MIS Chapter 1&2 Review Questions

What is the relationship between data, information, business intelligence?

Begins with Data Information = data converted into meaningful and useful context B.I. = information collected from multiple sources Knowledge= skills, experience, and expertise coupled with information and intelligence

How can a manager turn data into information?

By analyzing the data and converting it into meaningful and useful context

What are Porters three generic strategies and why would a company only want to follow one?

(1) Broad cost of leadership, (2) Broad differentiation, (3) focused strategy. Companies follow one of these strategies so it can project a consistent image to the entire marketplace.

how can sales department use CRM to improve operations

3 primary technologies to increase sales by adopting sales management CRM systems contact management crm systems opportunity management crm system

difference between CRM, ERM, SRM

CRM is customer relationship to increase customer loyalty and retention with profitability SRM focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects ERM provides web-based self-service tools that streamline and automate the HR department

What is data and why is it important to business?

Data is raw facts that describe the characteristics of an event or object. It is important because it allows business managers to make more successful business decisions.

Why is it important for a company to operate cross-functionally?

In order to be a successful company it must operate cross-functionally, integrating the operations of all departments.

Explain MIS and the role it plays in a company and in global business.

M.I.S. is a business function that moves information about people products and processes across the company to facilitate decision making and problem solving. M.I.S. helps a business operate cross-functionally.

What business strategies would you use if you were developing a competitive advantage for a company?

Managers use three common tools to analyze competitive intelligence and develop competitive advantages including: 1. 5 Forces Model- for evaluating industry attractiveness 2. 3 generic strategies, for choosing a business focus 3. value chain analysis, for executing business strategies.

Explain Porters five forces and the role it plays in decision making.

Porter's Five Forces Model analyzes the competitive forces within the environment in which a company operates, to asses the potential for profitability.

Explain systems thinking and how it supports business operations.

Systems thinking 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 provides end-to-end view of how operations work together to create a product of service.

Why would a company to have a CIO, CPO, and CSO?

These positions hold responsibility and oversee M.I.S.

How can a company use Porter's value chain analysis to measure customer satisfaction?

Value chain analysis is a highly useful tool that provides hard and fast numbers for evaluating the activities that add value to products and service. A company could survey its customers on their overall satisfaction. (support value activities)

Is MIS essential for businesses operating in the information age? Why or Why not?

Yes. M.I.S. is a business function that moves information about people products and processes across the company to facilitate decision making and problem solving. M.I.S. helps a business operate cross-functionally. Reduces time, make a company more technologically sound.

How do integrations connect a corporation?

a corporation built connections among its many databases. it allows separate system to communicate directly with each other with multiple systems. integration allows the sharing of information across databases.

what is the bullwhip effect and how can it impact a supply chain and a firm's profitability?

bullwhip effect is when a distorted product demand information ripples from one partner to the next throughout the supply chain. it impacts a supply chain by having excess stockpile of inventory and costs or loss of profitability

How could a company use loyalty programs to influence buyer power? How could a company use switching costs to lock in customers reluctant to switch to another product or service?

companies can reduce buyer power w loyalty programs, which reward customers based on their spending. one way to reduce buyer power is by manipulating switching costs, costs that make customers reluctant to switch to another product/service.

what is the difference between forward and backward integrations?

forward integration takes information entered into a given system and sends it automatically to all downstream systems and processes while backward integration takes information entered into a system and sends to to all upstream systems and processes.

how can a marketing department use CRM to improve operations

list generator, campaign management, cross selling and up selling are used to increase customer satisfaction

difference between operational and analytical CRM

operational CRM supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers and analytical CRM supports the back-office operations and strategic analysis that do not deal directly with the customers.

what are the five primary activities in a supply chain

plan, source, make, deliver, return