MGT%203761%20Assignment%202.doc_0

MGT%203761%20Assignment%202.doc_0 - Information...

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Unformatted text preview: Information technology (IT) – a field concerned with the use of technology in managing and processing information any computer-based tool that people use to work with information and support the information and information-processing needs of an organization Hardware - consists of the physical devices associated with a computer system Software - the set of instructions that the hardware executes to carry out specific tasks Management information systems (MIS) – a general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems Data- raw facts that describe the characteristic of an event Information- data converted into a meaningful and useful context Business intelligence – applications and technologies that are used to support decision-making efforts Organizational information cultures include:Information-functional culture, Information-sharing culture, Information-inquiring culture, Information-discovery culture Competitive advantage – 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 share by being first to market with a competitive advantage Environmental scanning – the acquisition and analysis of events and trends in the environment external to an organization Three common tools used in industry to analyze and develop competitive advantages include: Porter’s Five Forces Model, Porter’s three generic strategies, Value chains Buyer power – high when buyers have many choices of whom to buy from and low when their choices are few Loyalty program – rewards customers based on the amount of business they do with a particular organization Supplier power – high when buyers have few choices of whom to buy from and low when their choices are many Supply chain – consists of all parties involved in the procurement of a product or raw material Business-to-Business (B2B) marketplace – an Internet-based service that brings together many buyers and sellers Reverse auction – an auction format in which increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price Threat of substitute products or services – high when there are many alternatives to a product or service and low when there are few alternatives from which to choose Switching cost – costs that can make customers reluctant to switch to another product or service Threat of new entrants – high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market Entry barrier – 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 – high when competition is fierce in a...
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