INFO 209
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.
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 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.
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.
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.
