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what are costs the make customer reluctant to switch to another product or service

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switching costs

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department responsible for recording and collating the financial transactions associated with the organisation.

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Accounting

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department responsible for overseeing the overall financial position of the organisation. This department will set the organisations assets

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Finance

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A way of monitoring an entire system by viewing multiple inputs being processed to produce outputs

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Systems thinking

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Porter's Five Forces Model is high when there are many alternatives to choose from. An example is a busy tourist kiosk where consumers can choose between many different leisure activities

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Threat of substitution

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Porter's Five Forces Model is high when the market is saturated and there are many choices. An example is buying insurance. There are so many options to choose from and the consumer can easily shop around for the best deals, with little disadvantage such as switching costs.

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Buyer power

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Porter's Five Forces Model is high when the supply chain has a heavy influence raw material costs. Buying fuel is an example. Sellers are at the mercy of suppliers to set prices for fuel.

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Supplier power

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Porter's Five Forces Model is high when there is an increased competition between sellers of similar products and services. An example is the Gold Coast hotel industry where there are many hotels with comparable facilities, location and services. This results in a very competitive price point for room stays. Prices are transparent and hotels will match rates and add value to be competitive.

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Rivalry amongst competitors

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Porter's Five Forces Model is high when a when there are few barriers to stop new sellers entering the market. An example of this is Thermomix which held a patent for the technology. When the patent expired, many cheaper imitation products were launched onto the market.

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Threat of new entrants

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Benefits of a connected world N _______ R _______ T _______ I _______

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Networking, Reach, Tracking, Information

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Challenges of a connected world S _______ C _______ P _______ DD _______

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Security, copyright, privacy, digital divide

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New technology that brings new ways of doing things that overturn the traditional business methods and practices. For example, steam engine in the age of sail, and internet in the age of post office mail.

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Disruptive technology

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technology that meets the needs of customers in the existing market and creating products that satisfy their predicted needs for the future.

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Sustaining technology

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web page using RSS that gives users a platform to post their own content including comments, photos, and videos. It's an interactive format that lets writer communicate with readers. Users will have subscriber groups they can send posts to via IM, email or text Blogs can be used as business tool to market products and gather feedback from customers

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Blog

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like a blog but you can only post messages that contact 140-200 characters. They difference between a microblog and blog in the character allowance which appeals to readers who want short sharp communications.

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Microblog

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A web page where users can generate content as a more collaborative basis, where there is no particularly key user or author. The best example being Wikipedia

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Wiki

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business model where a business will buy and sell from other businesses over the internet. An example of this is Intel who sells their products on a bulk scale to other businesses.

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B2B

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business model where a business sells a product or service to consumers over the internet. An example of this is most of Amazon's products.

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B2C

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business model where a consumer sells a product or service to a business over the internet. An example of this is a professional offering their services or product for a website to use.

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C2B

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business model where a consumer will buy or sell to another consumer over the internet. An example of this is eBay.

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C2C

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4 types of offerings by mobile business P _________ L _________ M ________ M ________

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Purchasing digital content, location based services, mobile banking, mobile shopping

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Benefits of e-business A __________ M ______ W_______

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Access, mobility, workflow

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decisions are made by leaders and senior management. They are unstructured, one off decisions that are made long term. Leaders use knowledge to make proactive decisions such as whether to enter a new market or industry.

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Strategic

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decisions made by managers. They semi structured decisions that are made monthly and yearly. Managers use business intelligence to make ad-hoc decisions to focus critical success factors such as forecasting and reporting

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Managerial

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decisions made by lower management, department heads and supervisors. They are structured decisions that are made repetitively, usually daily. Staff use information to made decisions based on efficiency such as employee attendance, production statistics and stock control.

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Operational

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is a system that is designed to mimic human intelligence. They are designed to help organizations make unstructured but strategic decisions

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Artificial intelligence

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AI system which is knowledge based and imitates the reasoning of experts

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Expert systems

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AI which uses mathematics to solve problems

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Fuzzy logic

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AI which is designed to find the possible solutions to a problem

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Genetic algorithm

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AI which is a system based on knowledge and information that does specific tasks for an organization and virtual reality systems that is a computer simulated world, this is used by companies who have workers who work outside of the traditional office or from home.

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Intelligent agent

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attempts to understand and measure the current process and make performance improvements accordingly.

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Business process improvement

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computerising manual tasks to be more efficient and lower operational costs

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Automation

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A process to improve the efficiency of a process, business or organization by simplifying or eliminating unnecessary steps, using modernizing techniques, or taking other approaches.

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Streamlining

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Process that involves analysis and redesign of workflow within an organisation in order to achieve increase productivity, efficiency and profit.

