Term
| Business Intelligence(BI) |
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Definition
| Information collected from multiple sources [such as suppliers, customers, competitors, partners, and industries] that analyzes patterns, trends, and relationships for strategic decision making. |
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Term
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Definition
| A leadership plan that achieves a specific set of goals or objective. |
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Term
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Definition
| The ability of buyers to affect the price they must pay for an item, to drive down prices. |
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Term
| Chief Information Officer (CIO) |
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Definition
| Responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals. |
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Term
| Chief Knowledge Officer (CKO) |
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Definition
| Responsible for collecting, maintaining, and distributing company knowledge. |
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Term
| Chief Privacy Officer (CPO) |
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Definition
| Responsible for ensuring the ethical and legal use of information within a company. |
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Term
| Chief Security Officer (CSO) |
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Definition
| Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses. |
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Term
| Chief Technology Officer (CTO) |
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Definition
| Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS |
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Term
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Definition
| a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors. |
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Term
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Definition
| The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed. |
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Term
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Definition
| Raw facts that describe the characteristics of an event or object. |
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Term
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Definition
| The confirmation or validation of an event or object. |
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Term
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Definition
| Occurs when a company can significantly increase its market share by being first with a new competitive advantage. |
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Term
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Definition
| Data converted into a meaningful and useful context. |
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Term
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Definition
| Infinite quantities of facts are widely available to anyone who can use a computer. |
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Term
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Definition
| includes the skill, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources. |
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Term
| Management Information Systems (MIS) |
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Definition
| A business function, [like accounting and HR], which moves information about people, products, and processes across the company to facilitate decision making and problem solving. |
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Term
| Porter's Five Forces Model |
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Definition
analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.
1. Buyer power
2. Supplier power
3. Rivalry among existing competitors
4. Threat of substitute products of services
5. Threat of new entrants |
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Term
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Definition
| occurs when a company develops unique differences in its products or services with the intent to influence demand. |
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Term
| Rivalry among existing competitors |
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Definition
| The power of competitors. High when competition is fierce in a market and low when competitors are more complacent. |
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Term
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Definition
| The supplier's ability to drive up prices. |
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Term
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Definition
| is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part. |
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Term
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Definition
| The power of competitors to enter a market. High when it is easy for new competitors to enter a market and low when there are significant barriers to entry to joining a market. |
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Term
| Threat of substitute products or services |
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Definition
| The power of customers to purchase alternatives. High when there are many alternatives and low when there are few alternatives. |
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Term
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Definition
| Views a firm as a series of business processes that each add value to the product or service. |
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Term
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Definition
| Individual valued for their ability to interpret and analyze information. |
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Term
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Definition
| Maintains policies, plans, and procedures for the effective management of employees. |
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Term
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Definition
| Performs the function of selling goods or services. |
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Term
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Definition
| To create a feedback system with information systems. |
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Term
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Definition
| a standardized set of activities that accomplish a specific task, such as processing a customer's order. |
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Term
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Definition
| A feature of a product that customers have come to expect and entering competitors must offer the same for survival. |
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Term
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Definition
| Acquires raw materials and resources and distributes to manufacturing as required. |
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Term
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Definition
| transforms raw materials or inputs into goods and services. |
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Term
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Definition
| distributes goods and services to customers |
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Term
| The Three Generic Strategies |
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Definition
1. Broad cost leadership
2. Broad differentiation
3. Focused strategy |
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