ism ch.2

competitive advantage

A feature of a product or service that an organization's customers place a greater value on than similar offerings from a competitor.

A stakeholder

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

first-mover advantage

Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage.

value chain analysis

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

Technology development:

applies MIS to processes to add value.

Business process

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

Firm infrastructure:.

includes the company format or departmental structures, environment, and systems

. Primary value activities

primary value activities Found at the bottom of the value chain, these include business processes that acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services.

Primary value activities

primary value activities Found at the bottom of the value chain, these include business processes that acquire raw materials and manufacture, deliver, market, sell, and provide after-sales services.

Human resource management:

provides employee training, hiring, and compensation.

Procurement:

purchases inputs such as raw materials, resources, equipment, and supplies.

Support value activities

support value activities Found along the top of the value chain and includes business processes, such as firm infrastructure, human resource management, technology development, and procurement that support the primary value activities. ,

Potential Internal Strengths (Helpful):

Identify all key strengths associated with the competitive advantage including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, and improved marketing campaigns.