MSOM 302 Exam 1 – Flashcards
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data
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Raw facts that describe the characteristics of an event or object.
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information
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Data converted into a meaningful and useful context.
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variable
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A data characteristic that stands for a value that changes or varies overtime. Changing these allows managers to create hypothetical scenarios to study future possibilities.
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Business intelligence (BI)
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Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes trends, and relationships for strategic decision making.
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knowledge
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Includes the skills, experience and expertise, coupled with information and intelligence that creates a person's intellectual resources.
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knowledge workers
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Individuals valued for their ability to interperet and analyze information.
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Departments of a Company
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Accounting (monetary data) Finance (monetary data) Marketing (transactional data) Sales (transactional data) Human Resources (employee data) Operations Management (production data)
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System
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A collection of parts that link to achieve a common purpose.
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Systems thinking
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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.
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Management Information Systems (MIS)
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A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving.
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Chief Information Officer (CIO)
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responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives.
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Chief Knowledge Officer (CKO)
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responsible for collecting, maintaining, and distributing company knowledge.
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Chief Privacy Officer (CPO)
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responsible for ensuring the ethical and legal use of information within a company.
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Chief Security Officer (CSO)
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responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses.
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Chief Technology Officer (CTO)
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responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.
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business strategy
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A leadership plan that achieves a specific set of goals or objectives such as: o Developing new products or services o Entering new markets o Increasing customer loyalty.
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competitive advantage
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A feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.
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first-mover advantage
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Occurs when a company can significantly increase its market share by being first with a new competitive advantage. Ex: fedEx created this advantage by developing its customer self-service software.
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competitive intelligence
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the process of gathering information about the competitive environment, including competitors' plans, activities, and products to improve a company's ability to succeed.
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buyer power
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the ability of buyers to affect the price they must pay for an item.
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switching costs
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Costs that make customers reluctant to switch to another product or service. Include financial as well as intangible values. ** one way to reduce buyer power **
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loyalty programs
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Reward customers based on their spending. Ex: airline industries frequent flyer programs. ** one way to reduce buyer power **
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supply chain
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consists of all parties involved, directly or indirectly in obtaining raw materials or a product. In a typical ----- -----. A company will be both a supplier (to customers) and a customer (of other suppliers).
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threat of substitute products or services
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.. is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.
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threat of new entrants
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.. is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market.
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entry barrier
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a feature of a product or service that customers have come to expect -- entering competitors must offer the same for survival.
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rivalry among existing competitors
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.. is high when competition is fierce in a market and low when competitors are more complacent.
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product differentiation
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occurs when a company develops unique differences in its products or services with the intent to influence demand. Companies use this to reduce rivalry.
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business process
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a standardized set of activities that accomplish a specific task, such as processing a customer's order.
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value chain (analysis)
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views a firm as a series of business processes that each add value to the product or service.
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primary value activities
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acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services. - Inbound logistics - Operations - Outbound logistics - Marketing & Sales - Service
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support value activities
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support the primary value activities: - Firm infrastructure - Human resource management - Technology Development - Procurement
