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MIS chapter 3
| Question | Answer |
|---|---|
| productivity | ratio of GDP over total paid hours worked by Canadians |
| what 3 ways can the value of IT be realized? | productivity, structure of competition, benefits to the end consumer |
| ICT | invisible industry sector, doesn't produce as much direct output |
| how can productivity be increased? | increased efficiency or more effective business processes |
| efficiency | doing things right, using the right amt of resources, business processes done quicker |
| effectiveness | doing the right things, offering new/improved goods, need to change business processes |
| value chains | a network of activities that improve the effectiveness (or value) of a good or service, made up of one or more business processes, each step of the chain adds some more value, the more value a company adds the more they can charge for it |
| margin | the difference between the price the customer is willing to pay and the cost the company incurs |
| what 2 activities support value chains? | primary and support activities |
| what are primary activities in value chains? | activities where the value is added directly to the product, ex. shipping raw materials |
| what are support activities in value chains? | activities that don't directly add value, ex. maintaining machines |
| how does IS increase productivity? | enables development of more efficient or effective supporting activities (HR systems); offers new and improved services (online shopping) |
| what does strategy reflect? | a company's goals and objectives |
| what are porters 5 forces? | 1. bargaining power of consumers 2. bargaining power of suppliers 3. threat of substitutes 4. threat of new entrants 5. rivalry among existing firms |
| what are the competitive strategies? | 1.cost leader, 2.differentiating its products, a. industry wide b. industry segment |
| how can a company be successful? | goals, cultures, and activities are consistent with strategy |
| what are the 2 types of industry structure? | sustaining technology, disruptive technology |
| sustaining technology | changes in technology that maintains the rate of improvement in customer value, ex. tires improve the experience of driving a car |
| disruptive technologies | introducing a new package of attributes to the accepted mainstream products, ex. MP3 players made ppl less likely to buy CDs |
| diffusion of innovation | the process by which innovation is communicated through certain channels overtime among the members of a social system |
| what are the 5 stages of diffusion of innovation? | knowledge, persuasion, decision, implementation, confirmation |
| what is knowledge in the diffusion of information? | when you first hear ab an innovation but lack info ab it |
| what is persuasion in the diffusion of innovation? | becoming more interested and finding out more |
| what is decision in the diffusion of innovation | considering pros an cons of adopting innovation and choosing to adopt or reject it |
| what is implementation in the diffusion of innovation? | using the innovation and deciding to keep using it or not |
| what is confirmation in the diffusion of innovation? | using innovation to full potential |
| how do organizations create a competitive advantage? | creating new products or services, enhancing and differentiating |
| switching costs | making it difficult or expensive for customers to switch products |
| where does competitive advantage come from? | how a company adopts a new technology |
Created by:
alyshabennett
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