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Business process re-engineering

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Any computer that can easily be taken from place to place with a person such as a laptop, smartphone, tablet or PDA. These types of devices are generally used in a business setting where mobility is required. For example a business person may take a laptop on a business trip so that he can continue working on files while he is away. Smartphones, tablets and PDA's may offer less functionality than a laptop but are more mobile due to their size.

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Mobile computer

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Is the standard personal computer often seen. It consists of a tower which houses the hardware components and is connected to a number of peripherals. A microcomputer would often be used as the client in a client-server network arrangement.

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Micro computer

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computers designed to have enough processing power to manage functions for several users at a time. They can range in size from slightly larger than a micro-computer to the size of a filing cabinet. They are often used as a server and a client-server network arrangement and process requests from multiple clients at a time.

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Mini computer

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computer dedicated to delivering enough processing power to meet the needs of hundreds of employees at a time. Main frame computers are often housed in dedicated rooms due to their size. Organisations such as banks use mainframe computers to compute transactions however the industry seems to be moving towards the use of multiple server configurations rather than single mainframe computers.

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Mainframe computer

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computer designed to be powerful, capable of enough processing power to solve complex problems in science, research and data manipulation/modelling.

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Super computer

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refers to the actual layout of the networked computers and network components.

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Network topology

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A topology that refers to a configuration where all computer and devices on a network are connected to a linear backbone that stretches the full distance of the network.

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Bus

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A topology that refers to a configuration where computers are connected individually to a central access point.

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Star

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A topology that combines characteristics of both a Bus and a Star topology. A backbone cable connects groups of groups of devices in a star configuration.

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Hybrid

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A topology that has each device connected to the two adjacent devices to form a closed loop. This type of topology can be used over large distances and can deliver high speeds.

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Ring

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A topology where devices are connected wirelessly through wireless transmitters and receivers to central access points

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Wireless

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A computer network designed to connect a group of computers in close parameter of each other which can be used in, a small local business office, real-estate office or in a shopping centre.

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Local area network

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A larger computer network that would be utilised across state or even country. For example, this networking could be used within the air or police force business or retail.

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Wide area network

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computer network that spans a city area or campus. Businesses such as Universities, Tafe's or spread business offices may use this network option

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Metropolitan network

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A Systems Development and Project Management methodology that is a process where phases are sequentially performed in a step by step process.

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Waterfall

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A Systems Development and Project Management methodology that divides the project into smaller iterations. It's a continuous development process releasing the smaller iterations to the stakeholders for feedback to produce a feasible and flexible project.

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Agile

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Software development that involves small programming teams developing small pieces of software in sprints, or 30 days intervals. Each day begins with meetings to continuously monitor the development. Stakeholders and users help with prioritising work, leading to a more productive finished product. For example, creating a fault recording and maintenance software for an electrical supply company.

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Scrum

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Software development that is a fast paced iteration process, where faster the communication, the better the results. Each phase of the project consists of four parts, Planning, Designing, Coding and Testing.

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Extreme programming

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Is the application of knowledge, skills, tools and techniques to achieve activities to meet requirements for short term goals and events

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Project management

question

What are the three constraints of project management, known as the triple constraint

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Scope, time, cost

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Outsourcing that contracts out to another company in the same country

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Onshore

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Outsourcing that contracts out to a company in a nearby/border adjacent country.

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Nearshore

question

Outsourcing that contracts companies further away geographically to develop systems provide support.

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Offshore

question

is the ability of a system to deal with system crashes. Backup is the process of duplicating data and storing it on a separate device. Backup allows a system to resume operation if information is corrupted or unavailable due to hardware failure. Recovery is the ability for a system to recover after a system crash and can be achieved through methods such as fault tolerance and fail over. System recovery may incorporate the restoration of backup data so that a business may resume normal operations.

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Backup and recovery

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The outlines the processes to recover IT systems and infrastructure after a disaster such as fire or flood.

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Disaster recovery plan

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A plan designed to outline the process for a business to restore critical business functions within a specified timeframe after an interruption

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Business continuity plan

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The fundamental organization of a system embodied in its components, their relationships to each other, and to the environment, and the principles guiding its design and evolution.

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Infrastructure architecture

question

List 7 primary characteristics of a solid infrastructure architecture A________ S________ U________ R________ P________

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Availability, Scalability, Usability, Reliability, Portability

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Information defense - the most common defence and is usually in the form of a username and password. However usernames and passwords can be insecure. The use of a smart card or token adds a physical layer of security as an additional device is needed for authentication. In recent times, biometrics are becoming more common as they rely on unique identifiers such as finger prints or retinal scans which cannot easily be duplicated.

