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MIS chapter 3

QuestionAnswer
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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