Isys201midtermreview - ISYS 201 review (please write a...

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ISYS 201 review (please write a chapter heading to which the vocab terms come from) Paradigms The New Business of paradigms Video notes : · 10x change – extreme changes often called paradigm shifts · Paradigms - paradigm - a system of rules and regulations that do specific things ~ gives you boundaries ~ gives you rules in which to solve problems inside those boundaries - all humans have paradigms that help us see the world. Its all how you see it. Each paradigm filters what they see in different ways - when there is a paradigm shift, everyone goes back to 0! - We cant see the data that is not in our paradigm. We need to be aware of our paradigm - Observations about paradigms 1 - they are everywhere. 2 – they are useful. Help focus our attention 3 - sometimes, your paradigm can become THEE paradigm, when you wont see anyone else’s ideas, and can be very detrimental. 4 – people who discover new paradigms, are usually outsiders. The new rules are written at the edge. 5 – practitioners of the old paradigm, must be very courageous. They must do so in defiance of the evidence currently at hand in the current paradigm. CHAPTER 2 - Competitive Advantage How companies can identify competitive advantage through. Porters 5 Choices- Porters 3 Generic Strategies Buyer Power - in the Five Forces model is high when buyers have many choices of whom to buy from and low when their choices are few. To lower buyer power, a company must make it more attractive for customers to buy from it than from its competitors. Competitive Advantage - is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. First-Mover Advantage -occurs when an organization can significantly impact its market its market share by being first to the market with a competitive. Environmental scanning - is the acquisition and analysis of events and trends in the environment, external to an organization. Loyalty Programs - reward customers based on the amount of business they do with a particular organization. Supplier Power - is high when buyers have few choices of whom to buy from and low when their choices are many. It is the converse of buyer power.
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Supply chain- consists of all parties involved, directly and indirectly, in the procurement of a product or raw material. 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 entering a market. Threat of substitute products - is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose. Entry barrier - is a product or service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive. Rivalry among existing competitors
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Isys201midtermreview - ISYS 201 review (please write a...

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