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Authentication and authorisation

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Information defense - usually takes the form of firewalls and content blockers to prevent the possibility of a breach by monitoring and restricting internet traffic.

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Prevention and resistance

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Information defense - is the last line of defence; for example a virus scanner may only come into play after a virus has already infected a system. The scanner will detect the infection and respond to it by attempting to eradicate the virus.

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Detection and response

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Four primary traits that determines the vale of information

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Type, Timeliness, Quality, Governance

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the practice of examining large pre-existing databases in order to generate new information.

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Data mining

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A data mining technique used to divide information into groups, where the data from each group us close together, while different groups are apart.

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Cluster analysis

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A data mining technique that performs functions on the information to find correlations, distributions, calculations and variance.

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Statistical analysis

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A data mining technique analyses the relationships the variables are to each other, such as nature and frequency.

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Association analysis

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What can you use to support business decisions to achieve companies KPI's, make faster deciosions, analyse information sources, produce reports

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Business intelligence

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A planning process that uses information technology and software to helps organisations make data driven decisions and manage operational aspects of the business and resources relating to financials, supply chain, operations, manufacturing and human resources.

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Enterprise Resource Planning

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Three primary components of Enterprise Resource Planning

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Finance, Production, Human Resources

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Two extended components of Enterprise Resource Planning

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E-business, Business Intelligence

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manages the flow of information, materials and financial data between each stage of procurement

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Supply chain management

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A system of managing all aspects of a customer's relationship with an organisation gain insight and, track purchase history

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Customer Relationship Management

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A CRM that integrates input from various different departments

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Collaborative

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A CRM that supports various business processes, which can include sales, marketing and service. Contact and call centers, data aggregation systems and web sites

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Operational

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A CRM that is a systematic evaluation of customer data to analyse and identify trends and patterns

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Analytical

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Supports the capturing, organisation and dissemination of knowledge throughout an organisation.

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Knowledge management system

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Is the knowledge stored in people's heads

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Tacit

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Is knowledge that consists of anything that can be documented, archived and coded, often with the help from IT. e.g. patents, trademarks, standard operating procedures and customer lists.

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Explicit

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A computer application that supports the creation and modification of digital content

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Content management system

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Electronic caputuring and storage, distribution, archiving and assessing of documents. e.g. SharePoint

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Document management system

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Document management for media files types and allows for conversion. e.g. convert raw movie file to a compressed format

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Digital management system

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An additional layer to to a CRM that documents digital asset management, by uploading to the intranet and public websites. e.g. e-Business Systems

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Web content management system

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Information privacy, or data privacy (or data protection), is the relationship between collection and dissemination of data, technology, the public expectation of privacy, and the legal and political issues surrounding them.

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Privacy

question

is the protection of work and ideas. e.g. music artist protects lyrics and song notes.

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Copyright

question

intangible creative work embodied in physical form and includes copyrights, trademarks and patents.

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Intellectual property

question

a policy which states explicitly how, when, and where the company monitors its employees.

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Employee monitoring policy

question

Commonly used tools for employee monitoring K_______ C_______ A_______ S_______

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Keylogger, cookies, adware, spyware

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The process of analyising past trends to examine to identify its nature, causes, speed of development and potential impacts

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Trend analysis

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Analysis that focuses on present trends

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Trend monitoring

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Analysis that focuses on future trends

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Trend projection

question

Analysis that uses mathematical equations to generate what-is analysis to support decision making

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Computer simulation

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Analysis where historical events are studied to anticipate future events

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Historical analysis

question

The following are_________________ • People in developed world are living longer • The global economy is becoming more integrated • The economy and society are dominated by technology • Pace of technology is increasing • Time is becoming the most precious commodity

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World Future Society Trends

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Porters generic strategy - company will offers unique features to set themselves apart from the competition to drive customer loyalty and meet unique needs

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Broad differentation

question

Porters generic strategy - appeal to price sensitive market by offering the lowest prices to beat the competition

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Broad cost leadership

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Porters generic strategy - adopts a narrow market focus, or niche market that is less susceptible to threat of substitute products

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Focused strategy

question

The people, processes and technology to create, gather, store manipulate and disseminate information

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Information systems

question

Data converted into meaningful and useful context

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Information

question

Information collected from multiple sources such as suppliers, customers, partners; that can be used analyse patterns and support strategic decision making

answer

Business Intelligence

question

A persons skills and experience coupled with information and intelligence that creates a persons intellectual resources

answer

Knowledge

question

A feature of a product or service on which customers place a great value than they do from similar offerings by competitors

answer

Competitive advantage

question

When a company can significantly increase market share by being the first to market with a product or service

answer

First mover advantage

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