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MSOM 302 Exam 1

data
Raw facts that describe the characteristics of an event or object.
information
Data converted into a meaningful and useful context.
variable
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.
Business intelligence (BI)
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes 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.
knowledge workers
Individuals valued for their ability to interperet and analyze information.
Departments of a Company
Accounting (monetary data)
Finance (monetary data)
Marketing (transactional data)
Sales (transactional data)
Human Resources (employee data)
Operations Management (production data)
System
A collection of parts that link to achieve a common purpose.
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 (MIS)
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.
Chief Information Officer (CIO)
responsible for (1) overseeing all uses of MIS and (2) ensuring that MIS strategically aligns with business goals and objectives.
Chief Knowledge Officer (CKO)
responsible for collecting, maintaining, and distributing company knowledge.
Chief Privacy Officer (CPO)
responsible for ensuring the ethical and legal use of information within a company.
Chief Security Officer (CSO)
responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses.
Chief Technology Officer (CTO)
responsible for ensuring the speed, accuracy, availability, and reliability of the MIS.
business strategy
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.
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. Ex: fedEx created this advantage by developing its customer self-service software.
competitive intelligence
the process of gathering information about the competitive environment, including competitors’ plans, activities, and products to improve a company’s ability to succeed.
buyer power
the ability of buyers to affect the price they must pay for an item.
switching costs
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 **
loyalty programs
Reward customers based on their spending. Ex: airline industries frequent flyer programs. ** one way to reduce buyer power **
supply chain
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).
threat of substitute products or services
.. is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.
threat of new entrants
.. 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.
entry barrier
a feature of a product or service that customers have come to expect — entering competitors must offer the same for survival.
rivalry among existing competitors
.. is high when competition is fierce in a market and low when competitors are more complacent.
product differentiation
occurs when a company develops unique differences in its products or services with the intent to influence demand. Companies use this to reduce rivalry.
business process
a standardized set of activities that accomplish a specific task, such as processing a customer’s order.
value chain (analysis)
views a firm as a series of business processes that each add value to the product or service.
primary value activities
acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services.
– Inbound logistics
– Operations
– Outbound logistics
– Marketing & Sales
– Service
support value activities
support the primary value activities:
– Firm infrastructure
– Human resource management
– Technology Development
– Procurement

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