K201LectureVocab
Terms
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- a product or service that an organizations customers place a greater value on than similar offerings from a competitor
- competitive advantage
- occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
- first-mover advantage
- the acquisition and analysis of events and trends in the environment external to an organization
- environmental scanning
- Five Forces Model
- buyer power, supplier power, threat of substitute products/services, threat of new entrants, rivalry among existing competitors (BSTTR)
- reward customers based on the amount of business they do with a particular organization
- loyalty programs
- consists of all parties involved in procurement of a product or raw material
- supply chain
- an internet-based service that brings together many buyers and sellers
- business-to-business marketplace
- a buyer-to-buyer marketplace in which a single buyer posts its needs and then opens the bidding to any supplier who cares to bid
- private exchange
- increasingly lower bids are solicited from organizations willing to supply the desired product or service at an increasingly lower price
- reverse auction
- high when there are many alternatives to a product or service and low when there are few alternatives to choose from
- threat of substitute products or services
- costs that can make customers reluctant to switch to another product or service
- switching costs
- high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market
- threat of new entrants
- a product or service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to survive
- entry barrier
- high when competition is fierce in a market and low when competition is more complacent
- rivalry among existing competitors
- a standardized set of activities that accomplish a specific task
- business process
- views an organization as a series of processes, each of which adds value to the product or service for each customer
- value chain
- Porters 3 Generic Strategies
- broad cost leadership, broad differentiation, focused strategy
- involves the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability
- supply chain management
- the strategy for managing all the resources required to meet customer demand for all products and services
- supply chain strategy
- the partners chosen to deliver finished products, raw materials, and services including pricing, delivery, and payment processes along with partner relationship monitoring metrics
- supply chain partners
- the schedule for production activities, including testing, packaging, and preparation for delivery. Measurements for this component include productivity and quality
- supply chain operation
- the product delivery processes and elements including orders, warehouses, carriers, defective product returns, and invoicing
- supply chain logistics
- involves managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organization\'s profitability
- customer relationship management
- the analysis and redesign of workflow within and between enterprises
- business process reengineering
- integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprise wide information on all business operations
- enterprise resource planning
- the measures that are tied to business drivers
- key performance indicators
- measure the performance of the IT system itself including throughput, speed, and availability
- efficiency IT metrics
- measure the impact IT has on business processes and activities including customer satisfaction, conversion rates, and sell-through increases
- effectiveness IT metrics
- baseline values the system seeks to obtain
- benchmarks
- a process of continuously measuring system results to optimal system performance, and identifying steps and procedures to improve system performance
- benchmarking
- the amount of information that can travel through a system at any point
- throughput
- the amount of time a system takes to perform a transaction
- transaction speed
- the number of hours a system is available for users
- system availability
- the extent to which a system generates the correct results when executing the same transaction numerous times
- information accuracy
- includes a host of benchmarks such as the number of unique visitors, and the average time spent viewing a web page
- web traffic
- the time it takes to respond to user interactions such as a mouse click
- response time
- a management system that enables organizations to clarify their vision and strategy and translate them into action
- balanced scorecard
- _______information systems is the function that plans for, develops, implements, and maintains IT hardware, software, and applications that people use to support the goals of an organization.
- Management
- _________modeling involves graphically representing the process that capture, manipulate, store, and distribute information between a system and its environment.
- Process
- ________the activity of drawing a graphical representation of a design
- Modeling
- A(n) ________ advantage is a product or service that an organizations customers place a great value on than similar offerings from a competitor.
- Competitive
- _________helps to determine the relative attractiveness of an industry.
- Five Forces Model
- A ________ chain consists of all parties involved, directly or indirectly, in the procurement of a product or raw material.
- Supply
- A product or service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive is considered to be a(n) _______.
- entry barrier
- Supply chain management involves the management of __________ flow between and among stages in a supply chain to maximize total supply chain effectiveness and profitability.
- information
- Supply chain __________ is the schedule for production activities including testing, packaging, and preparation for delivery.
- Operation
- Customer relationship management involves _________ all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability.
- managing
- ________ IT metrics measure the performance of the IT system itself including throughput, speed, availability, etc.
- Efficiency
- _______are baseline values the system seeks to attain.
- Benchmarks
- A sort of techniques that aid in evolution, composition, and policy management of the design and implementation of a system.
- Change Management
- Decision Making Steps
- 1. Define problem/goal 2. gather data and convert into information 3. develop alternatives 4. rate alternatives 5. make a decision
- Part of the spreadsheet model that we have no control over; known facts; won\'t change.
- Input value
- Part of the spreadsheet model that helps us decide. It varies.
- Decision Variables
- A type of decision variable that wont change, describes current situations as they are.
- Descriptive
- A type of decision variable that aids in what if analysis and testing of the model.
- Prescriptive
- This part of modeling process combines inputs and decision variables.
- Formulas/Relationships
- This part of the modeling process is what we want to find out. Examples: total profit, total cost
- Outputs
- Use this type of chart to show how one item relates to a whole or when using percentages.
- Pie Chart
- Use this type of chart when showing how one item relates to other items.
- Bar/Column chart
- Use this type of chart when showing a trend over a period of time.
- Line chart