EXAM 3
DMADV
- Defining goals - Measuring product or process characteristics that are critical to its quality. - Analyzing and developing design improvements - Verifying the design with a pilot process or product prototype.
DMAIC
- Defining goals - Measuring the current status of the project or processes - Analyzing data to find the root causes of any defects - Improving the current process and making it mistake-proof -Controls set-up to ensure that the new process has been correctly implemented.
Cyberattacks
- Pharming and phishing - Spamming and spoofing - Trojans and viruses - Identity theft - DoS and DDoS attacks
Scanning the Environment: 5 Ps of an Internal Scan
1. Personnel (human resources) 2. Plant (physical resources) 3. Processes (activities that create value) 4. Purse (financial strength) 5. Past experiences (reputation and intangible assets)
Porter's 5 Forces
1. existing competitors 2. new competitors 3. suppliers 4. customers 5. substitutes Professor Michael E. Porter claimed that the weaker these forces act upon organization, the more likely the firm will enjoy long-term success. Conversely, if these forces work more powerfully upon an organization, that firm will face greater challenges and the likelihood of decreasing performance in the long-term.
Distributed Denial of Service (DDoS)
A Distributed Denial of Service (DDoS) launches a virus on a computer.
Trojan
A Trojan, sometimes called a Trojan horse, is a program that appears legitimate but executes an unwanted activity when activated. Trojans are similar to viruses, but do not replicate themselves and are commonly found attached to free downloads and apps. Trojans are often used to install key loggers or packet sniffers that can find passwords, destroy data, or bypass firewalls
How Businesses Use CRM Systems to Understand How Customers Interact
A company must effectively manage their interactions with customers. Customer interaction encompasses all the communication that takes place between a customer and an organization. This includes social media, email, traditional mail, direct marketing, and many other methods of communication. CRM systems are used to make more meaningful and effective interactions with customers. The design of a CRM strategy should include the following regarding customer interaction: •Monitor customer interactions - using CRM to identify what methods of communication are most engaging for customers is important •Customers as individuals - CRM is used to ensure each customer receives an individual contact record every time the customer enters a company's database •Automation - CRM is used to generate automatic responses to customer interactions, scheduling of tasks related to customers, and customer communications •Customized communication - CRM can ensure that messages are properly matched to the customer
How Devices Become Infected With Viruses Cont.
A computer virus attacks a digital device using a series of actions. The virus arrives-The virus arrives via email attachment, file download, or by visiting a website that has been infected. Virus activation-An action such as running or opening a file activates the virus.• once activated, the virus copies itself into files and other locations on your computer The virus spreads-The infection spreads to other computers via infected email, files, or contact with infected web sites The virus payload is released-The payload or the component of a virus that executes the malicious activity hits the computer and other infected devices
Computer Virus
A computer virus is software that infects computers and is created using computer code. • computer viruses typically must be run to attack and do damage. • viruses can destroy programs or alter the operations of a computer or network. There are many symptoms your computer may exhibit when it has been infected with a virus • the operating system may not launch properly, critical files get deleted all at once or over time, and error messages become prevalent as well as saving documents becomes difficult
How Devices Become Infected With Viruses
A computer virus works much the same as how a biological virus infects people. A biological virus is spread from host to host and the virus has the ability to replicate itself. A computer virus works in much the same way. Due to the nature of our always connected world, it is very easy for viruses to spread. Be aware that viruses do not only attack laptops and desktops. Viruses can also attack mobile devices including smartphones and tablet computers
Cybercrime
A crime in which a computer is the object of the crime or is used to commit a criminal or offense. Most cybercrimes are committed by individuals (usually cybercriminals or hackers) whose main goals are to make.
Individual Name
A cyberattack is a deliberate misuse of computers and networks via the Internet. Cyberattacks use malicious code to modify the normal operations of a computer or network. Two Types of Attacks • aim to disable a target computer or prevent it from accessing a network or the Internet • designed to gain access to data stored on a device or to gain administrative privileges to a device
Christensen's Disruptive Innovation Model
A disruptive innovation uses technology to transform a market or create an entirely new market. Successful organizations typically focus on customer service, creating a differentiated product, or increasing efficiencies to gain market share through a pricing strategy. All of these techniques require allocating significant resources to improve existing products and processes to increase effectiveness
denial-of-service (DoS)
A distributed denial-of-service (DoS) attack takes place when a hacker gains unauthorized access and control of a network of computers that are connected to the Internet. A hacker uses software to infect computers, including laptops, desktops, tablets, and Internet of Things (IoT) devices, turning each computer into a zombie (also known as a bot). A group of computers under the control of a hacker is referred to as a botnet. When a botnet has been established, the hacker is able to direct each device via remote access. A Denial of Service (DoS) attack is an attack on a network that is designed to interrupt or stop network traffic by flooding it with too many requests. A DoS attack is carried out by one device whereas a DDoS attack uses many devices to slow down or crash a network.
