For Business Driven Information Systems By Paige Baltzan and Amy Phillipspdf A GUARANTEED
Business Driven Information Systems Textbook by Baltzan and Phillips | Verified A-Grade Answers Business Intelligence - answer - (BI) information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making. Management Information Systems - answer - (MIS) is a business function like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. Business strategy - answer - a leadership plan that achieves a specific set of goals or objectives such as: developing new products/services entering new markets, increasing customer loyalty, attracting new customers, increasing sales, decreasing costs. Competitive advantage - answer - a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors First-mover advantage - answer - occurs when a company can significantly increase its market share by being first with a new competitive advantage. competitive intelligence - answer - the process of gathering information about the competitive environment, including competitors plans, activities, & products, to improve a companys ability to succeed. 3 tools managers use to analyze competitive intelligence and develop competitive advantages - answer - 1)The Five Forces Model=evaluating industry attractiveness 2)The Three Generic Strategies=choosing a business focus 3)Value Chain analysis=executing business strategies The Five Forces Model - answer - analyzes the competitive forces w/i the environment in which a company operates to assess the potential for profitability in an industry The five forces that can hurt potential sales - answer - 1) knowledgable customers can force down prices by pitting rivals against each other 2) influential suppliers can drive down profits by charging higher prices for supplies 3) competition can steal customers 4) new market entrants can steal potential investment capital 5) substitute products can steal customers buyer power - answer - is the ability of buyers to affect the price they must pay for an item supply chain - answer - consists of all parties involved, directly or indirectly, in obtaining raw materials or a product supplier power - answer - the supplies ability to influence the prices they charge for supplies (including materials, labor, and services) entry barrier - answer - a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival The Three Generic Strategies - answer - 1)broad costs leadership 2) broad differentiation 3) focused strategy Value Chain Analysis - answer - views a firm as a series of business processes that each add value to the product or service **Primary value activities & support value activities Primary value activities - answer - acquire raw materials & manufacture, deliver, market, sell & provide after-sales services Support Value activities - answer - include from infrastructure, human resource management, technology development, and procurement
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