Vocabulary #1

Vocabulary #1 - Shams Ahmed MIS - Slusser MR 11:45...

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Unformatted text preview: Shams Ahmed MIS - Slusser MR 11:45 Vocabulary Assignment #1: 1. business process: a group of activities which is carried to out to provide a specific task for a customer’s specific need. (also referred to as a “business method” a. Example: A car-making assembly line: The production of a car (which is the goal) is carried out through a number of actions (attaching tires, steering wheels, painting, upholstering, etc), which is the business process. i. A business process could have several sub-processes, all working to achieve the main goal of the business process 1. Example: A car is made using an assembly line business process, employing a number of actions, one such being painting the exterior. A sub-process of this would be the mixing of the paint. 2. competitive advantage: a theory of business practices that states that a business should create high quality goods and either selling them at low prices, or with a service that justifies the higher pricing. Usually, the company has access to a resource that puts them ahead of others in the industry. a. Example: Jay Roberts Jewelers has access to a secret diamond mine, which its competitors do not, and so Jay Roberts is able to sell larger diamonds at better prices – the value of their product is greater to the customer. 3.3....
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This note was uploaded on 01/21/2010 for the course MIS 11368 taught by Professor Dedeke during the Spring '09 term at Northeastern.

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Vocabulary #1 - Shams Ahmed MIS - Slusser MR 11:45...

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