ISTM 209 EXAM 1

Porter's Five Forces Model definition

analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.

Supply Chain

consists of all parties involved, directly or indirectly, in obtaining raw materials or a product.

Knowledge facilitators

help harness the wealth of knowledge in the organization.

Analytics

is the science of fact-based decision making.

What is the Internet of Things?

A world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention.

What are the 6 business units?

Accounting, Finance, Human resources, Marketing, Operations management, Sales.

Primary Value Activities

Acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services.

Porter's Three Generic Strategies

Broad Cost Leadership, Broad differentiation, and Focused strategy.

Machine-to-Machine (M2M)

Devices that connect directly to other devices.

Knowledge assets

Intellectual capital, are the human, structural and recorded resources available to the organization.

Machine-generated data

Is created by a machine without human intervention. Sensor data, point-of-sale data, and web log data.

What is the difference between data and information?

Machines need data and Humans need information.

What are the 6 stakeholder interests?

Partners/Suppliers, Shareholders/Investors, Community, Employees, Customers, Government.

What are the Five Basic Supply Chain PLAN Activities?

Plan, Source, Make, Deliver, Return.

What are the 2 categories that groups a firm's activities?

Primary Value Activities Secondary Value Activities

Data

Raw facts that describe the characteristics of an event or object.

What are the 3 phases of CRM?

Reporting, Analyzing, and Predicting.

What 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?

Systems Thinking

What are the Porter's Five Forces that are in the Model?

Threat of Substitute Products or Services, Buyer Power, Supplier Power, Threat of New Entrants, Rivalry among Existing Competitors.

Value Chain Analysis

Views a firm as a series of business processes that each add value to the product or service.

What is the Information Age?

When infinite quantities of facts are widely available to anyone who can use a computer.

Variable

a data characteristic that stands for a value that changes or varies over time.

Report

a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information.

Competitive Advantage

a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.

Business strategy

a leadership plan that achieves a specific set of goals or objectives such as increasing sales, decreasing costs, entering new markets, or developing new products or services.

Stakeholder

a person or group that has an interest or concern in an organization.

Business process

a standardized set of activities that accomplish a specific task, such as processing a customer's order.

Snapshot

a view of data at a particular moment in time.

Common data repository

allows every department of a company to store and retrieve information in real-time allowing information to be more reliable and accessible.

Business-facing processes

also called back-office processes, are invisible to the external customer but essential to the effective management of the business; they include goal setting, day-to-day planning, giving performance feedback and rewards, and allocating resources.

Customer-facing processes

also called front-office processes, result in a product or service received by an organization's external customer.

Porter's Three Generic Strategies Definition

are generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or services.

Knowledge workers

are individuals valued for their ability to interpret and analyze information.

Core processes

business processes, such as manufacturing goods, selling products, and providing service, that make up the primary activities in a value chain.

Dynamic report

changed automatically during creation.

Module software design

divides the system into a set of functional units that can be used independently or combined with other modules for increased business flexibility.

SWOT analysis

evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Structured Data

has a defined length, type, and format and includes numbers, dates, strings such as Customer Address. Typically stored in a traditional system such as a relational database or spreadsheet and accounts fro about 20% of the data that surrounds us.

CRM reporting technologies

help organizations identify their customers across other applications.

CRM predicting technologies

help organizations predict customer behavior, such as which customers are at risk of leaving.

CRM analysis technologies

help organizations segment their customers into categories such as best and worst customers.

Support Value Activities

includes firm infrastructure, human resource management, technology development, and procurement.

Knowledge

includes the skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources.

Enterprise Resource Planning

integrates all departments and functions throughout an organization into a single system so that employees can make decisions by viewing enterprise-wide information on all business operations.

Sales analytics

involves gathering, classifying, comparing, and studying company sales data to analyze product cycles, sales pipelines, and competitive intelligence.

Customer analytics

involves gathering, classifying, comparing, and studying customer data to identify buying trends, at-risk customers, and potential future opportunities.

Customer Relationship Management

involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability.

Management Information Systems (MIS)

is a business function, such as accounting and human resources, that moves information about people, products, and processes across the company to facilitate decision making and problem solving.

Big data

is a collection of large complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools.

Business unit

is a segment of a company representing a specific business function.

Dynamic Process

is continuously changing and provides business solutions to ever-changing business operations.

Static report

is created once based on data that does not change.

Information

is data converted into a meaningful and useful context.

Human-generated data

is data that humans, in interaction with computers, generate. Input data, click-stream data, or gaming data.

Rivalry among Existing Competitors

is high when competition is fierce in market and low when competitors are more complacent.

Threat of New Entrants

is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market.

Threat of substitute products or services

is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.

Business Intelligence

is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.

Unstructured data

is not defined and does not follow a specific format and is typically free-form text such as emails, Twitter tweets, and text messages. 80% of data that surrounds us.

Business analytics

is the scientific process of transforming data into insight for making better decisions.

First-mover advantage

occurs when a company can significantly increase its market share by being first with a new competitive advantage.

Product differentiation

occurs when a company develops unique differences in its products or services with he intent to influence demand.

Information silo

occurs when one business unit is unable to freely communicate with other business units making it difficult or impossible for organizations to work cross-functionally.

Buyer power

the ability of buyers to affect the price they must pay for an item.

Supplier Power

the ability to influence the prices they charge for supplies.

Business Process Reengineering

the analysis and redesign of workflow within and between enterprises.

Fact

the confirmation or validation of an event or object.

Supply Chain Management

the management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitability.

Competitive Intelligence

the process of gathering information about the competitive environment, including competitors' plans, activities, products, to improve a company's ability to succeed.

Static Process

uses a systematic approach in an attempt to improve business effectiveness and efficiency continuously.

Prescriptive analytics

uses techniques that create models indicating the best decision to make or course of action to take.

Descriptive Analytics

uses techniques that describe past performance and history.

Predictive analytics

uses techniques that extract information from data and us it to predict future trends and identify behavioral patterns.