Firewall
A firewall is hardware or software used to keep a computer secure from outside threats such as hackers and viruses. Firewalls allow or block Internet traffic in and out of a network or computer. The most ideal firewall configuration consists of both hardware and software. Personal software firewalls are typically included with the operating system and can be configured based on user preference. Hardware based firewalls can be purchased as a stand-alone product but are often also included in broadband routers.
Keystroke Logger
A keystroke logger is a form of spyware that records all actions typed on a keyboard. - It may consist of hardware devices and/or software applications, designed to record passwords and confidential information.
Rootkit
A rootkit is a type of malicious computer program that is designed to operate secretly in a device and allow unauthorized access by cybercriminals, enabling them to remotely control a computer.
How CRM Systems Assist in Targeting a Market Segment
A target market is the group of existing and potential customers that an organization believes they can sell their products or services to. An organization's target market shares common characteristics including geographic location, demographic and psychographic backgrounds, and income level. Organizations must precisely identify their target markets so they best utilize resources when marketing to potential and existing customers. CRM software is often used to identify an organization's target market and to provide critical insights into the profiles of these customers.
How Businesses Use CRM Systems to Identify Current Customers
A well-developed CRM strategy can assist organizations to identify the needs, wants, preferences, and expectations of current customers. In order to identify these elements accurately, many firms turn to CRM software for help. Many experts recommend executing the following activities within a CRM system to help uncover customer needs, wants, preferences, and expectations. •Customer surveys - Surveys should be utilized to collect feedback from customers. •CRM systems can be used to design, share, and collect data from a variety of social media channels •Social media - Organizations can leverage various social media platforms and integrate them within a CRM platform. •Monitor procurement methods - Anticipating preferred shopping methods, customer motivation, purchase frequency, and spending habits allows businesses to be more profitable. •Analytics - The analytics provided by the CRM platform can be used to uncover trends in the data that is collected about customers.
Cybersecurity Risk Assessment Continued
According to NIST, the information security risk assessment process is concerned with answering the following questions: •What data breach would have a major impact on our business whether from malware, cyberattack, or human error? Consider customer information. •What are the relevant threats and the threat sources to our organization? •What are the internal and external vulnerabilities? •What is the impact if those vulnerabilities are exploited? •What is the likelihood of exploitation? •What cyberattacks, cyberthreats, or security incidents could impact affect the ability of the business to function? •What is the level of risk our organization is comfortable taking? •What are our organization's most important information technology assets?
Implementing Six Sigma Using MIS Tools
Because Six Sigma techniques rely so heavily on statistical data to ensure quality control and to minimize process and product variance, management information systems are integral to the success of any Six Sigma initiative. For example, during the Measure and Analyze steps of the Six-Sigma procedure, collecting data and using data analytics are essential, particularly when measuring variances in products or processes. Once the causes of variances are fully analyzed, MIS tools assist managers in developing new designs for a pilot processor product prototype
PESTEL: Legal Considerations
Because of the enormous amount of safety, consumer rights, labor, advertising, and health regulations surrounding all aspects of business, managers often rely on information systems to ensure compliance.
Cybersecurity Questions
Before IT security control development can occur, the following questions must be answered: What is the risk I am reducing? Is this the highest priority security risk? Am I reducing the risk in the most cost-effective way?
COVID-19 Cybercrime
COVID-19 has caused a number of issues and hardships for many individuals, including an increase in cybercrime. Interpol (International Criminal Police Organization) is an inter-governmental organization of 194 member countries. Among other things, Interpol investigates and prosecutes cybercrime and emerging crimes and has conducted research on the spike of cyber crime as a result of COVID-19. They learned that in mid-April Google reported that it saw more than 18million daily malware and phishing emails related to COVID-19 that were sent via Gmail in just one week. Additionally, Google reported over 240 million daily COVID-19 related spam email messages.
How CRM systems Assist Businesses in Segmenting a Market
CRM marketers use information collected in databases to create promotions that are best targeted to customers' needs and wants. Promotions created by CRM include customer loyalty programs and product/service customization. According to Salesforce.com, segmented marketing campaigns have been shown to generate an average of a 760% increase in revenue. When selecting a customer segmentation tool Salesforce.com has identified the following four factors to consider: 1.Integration - Customer segmentation software should be able to efficiently link data from a variety of sources. 2.Data collection and analytical tools - Data access, ease of use, and ease of data interpretations are important considerations. 3.Flexibility and scalability - The solution should work well in the current environment, but also be scalable should growth occur. 4.Cost - The overall cost of the tool should be considered. It is important to use a tool that provides enough information without spending more money than is needed to accomplish desired results.
Competitive Advantage
Competitive advantages are attributes that allows firms to provide goods and services with higher perceived values than their competitors. Organizations accomplish this by providing products that customers believe have lower prices, or are of higher quality, or both. Management information systems allow managers to build upon an organization's existing strengths to create competitive advantages
Red Ocean Strategy
Competitors in the same market fight to gain competitive advantage through price leadership or by making product improvements.
First Mover Advantages: Customer adaptation
Consumers often become accustomed to products that they adopt, and a firm that attempts to compete must create a product that meets the specifications established by the initial entrants.
Monopolistic Competition
Creating a brand image that customers perceive offers greater value than than a competitor's comparable products. Management information systems provide a multitude of tools to assist managers in a competitive market place. Using advanced inventory management systems, managers can optimize inventory levels to avoid shortages and minimize losses due to spoilage or excess inventory.
Customer Acquisition
Customer acquisition consists of the processes and strategies an organization uses to obtain new customers. Customers can be acquired using a number of approaches including social media, search, affiliate, referral, and email marketing. Organizations often track customer acquisition using a lead generation or acquisition funnel
How MIS Uses Backups to Protect Data
Data Backups •data backups often are stored off-site on company-owned servers or servers owned by another organization such as Amazon •Cloud backup utilizes an outside organization's servers to store information via the Cloud •data backup is critical because in the event of primary data failure (due to hardware or software failure, malware attack, natural disaster, human error) data can be restored from an earlier point in time which helps an organization quickly recover
State-sponsored Cyberwarfare
Defined as cyberattacks that originate and are executed by foreign governments. - these attacks can be directly launched by a foreign government or by a group or individuals who have been paid to execute the attack In October 2018, there was an indictment of 10 Chinese intelligence officers and recruits for allegedly conspiring to steal sensitive commercial aerospace information from US companies. • Attacks are relatively inexpensive when compared to traditional warfare, difficult to trace and identify, and can cause widespread damage to IT infrastructure • can be utilized to send warnings, to intentionally harm resources, or to create conflict between countries • the United States has faced state-sponsored cyber warfare attacks from a number of countries including China, North Korea, and Russia
Economies of Scale
Economies of scale means using large production or purchasing power to proportionally reduce marginal costs while maintaining, or even increasing, profitability. EX: Walmart uses economies of scale to pressure suppliers to lower their prices. - this allows Walmart to offer lower prices to its customers and decrease competition
Elasticity of Demand
Elasticity of demand refers to how quickly consumer demand changes with a change in price. If an increase in price results in a relatively large decrease in customer demand for the product, the firm cannot easily increase its profit margin. Alternatively, when a large number of buyers seek to purchase a firm's products, the buyers lose the ability to influence the price of the product
Improving Inventory Management with MIS
Few management information systems improvements impact competitive advantage as much as inventory management systems. • incremental improvements to inventory management can translate to huge overall savings Modern inventory management systems help to ensure a number of critical advantages, including that a minimal number of product touches occur from product creation to customer purchase. • retail stock remains available; that shelf-space is optimized; that re-orders remain timely; that stock obsolescence is minimized; and thatstock is accurately tracked at all times
Porter's 5 Forces: Buyers
If a single buyer represents a significant percentage of the supplier's sales, that buyer can exert significant control upon a firm. The Internet has greatly increased the information available to buyers and the number of suppliers from which the buyers can use
Porter's 5 Forces: New Competitors
If it is easy to start a competing firm that provides the same product, it will be hard for an existing business to ensure long-term financial stability. Strong barriers to entry decrease the strength of this force. Barriers to entry are factors that make it difficult for competitors to enter the market. Conversely, if the barriers to entry remain low, new competitors can easily enter the market, eroding an existing firm's ability to increase profit margins.
The 5 Tenets of Lean
In his book, The Machine That Changed the World, Dr.James Womack of M.I.T. specified the five tenets of Lean manufacturing. 1. Specifying the value of each product with precision 2. Identifying how each product acquires its value (the value stream) 3. Ensuring that the value flows to the product without interruption or eliminating steps that do not directly add value 4. Allowing customers to pull increased value from the producer, meaning that nothing is created until the customer demands it 5. Relentlessly pursuing perfection. Toyota used this last tenet, the relentless pursuit of perfection, as the slogan for its Lexus line of vehicles.
Lieberman and Montgomery's First-Mover Advantage
In the 1980s, Professors Marvin B. Lieberman and David B.Montgomery of UCLA's Anderson School of Management examined the advantages and disadvantages of being the first firm to enter a product into the market. They determined that being the first to market provided three significant advantages. • employee experience • securing resources • customer adaptation
Cybercrime on-going series of events
Include cyberstalking, child predation, extortion, blackmail, and terrorist activities.
Just-In-Time (JIT) Inventory Manufacturing and Inventory Management
JIT seeks to minimize excess inventory and keep manufacturing lines agile to save money and to allow for changing customer demands. JIT requires exceptionally smooth supply chains, as parts—and often even labor—are not purchased until the moment they are needed in the assembly process .JIT practices can provide significant savings and competitive advantages when used effectively
How are firewalls used to protect data?
Large organizations often utilize a system of complex firewalls to protect their networks. These firewalls can be configured to prevent unauthorized access to networks from outside the organization and to prevent employees from sending or transmitting sensitive data. Typical firewall programs or hardware devices filter all information coming through the Internet to your network or computer system.
Lean manufacturing
Lean manufacturing capitalizes on the principles of Frederick Taylor and extends them to reach all employees. This commitment to excellence and continual training includes everyone from the most junior to the most senior employees in the firm. Lean manufacturing focuses on minimizing waste—both in material or work effort.
Implementing Lean Using MIS Tools
Lean manufacturing principles focus on increasing efficiencies by improving supply lines and through creating a well-trained, highly knowledgeable workforce that assertively acts to minimize waste and maximize value in every process and product. Management information systems help to ensure that communication and information flow rapidly throughout the entire organization so that every stakeholder has an opportunity to offer suggestions and to make improvements.
Malware
Malware is short for malicious software and is designed to steal information, destroy data, impact the operations of a computer or network, or frustrate the user. Common types of malware include viruses, worms, and Trojans. Malware programs are often developed by hackers or teams of hackers who are looking to make money by launching the malware on their own or by selling it on the Dark Web.
PESTEL: Socio-cultural Factors
Management information systems also allow managers to gain a sense of socio-cultural changes in the environment
PESTEL Analysis
Managers use different methodologies and tools to evaluate external opportunities and threats. One popular process is referred to as a PESTEL analysis: Political Economic Socio-cultural Technological Environmental Legal Issues facing an Organization
Rootkit: Security Bypass
Many rootkits are designed to bypass security software that has been installed on a device which makes them extremely difficult to detect. Security software often can catch and disable a rootkit when it has been installed
Market Segmentation
Market segmentation is the process of dividing a market of both potential and existing customers into groups (i.e., segments) based on a variety of characteristics including both demographic and psychographic types of data. •segmented groups share common traits, interest, needs, wants, and geographic location
How are Ransomware Attacks Launched?
Methods of Attack • Phishing is commonly executed through email messages. Illegitimate file attachments are included in what appears to be a legitimate email message. • Built-in social engineering software that tricks a user into allowing administrative access to crucial data. Some ransomware attacks are designed to take advantages of poor security controls and do not require a user to give administrative access
Scanning the Environment: SWOT Analysis
Most businesses use some sort of strengths, weaknesses, opportunities, and threats(SWOT) analysis in their strategic planning. A SWOT analysis attempts to identify an organization's (or an individual's) internal strengths and weaknesses and examines external opportunities and threats.
Rootkit Safety Recommendations
Norton recommends taking the following steps to defend against rootkits. •Don't ignore software updates-it is important to make sure that your operating system and antivirus software are up to date. •Be aware of phishing emails-phishing messages are designed to trick the user into providing sensitive information or downloading illegitimate software. Be cautious of email messages and file attachments. •Watch out for drive-by downloads-a drive-by download occurs when you visit an illegitimate website that automatically downloads malware onto a device. •hackers have also been known to implant code into a legitimate website which can then execute an automatic download •Norton says the best way to avoid a drive-by download issue is to make sure your software is frequently updated
Cybercrime single event
Occur when victims endure a single event such as unknowingly downloading a Trojan horse virus, installing a keystroke logger, responding to a phishing request, experiencing theft or manipulation of data, or falling victim to identity theft and/or e-commerce fraud
Disadvantages to Christensen's Disruptive Innovation Model
Often, a firm will miss an opportunity to take advantage of disruptive technology because the disruptive technology involves significant risk and requires allocating resources that could be used to improve existing products. This can allow start-ups to gain significant competitive advantages with new technologies. Examples of this can be seen with how Sears, which revolutionized catalog (mail order) sales and developed the concept of shopping mall anchor stores, failed to make the online leap while Amazon successfully capitalized on this technology, as did Netflix with mail-order, and then streaming video, even though Blockbuster enjoyed large market strength
First Mover Advantages: Employee experience
One advantage is that the firm's employees will learn from experience how to use technologies and processes to develop the product
Behavioral Science
One method organizations are using to deal with the increase in cybersecurity threats and the decrease in the effectiveness of traditional security means is the use of behavior science in their data and network security policies.
Blue Ocean Strategy
Organizations should focus on a differentiation strategy while also seeking price leadership.
Customer Relationship Management
Organizations use customer relationship management (CRM) systems to assist in the management of the critical relationships they have developed with their customers. These systems assist organizations to synchronize business operating units relating to customer interaction. Customer interaction includes the marketing, sales, and service areas of the organization
Packet Sniffer
Packet sniffers (or packet analyzers) are specialized hardware or software that capture packets transmitted over a network. Unauthorized sniffers are used to steal information. Illegitimate packet sniffers can be very difficult to detect and can lead to data breaches.
How Packet Sniffers, Rootkits and DoS Attacks Impact Computers and MIS Systems
Packet sniffers, rootkits and DoS attacks can have a major impact on MIS systems. These types of attacks can cause financial losses, lost productivity, and downtime. It is important that the risk of these threats be analyzed by an organization and that proper plans for monitoring, detection, and remediation are in place. In 2019, TechJury compiled a list of cybersecurity statistics that show the impact of different malware and network attacks. •43% of all cyberattacks are aimed at small businesses •91% of attacks launch with a phishing email •85% of all attachments emailed daily are harmful for their intended recipients •38% of malicious attachments are masked as one Microsoft Office type of file or another
How Do White Hat Hackers Attempt to Infiltrate Data Networks?
Penetration testing involves activities where white hat hackers are paid to hack into private networks and applications. • their goal is to find gaps in network security and to test security defenses • after the penetration activities conclude, reports are submitted that identify weaknesses and remediation White hat hackers use the same techniques and tools that are used by illegitimate hackers. Breach and attack simulation technologies are used to automate hacking and threat/infiltration analysis.While white hat hacking can be very effective, there are some limitations. • first, it can be very expensive • additionally, often the focus is on infiltration which makes the analysis one dimensional • lastly, the cybersecurity environment is ever-changing and results can be quickly outdated
Phishing
Phishing is the illegitimate use of an email message that appears to be from an established organization such as a bank, financial institution, or insurance company. In order to appear legitimate, the message often contains the company's logo and identifying information. Phishing uses legitimate looking email messages to con a user into giving up private information such as account numbers, social security numbers and personal information. Phishing scams direct users to a fake website where they are asked to enter or update personal information Phishing attacks are quite common, but what do you do if you received a suspected phishing message? •Banks and credit card companies will never ask you to provide personal information via email messages-never give personal information out through email messages or over the phone. •If you receive a suspicious message, contact the institution that the message was allegedly sent from-this will allow you to confirm the legitimacy of the message and also allow you to make the organization aware of an issue if it is present. Contact US-CERT using these preferred methods: •in Outlook, you can create a new message and drag and drop the phishing email into the new message and then address the message to [email protected] to send it •if you cannot forward the email message, at least send the URL of the phishing website, or you can call the number on the US-CERT website
Porter's Generic Business Strategies
Professor Michael E. Porter added to his five-forces model by highlighting basic strategies that businesses must follow if they wish to gain competitive advantage. Two fundamental strategies: • price leadership • product differentiation Each strategy could be used in two separate market categories: • broad markets • niche markets
Red and Blue Ocean Strategies
Professors W. Chan Kim andRenee Mauborgne published BlueOcean Strategy in 2004 to describe a concept that further developed the price leadership vs. product differentiation strategies. By focusing on innovation and creativity, organizations can avoid the constant drive to cut costs.
How CRM Systems Assist in Prospecting New Customers
Prospecting is the method of searching and finding potential customers for a product or service. •prospecting involves identifying potential customers, designing effective marketing strategies to reach them, and then converting them from prospect to customer •according to HubSpot, in a recent survey 42% of sales professionals rated sales prospecting as the most difficult stage of the sales process •in order to make the prospecting process easier, many firms turn to external prospect software that integrates with their CRM to assist them with prospecting
How CRM Systems Assist in Qualifying Potential Customers
Qualifying potential customers is an important part of the sales process. •Qualifying a potential customer occurs when an organization determines whether or not an individual or business makes sense to pursue as a potential customer. •Research shows that qualified sales leads result in better close rates and a higher return on investment (ROI) than non-qualified leads. •This process can be difficult to execute without the assistance of CRM software. Many CRM software programs offer the opportunity to create customized sales funnels based on specific organizational needs and sales characteristics. Additionally, they give the user the ability to make distinctions between prospects and realistic sales opportunities. Pursuing unqualified leads can be costly to a company because spending marketing dollars to pursue them often does not succeed.
Ransomware
Ransomware is malware that makes a computer's data inaccessible until a ransom is paid. - it usually invades a computer in a Trojan Horse, in a legitimate looking email or with a worm in a networked computer How Ransomware Works: 1. Ransomware typically encrypts the victim's data files. A message offers to decrypt the files if the victim makes a ransom payment to the perpetrator. 2. Payment is made via a means that is difficult to trace such as Bitcoin or with prepaid credit cards. 3. Once payment is made the perpetrator may or may not send a decrypting code that allows the victim to open the data files again.
Six Sigma
Six Sigma refers to sets of processing techniques that seek to reduce variance in output to less than 3.4 errors per 1,000,000manufacturing steps. • it also attempts to reduce the total number of steps in any process to the minimum amount possible • because of its focus on reducing variation to eliminate product defects, Six Sigma methodologies rely heavily upon data analysisWhile Lean manufacturing techniques seek to eliminate waste in the production process, SixSigma seeks to eliminate defects.
Social Engineering
Social engineering is the use of computers and digital technology to manipulate people so they divulge confidential information such as usernames, passwords, account information. It is also used to gain unauthorized access to a digital device so malware can be installed. Popular Social Engineering Attacks •One popular social engineering attack takes place when an impostor poses as an organization's IT person. •The IT impostor contacts an individual within an organization via email or the phone and attempts to get the individual to divulge sensitive information such as a username and password. •Employees often fall victim to this con because the person who is communicating does their best to be convincing and trustworthy.
Rootkit: Undetected
Some rootkits go undetected for long periods of time. When this occurs often the only remedy is to uninstall the computer's operating system and then reload it.
Spear Phishing
Spear phishing is a precise type of attack such as an email scam that is directed toward a specific person or organization. Spear phishing attacks are designed to steal data and some attacks may also be designed to install malicious software on a device. •an email arrives in your inbox and appears to be from the bank where you got your car loan. You open the message which prompts you to visit a bogus site that appears to be your bank. •You fail to identify the site as bogus and enter your username and password to access your account. This information is recorded and can now be used by the attacker. It's that simple. •Unfortunately, many security programs fail to catch these attacks because they are skillfully designed to appear to be legitimate.
Porter's 5 Forces: Competition
The ability for a firm to enjoy significant profit margins decreases as the number of competitors offering essentially the same products or services increases. Ex: If customers believe that an organization provides higher quality goods or better service, then the organization can charge a premium, or gain market share, or (ideally) both
Porter's 5 Forces: Substitutes
The ability of buyers to substitute one product for another also impacts a company's ability to increase its profit margins. This means that a business must not only look at its direct competitors, but also must contend with those firms that offer a product that a consumer might alternatively choose. The existence of suitable substitutes inhibits the ability of companies to raise prices arbitrarily
PESTEL: Techonology
The acceleration in the advances in technology allows organizations on the forefront of these advances gain clear competitive advantages in the market.
First Mover Advantages: Securing resources
The first firm to enter the market has an opportunity to secure important raw materials and to develop necessary logistics lines ahead of any other competitors.
Porter's 5 Forces: Suppliers
The relative strength of suppliers also impacts a firm's ability to become more profitable. During the 1950s, unions exercised considerable control over the labor supply. • automobile manufacturers became less profitable as a higher percentage of their revenue went to off set labor costs • these firms spent less money on tooling and on upgrading factories to help offset labor costs enabling foreign manufacturers with newer factories to gain market share
PESTEL: Economics
The state of the economy plays a huge role in the success or failure of any firm.Even organizations that may seem insulated from business cycles, such as state-funded universities, notice significant swings in enrollments based on the strength or weakness of the economy
PESTEL: Environmental Factors
The use of information systems when assessing the environment and environmental changes allows managers to ensure that their products minimize their impact on the environment.
Fast-Follower Strategy
This fast-follower strategy makes use of the research and development conducted by the innovator, and typically develops a competing product at a lower price. The key is to offer the competing product rapidly enough so that early majority adopters have a choice when purchasing the product for the first time.
How Do Trojans Infect Computers?
Trojans are designed using some sort of social engineering tactic that tricks the users into loading and executing the Trojan. When a Trojan is deployed hackers have the ability create a backdoor to the user's system which allows them to spy on computer activities and steal sensitive data. Trojans are designed to give hackers the ability to delete, block, modify, and copy data. Trojans can also be used to interrupt network communication and to affect computer performance
Disadvantages of JIT
Unfortunately, JIT faces significant challenges during supply disruptions, such as those that occur during natural disasters. With manufacturers ordering parts from suppliers all over the world, the likelihood of supply chain disruptions can increase dramatically. This became particularly obvious during the COVID-19outbreak of 2019-2020, when a lack of sufficient inventory on-hand led to widespread shortages and panic-buying of paper products and sanitizers.
PESTEL: Political Factors
When conducting a PESTEL analysis a manager determines which political factors might impact the organization
White Hat Hackers
White hat hackers are non-malicious computer security experts who test the security measures of an organization's information systems to ensure they are protected against malicious intrusions. • these ethical hackers execute a variety of tasks designed to test the security of an organization's IT infrastructure • white hat hackers are often hired as consultants to expose weaknesses in a network's firewalls
Porter's Generic Business Strategies: Price Leadership or Differentiation in Broad or Niche Markets
With price leadership, an organization seeks to offer a product to a large market at the lowest possible price by maximizing efficiencies and using economies of scale. • economies of scale occur when increases in production result in lower costs per unit produced A differentiation strategy requires the firm to offer a product with qualities that give it a unique appeal, i.e., an exclusivity, that allows the firm to demand a higher price than a strict price leadership strategy would entail. • Porter also showed how businesses can use these two strategies in broad markets as well as in niche markets • he also called the niche market strategies "focused price leadership"and "focused differentiation"
Tiny Banker Trojan (TBT)
• Andrei Ene reported that the Tiny Banker Trojan (TBT) is one of the worst Trojan malware attacks in the last 10 years. • He reported, "Tiny Banker Trojan (TBT) was a real problem for infected systems with this malware. • It was found to have infected more than two dozen major bankinginstitutions in the United States, and at its core, is based on amodified and scaled-down version of another virus known as BankerTrojans. • TBT infects the system and the browser using various methods, proceeds to archive the data that is sent between you and the banking site, and after you login into the website, it generates a fraudulent pop-up requesting for the login credentials using the original logo and the name of the real site."
Four Steps to Protect Computers and Networks From Natural Disasters
• Business Continuity Plan - The Federal Emergency Management Agency (FEMA) recommends that organizations have well-designed business continuity plans in place. • this plan outlines the steps that should be taken if a cyberattack occurs • Off-site cloud storage - data is stored outside an organization and thus increases the likelihood that data can be retrieved, should a natural disaster occur • Maintenance of Data Inventory - The whereabouts of data should be documented. • Geographic Data Redundancy - The replication and storage of data in separate locations.
EventBot
• India's Computer Emergency Response Team (CERT-In) recently identified a form of malware that targets Android phone users. • The malware which has been named EventBot is designed to steal financial information from apps loaded on Android devices. • CERT-In issued a statement cautioning users to be aware that the Trojan may appear as a legitimate application such as Microsoft Word or Adobe Flash that is downloaded from a third-party site. • According to CERT-In, EventBot "... is a mobile-banking Trojan and info-stealer that abuses Android's in-built accessibility features to steal user data from financial applications, read user SMS messages and intercept SMS messages, allowing malware to bypass two-factor authentication."
How Business Uses CRM systems to Acquire New Customers
•A lead generation funnel starts with gaining customer interest. Marketing activities driven by CRM can help to stimulate interest •next, the organization attempts to gain interest about a product or service. After interest comes desire •CRM software and the analytics it provides are used to create the need, want, or desire to purchase a product or service •the last phase of the funnel is action, which is also known as purchase. In this phase the customer pays for the product or service CRM software is used to track purchases and record purchase information. CRM software systems track prospective and current customers through the various stages of the funnel •Software assists organizations in identifying marketing qualified leads (MQLs) and sales qualified leads (SQLs). •A MQL is a lead (i.e., a prospective customer) who has an identified interest in a brand or product/service offering. •MQLs have intentionally engaged with a product or service by performing actions such as downloading content from a site, repeated visits to a website, and adding materials to an online shopping cart. •A SQL is a lead that has been qualified and is ready to make a purchase. MQLs are curious while SQLs are ready to take action. •CRM software supports businesses in identifying which leads are MQL and which are SQL so that organizations can properly engage both groups.
What is the difference between a MQL and a SQL?
•MQLs (marketing qualified leads) are curious while SQLs (sales qualified leads) are ready to take action
UEBA
•UEBA stands for user and entity behavior analytics •it is a type of cybersecurity that observes and records the conduct of computer and network users, both inside and outside the organization •information is used to identify any behavior that deviates from normal behavior •UEBA uses a variety of different tactics to create a map of pattern behavior including machine learning, statistical analysis, artificial intelligence (AI), and machine learning •tactics are used to create a map of behavior, monitor behavior, and report when an anomaly arises
What is customer acquisition?
•customer acquisition consists of the processes and strategies an organization uses to obtain new customers
What activities are recommended to uncover customer needs, wants, preferences, and expectations?
•customer surveys, social media, monitor procurement methods, and analytics
How Packet Sniffers Work
•every time you view a webpage, send an email, or share a file, your data is sent across the Internet in many small manageable pieces known as data packets •packet sniffers record the data packets as they are sent over a network and copy the information to a designated file which is known as the packet capture process
What are the four factors to be considered when selecting a customer segmentation tool?
•integration, data collection and analytical tools, flexibility and scalability, cost
Network Access Translation (NAT)
•it was developed by Cisco and is used by firewalls, routers, and computers that are part of a network and are connected to the Internet to protect data •provides a type of firewall protection by hiding internal IP addresses •used to prevent many types of network attacks, but in order to maximize security it must be used in conjunction with the firewall built into the router or by the firewall provided by the OS •NAT can be Packet filters inspect each packet leaving or entering a network and either accept or reject it a packet based on a predetermined set of rules
What is market segmentation?
•market segmentation is the process of dividing a market of both potential and existing customers into groups (i.e., segments) based on a variety of characteristics
What is sales prospecting?
•sales prospecting is the method of searching and finding potential customers for a product or service
Types of Keystroke Loggers
•software-based keystroke logger is often a Trojan that is installed without the user's knowledge •hardware-based keystroke logger often takes the form of a USB device that can be attached to a computer to record keystrokes •cloud-based keystroke loggers are available for use by parents, organizations, and others and are designed to record most computer activities that take place via a web browser
Cybersecurity Risk Assessment
•the first thing that should take place is a cybersecurity risk assessment. NIST states that a cybersecurity risk assessment is about understanding, managing, controlling, and mitigating cyber risk across your organization •it is a crucial part of any organization's risk management strategy and data protection efforts •the primary purpose of a cybersecurity risk assessment is to help inform decision-makers and support proper risk responses •the assessment also provides an executive summary to help executives and directors make informed decisions about security Risk can be calculated using the following calculation: Risk = Threat x Vulnerability x Asset.
