Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
IS 303 Midterm
| Question | Answer |
|---|---|
| What are Porter's five forces | Buyer Power, Supplier Power, Threat of Substitutes, Threat of New Entrants, and Rivalry Among Competitors |
| Buyer Power → | How much influence customers have on price (high if many options, low if few). |
| Supplier Power → | How much suppliers can drive up costs (strong if few suppliers, weak if many). |
| Threat of Substitutes → | High when alternatives are easy to find, low when few exist. |
| Threat of New Entrants → | High if it’s easy to enter the market, low if there are barriers (like brand loyalty, capital costs). |
| Rivalry Among Competitors → | High when competition is fierce, low when few players exist or are complacent. |
| Competitive Advantage → | A product/service valued more by customers than competitors’ offerings. |
| First-Mover Advantage → | Being first in market gives significant market share leverage. |
| Porter’s Three Generic Strategies → | Broad Cost Leadership (low cost, large market) Broad Differentiation (unique product/service, large market) Focused Strategy (targeted niche with either cost advantage or differentiation). |
| Competitive advantages | are temporary because competitors copy or innovate around them |
| Primary Value Activities → | inbound logistics, operations, outbound logistics, marketing/sales, service. |
| Support Value Activities → | firm infrastructure, HR management, technology development, procurement. |
| CIO (Chief Information Officer) → | Aligns MIS with business goals; oversees IT strategy. |
| CDO (Chief Data Officer) → | Determines what data is captured, retained, analyzed, and shared. |
| CTO (Chief Technology Officer) → | Ensures speed, accuracy, reliability of IT systems. |
| CSO (Chief Security Officer) → | Protects MIS systems and data from threats. |
| CPO (Chief Privacy Officer) → | Ensures ethical/legal use of information. |
| CKO (Chief Knowledge Officer) → | Oversees collection, sharing, and use of knowledge assets. |
| What is the purpose of CRM | Manage all aspects of a customer’s relationship with the organization to increase loyalty, retention, and profitability. |
| What functions does CRM serve: | Operational CRM Analytical CRM |
| Operational CRM → | day-to-day front-office systems (sales, marketing, customer service). |
| Analytical CRM → | back-office systems that analyze customer data for strategic decisions. |
| What are the Benefits of CRM | Identify most valuable customers Increase customer satisfaction/loyalty Enable targeted marketing campaigns Improve sales and service efficiency |
| What is the purpose of SCM | Manage information flows across the supply chain to maximize efficiency and profitability. |
| What are the benefits of SCM | Reduce costs and inefficiencies Improve visibility and coordination across supply chain Lower buyer power and increase supplier power (Porter’s Forces) Increase customer satisfaction through timely delivery |
| What functions does SCM serve | Flow of materials from suppliers → production → customers Inventory management, logistics, and transportation Optimize procurement, production scheduling, and distribution |
| What is the purpose of ERP | Integrates all departments/functions into a single IT system for enterprise wide decision-making. |
| What functions does ERP serve | Core ERP components: Accounting/finance, production/materials management, HR. Extended ERP components: Business intelligence, CRM, SCM, e-business (eLogistics, eprocurement). |
| What are the Benefits of ERP | Eliminates data silos and incompatible applications Improves decision-making with real-time data Enhances efficiency through automation Supports global information sharing Avoids costs of outdated legacy systems |
| Decision making steps (process) | Identify problem/opportunity Collect data Generate solutions Analyze options Select solution Implement & evaluate |
| Strategic | (Unstructured decisions) Managers develop overall business strategies, goals, and objectives as part of the company’s strategic plan |
| Managerial | (semistructured decision) employees are continuously evaluating company operations to hone the firm’s abilities to identify, adapt to, and leverage change |
| Operational | (structured decisions) employees develop, control, and maintain core business activities required to run the day to day operations |
| Transactional data → | Captured during a single business process (ex: sales transaction, payroll entry). |
| Analytical data → | Broader, organization-wide data for managerial analysis (ex: sales trends, forecasts). |
| How is data processed to produce information? | 1. Collect 2. Store 3. Clean 4. Organize 5. Analyze 6. Present |
| Data Mining | Uses statistical and AI techniques to find patterns and relationships in data. Goal: turn raw data into actionable insights. |
| 2. Collaborative Filtering | Technique used in recommendation systems. Provides personalized suggestions by comparing a user’s behavior to similar users. Example: Netflix recommending shows based on what “similar” viewers watched. |
| 3. Recommendation Engines | Special type of data mining algorithm. Analyzes a customer’s purchases or actions (clicks, searches) and suggests complementary products. Example: Amazon’s “Customers who bought this also bought…” |
| Data Visualization = | turning complex data into easy-to-understand visuals. |
| Business Intelligence Dashboards = | the “presentation layer” that managers use daily to monitor performance and make decisions |
| Sources of data | Internal systems (transactions, employee records). External/third-party sources (vendors, customers). |
| • Data warehousing | o ETL Extract → Pull data from various sources. Transform → Standardize & clean it. Load → Place into a data warehouse for analysis. |
| o Data mining | Performed on the data stored in the warehouse. Uses statistical, AI, and machine learning methods to find patterns, relationships, and insights. |
| o Data Analytics | is the engine behind Business Intelligence |
Created by:
$Z-Money$