material and other resources from various suppliers. Decisions including supplier selection ,negotiations , logistical arrangements

41
Q

Process improvement

A

A business is a collection of interrelated tasks, initiated in response to an event that achieves a specific outcome

42
Q

Types of Business Processes

A

Customer facing
Business facing
Production Planning Process

43
Q

Customer Facing

A

service and understanding customers needs are important and how to serve the customer
- eg taking orders

44
Q

Business Facing

A

efficiency is ipmortant - doesnt look highly into customer requirements

45
Q

Production planning process

A

scheduling the production

46
Q

What is a KPI

A

Key performance indicators eg average time taken

47
Q

Theoretical benchmarking

A

comparisons of KPIS against design specifications and / or standards

48
Q

Historical benchmarking

A

comparisons of KPIs results performance that happened before (how is the new system better)

49
Q

Internal benchmarking

A

comparisons of KPIs within an organization eg running a chain of beauty stores and

50
Q

External benchmarking

A

comparisons of KPIs with other organizations

51
Q

Transformation process

A

physical - as in manufacturing operations
locational - as in transformation or warehouse
exchange - as in retail operations
physiological - as in health care
psychological - as in entertainment
informational - as in communication

52
Q

5 main types of processes

A 
project
job shop 
batch 
assembly line 
contiunous
53
Q

project

A

the product is one of a kind - each product will have customised processes

54
Q

job shop

A

the product is highly customised but the production process is reasonably standard

55
Q

batch

A

standard products with many varieties eg home made pickles or jams

56
Q

assembly line

A

highly standardised - same product will be produced with the same process operating throughout worki g hours

57
Q

continuous

A

no varities, 24 ho0ur production

58
Q

Processes to get ‘the best of both worlds’

A

modular design

mass customisation

59
Q

modular design

A

your final product is to be assembled by mixing and matching different standard components (modules) that are mass produced (per units cost kept low)

60
Q

mass customisation

A

allow your customers to order products with personalised specifications - based on the order, quickly assemble the customised product with the required modules

61
Q

Information systems 4 components

A

people
process
tech
data

62
Q

How do Information Systems Deliver Value ?

A 
create revenue Streams 
Generate growth 
Gain competitive advantage 
improve customer satisfaction 
improve productivity 
reduce costs
63
Q

What is TPS?

A

Transaction processing Systems - transactions happen when data worth capturing is generated

System used: the cash register, barcode scanners etc

64
Q

What is the primary function of a TPS?

A

to capture and store data - details of each transaction - summarises data to generate total sales per period or to compare percentages

65
Q

What is DSS?

A

decision support system

66
Q

What is CRM?

A

customer relationship management system

67
Q

What is ERP?

A

enterprise resource planning system

68
Q

What is SCM?

A

supply chain management systems

69
Q

What is CRUD

A

output from tps: create, read, update, delete (calculate and summarise)

  • is about TPS storing data in a database
  • calculates and sumarise are the basic analysis carried out by tps
70
Q

Decision support system

A

decision in an organisation typically happens at the managerial and strategic level
in order to make good decisions, managers need to be supported by good information

71
Q

how can a TPS help a DSS

A

basic analytical functionalities of a tps can produce basic information that is required for making decisions about certain processes in a company by looking at past or presnt data

72
Q

DSS applications

A

optimisation
Goal-seeking analysis
What-if analysis

73
Q

optimisation

A

a study to find input values necessary to maximise/minimise the level of output eg how much should I spend on advertising (input) in order to to max sales (output)

74
Q

goal seeking analysis

A

a study to find the inout values necessary to achieve a desires level of output (backward solution) eg how much should I spend on advertising in order to sell $50,000

75
Q

what if analysis

A

a study on the likely impact based on changes in assumptions about proposed solution and or changes in the structure of the model eg what if I spend 1000 more on advertising how much more / less profit will I make

76
Q

Collaboration support systems

A

communication, cooperation and coordination

Collaboration happens when multiple parties work together, by involving more parties more effort can be utilised to achieve better results

77
Q

4 types of collaboration support systems

A

groupware
content management systems
knowledge management systems
workflow management systems

78
Q

Enterprise Resource Planning systems

A

connects and coordinates all the departments in the organization. Data and info are collected and processed in a central information systems and shared throughout the organisation
- it intergrates all the departments and functions and levels of an organization into a single IT system so that employees can make enterprise wide decisions

79
Q

Supply Chain Management

A

basic value is added for customers

eg fish cleaning and preparing factor - fillets - f. fingers factory- fingers - supermarket orders- orders - customer

80
Q

What are push and pull factors in a supplier customer relationship?

A

push = standardised non-perishable
production is based on: supplier demand forecast

Pull= customised products
based on customers orders and specifications

81
Q

Measuring the performance of Supply Chains

A

IF-OT-IS

In full, on time, In specification

82
Q

Common problems about supply chains

A
  • lack of transparency across supply chain (helpful information such as inventory level and market information are not shared - trade secrets, don’t a good channel to share info
  • restricted communications - often restricted to transactional level such as order quantities, prices, payments
  • long and uncertain lead times - time between placing orders and receiving products are lengthy and uncertain - results in uncertainty for buyer
83
Q

What is the Bullwhip effect ?

A

when communication is minimal, transparency is low, lead times are long and uncertain, slight changes in consumer demand can trigger major fluctuations in ordering and inventory behaviour

Infosys 110 (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions