ISTM 209
BUSN INFO SYSTEM CONCEPT
Texas A & M University-College Station
A ___ is the confirmation or validation of an event or object.
The ___ is the present time, during which infinite quantities of facts are widely available to anyone who can use a computer.
- Amazon - not technology; primary business is selling books
- Netflix - not technology; primary business is renting videos
- Zappos - not technology; primary business is selling shoes
What are 3 examples of the power of business and technology?
- Data
- Information
- Business Intelligence
- Knowledge
What are the 4 core drivers of the information age?
___ are raw facts that describe the characteristics of an event or object.
A fundamental role of all business managers is to be able to take the ___ and analyze it to make great business decisions.
___ is data that is converted into meaningful and useful context.
If you were building a system to track students, height, name, and hair color would be examples of ___.
If you were building a system to track students, student to professor ratio, number of students who pass the course, and percentage of marketing majors who are female would be examples of ___.
If you were building a system to track inventory, chair manufacturer, chair color, and chair size would be examples of ___.
If you were building a system to track inventory, number of chairs required for students in each class and average number of chairs replaced per year would be examples of ___.
___ is information collected from multiple sources such as suppliers, competitors, customers, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
___ manipulates multiple variables, including interest rates, weather conditions, and gas prices.
Managers use tools such as Pivot Tables in Excel to find ___ in data.
___ are skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources.
A ___ is an individual valued for their ability to interpret and analyze information.
Imagine that Tony analyzes his data and finds his weakest sales representative for this period is Craig Schultz. If Tony considered only this information, he might conclude that firing Craig was a good business decision. However, because Tony has ___ about how the company operates, he knows Craig has been out on medical leave for several weeks.
The ___ department maintains policies, plans, and procedures for the effective management of employees.
The ___ department supports sales by planning, pricing, and promoting goods or services.
The ___ department performs the function of selling goods or services.
The ___ department records, measures, and reports monetary transactions.
Successful companies operate ___, integrating the operations of all departments.
Management Information Systems
___ are the primary enabler of cross-functional operations.
___ data in MIS comes from the accounting department/
___ data in MIS comes from the finance department.
___ data in MIS comes from the human resources department.
___ data in MIS comes from the marketing department.
___ data in MIS comes from the operations management department.
___ data in MIS comes from the sales department.
___ are material items or products that customer's will buy to satisfy a want or need.
Clothing, groceries, cell phones, and cars are all examples of ___.
___ are tasks performed by people that customers' will buy to satisfy a want or need.
Waiting tables, teaching, and cutting hair are all examples of ___.
___ is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services.
___ is the rate at which goods and services are produced based upon total output given total inputs.
The ___ in the process of making a hamburger include the bun, lettuce, tomato, and ketchup.
The ___ in the process of making a hamburger include cooking the patty, chopping the lettuce and tomato, and placing all items on the bun.
The ___ in the process of making a hamburger include the hamburger.
___ 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
___ is information that returns to its original transmitter (input, transform, or output) and modifies the transmitter’s actions.
An example of ___ is a car’s system continuously monitors the fuel level and turns on a warning light if the gas level is too low.
A ___ is a collection of parts that link to achieve a common purpose
Management Information Systems (MIS)
___ is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
Is MIS a business function?
Chief Information Officer (CIO)
The ___ oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
Chief Knowledge Officer (CKO)
The ___ is responsible for collecting, maintaining, and distributing the organization’s knowledge
Chief Privacy Officer (CPO)
The ___ is responsible for ensuring the ethical and legal use of information.
- Jack Welch - GE
- Jeff Bezos - Amazon
- Bill Gates
- Michael Dell
Some famous CEO's are ___ of Amazon, ___ of GE, ___ of Microsoft, and ___ of Dell.
Chief Security Officer (CSO)
The ___ are responsible for ensuring the security of IT systems
Chief Technology Officer (CTO)
The ___ is responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT
___ is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor
___ occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
First-Mover = temp Competitive = perm
___ advantage is temporary, while ___ advantage is more permanent.
___ is the process of gathering information about the competitive environment to improve the company’s ability to succeed
One of Porter's Five Forces, ___ is the ability of buyers to affect the price of an item
___ manipulate costs that make customers reluctant to switch to another product.
A ___ rewards customers based on the amount of business they do with a particular organization.
Buyer power can also be called ___.
On of Porter's Five Forces, ___ is the supplier;s ability to influence the prices they charge for supplies.
A ___ consists of all parties involved in the procurement of a product or raw material.
- Charging higher prices
- Limiting quality or services
- Shifting costs to
industry participants.
If supplier power is high, the supplier can influence the industry by ___ (3).
Threat of substitute products or services
The ___ is high when there are many alternatives to a product or service and low when there are few alternatives.
The ___ is high when it's easy for new competitors to enter a market and low when there are significant entry barriers.
An ___ is a feature or a product or service that customers have come to expect and entering competitors must offer the same for survival.
- Energy – the organization has to have the infrastructure
to support energy
- Telecommunications – the organization has to invest in a telecommunications infrastructure prior to offering services
- Banking – the bank must offer its customers an array of IT-enabled services including ATMs and online account services
What industries have high entry barriers?
- Restaurants
– simply lease a space, obtain a license, and you can sell food
- Catering – simply offer food and deliver
- Movie rental – simply buy the movies, pay the licensing fee, and offer the movies for rental (Netflix is high b/c tech)
What are 3 industries with low entry barriers?
____ occurs when a company develops unique differences in its products or services with the intent to influence demand
- Buyer Power
- Supplier Power
- Threat of substitute products/services
- Threat of new entrants
- Rivalry among competitors
What are Porter's Five Forces?
- Broad Cost Leadership
- Broad Differentiation
- Focused Strategy
Organization's must choose 1/3 generic strategies when entering a new market, which are ___.
Focused strategies reach a ___ market.
Walmart employs a ___ generic strategy.
Neiman Marcus employs a ___ generic strategy.
A ___ is a standardized set of activities that accomplish a specific task, such as a specific process
A ___ views a firm as a series of business processes that each add value to the product or service
___ are when a company separate the it's activities into two categories: 1) primary value activities and 2) support value
___ acquires raw materials and resources, and distributes.
___ transforms raw materials or inputs into goods and services.
___ distributes goods and services to customers.
___ promotes, prices and sells products to customers.
___ provides customer support.
___ purchases inputs such as raw materials, resources, equipment, and supplies.