Details Title: ITM 309: Exam 1 Description: Exam 1 flashcards Total Flash Cards: 74 Created: 10/05/2009 17:27:24		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Internet/New Media Flashcards
Cards in this set: Term Define Data Definition Raw facts that describe the characteristics of an event (EG: date, item number, quantity) Term Define Information Definition Data converted into a meaningful and useful context (EG: best-selling item, best customer, worst-selling item) Term Define Efficiency Definition Measure the performance of the IT system itself (EG: throughput, speed, availability) Term Define Effectiveness Definition Measure the impact IT has on business processes and activities (EG: customer satisfaction, conversion rates, sell-through increases) Term Define Competitive Advantage Definition Product or service that an organization's customers place a greater value on than similar offerings from a competitor Term Define First-mover Advantage Definition Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage Term Define Environmental Scanning Definition The acquisition and analysis of events and trends in the environment external to an organization Term What are Michael Porter's Five Forces Definition -Buyer power, -Supplier power, -Threat of substitutes, -Threat of new entrants, -Rivalry amount existing competitors Term Describe Buyer Power Definition High when buyers have many choices from whom to buy and low when choices are few Term How do businesses reduce buyer power? Definition Organization must make itself more attractive relative to competitors to reduce ____. Term Define Loyalty Programs Definition Reward customers based on the amount of business they do with that company Term Describe Supplier Power Definition High when buyers have few choices and low when choices are many Term Define Supply Chain Definition All parties involved, directly or indirectly, in the procurement of a product or raw material Term Define Business-to-Business Marketplace Definition Web-based service that brings together buyers and sellers Term Describe the Threat of Substitute Products or Services Definition High when there are many alternatives to a product and low when there are few alternatives Term Define Switching Costs Definition Costs that can make customers reluctant to switch to another product or service Term Describe the Threat of New Entrants Definition High when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market Term Define Entry Barrier Definition A product or service feature that customers have come to expect in a particular industry and must Term Describe the Rivalry Amount Existing Competitors Definition High when competition is fierce in a market and low when competition is more complacent Term What are Porter's Three Generic Strategies Definition Broad cost leadership, broad differentiation, and focused strategy Term Describe Broad Cost Leadership Definition Low cost, broad market (EG: Hyundai- low cost vehicles in each model type, appealing to a large audience) Term Describe Broad Differentiation Definition High cost, broad market (EG: Audi- models available at different price points, in this case, differentiated by safety) Term Describe a Focused Strategy Definition Narrow market, cost varies (EG: Kia- focused cost leadership, only offer low cost, low end model) (EG: Hummer- focused differentiation, most focused, very niche market) Term Define Business Process Definition Standardized set of activities that accomplish a specific task Term Define Value Chain Definition Views an organization as a series of processes, each of which adds value to the product Term List examples of Primary Value Activities Definition Acquire raw materials, deliver, manufacture, market, sell Term List examples of Support Value Activities Definition Firm infrastructure, HR management, IT, procurement Term Ways to create value based on competitive advantages Definition -Target high value adding activities to further enhance their value, -Target low value adding activities to increase their value, -Perform some combo of the two Term What are the three levels of IT systems used in Enterprise? Definition -Executives: Executive Information Systems (EIS), -Managers: Decision Support Systems (DSS), -Analysts: Transaction Processing Systems (TPS) Term Define Transaction Information Definition All information contained within a single business process or unit of work, support performing of daily operational tasks (EG: purchasing stock, making airline reservations, withdrawing cash at ATM) Term Define Analytical Information Definition All organizational information, support performing of managerial analysis tasks (EG: trends, sales, statistics, future growth prediction) Term APPLE CASE 1) What might have happened to Apple if its top executives had not supported investment in iPods/iPhones Definition APPLE CASE 1) It would have fallen due to the Porter's Five Forces. -Rivalry of Competitors: Microsoft could have introduced its Zune first, and Apple wouldn't enjoy its reputation -Threat of New Entrants: New companies could have invented similar devices Term {image:111660|center} Definition {image:111660|center} Term APPLE CASE 2) Why would it be unethical for Apple to sell its iTunes customer information to other businesses Definition APPLE CASE 2) Because it would violate the users' trust and decrease Apple's reputation in the market Term APPLE CASE 3) Using Porter's Five Forces Model, analyze Apple's buyer power and seller poewr Definition APPLE CASE 3) -Apple's buyer power is relatively low, as the iPod is the dominant player in the portable music industry. Additionally, iTunes is the most popular music download service -Apple's supplier power is probably pretty average, as there are a fair amount of technology suppliers, ...??? Term APPLE CASE 4) Which of Porter's Five Forces did Apple address through its introduction of the iPod/iPhone Definition APPLE CASE 4) ...??? Term What are the two drivers of firm profitability? Definition Industry Structure (Profitability of average competitor, Five Forces Model) & Sustainable Competitive Advantage (Profitability relative to average competitor, Value Chain Model) Term Systems thinking focuses on how ____ interacts with ____ Definition ____ focuses on how the thing being studied interacts with the other constituents in the system Term Systems thinking works by ____ to take into account larger and larger ____ as an issue is being studied Definition ____ works by expanding its view to take into account larger and larger number of interactions as an issue is being studied Term Define Business Process Modeling Definition The activity of creating a detailed flow chart or process map of a work process Term Describe a Continuous Process Improvement Definition Attempts to understand and measure the current process, and make performance improvements accordingly Term Outline the steps of the Continuous Process Improvement Model Definition Document as-is process, establish measures, follow process, measure performance, identify and implement improvements Term For what two things is Process Improvement used Definition Eliminate unnecessary work and improve productivity Term Define Business Process Reengineering Definition Fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, speed, and service (IE: to make all business processes best-in-class) Term Outline the steps of Business Process Reengineering (BPR) Definition Set project scope, study competition, create new processes, implement solution Term HARLEY-DAVIDSON CASE 1) How does Talon help Harley-Davidson employees improve their decision-making capabilities? Definition HARLEY-DAVIDSON CASE 1) Help share data, doesn't bypass dealer, track repeat customers and referrals Term What are the three levels of decisions? Definition Strategic (Executive), Tactical (Managers), and Operational (Analysts) Term Define a Transaction Processing System Definition The basic business system that serves the operational level (analysts) in an organization Term Define Online Transaction Processing (OLTP) Definition Capturing of transaction and event information using technology to: 1) Process information, 2) Store information, 3) Update existing information to match new information Term Define Online Analytical Processing (OLAP) Definition The manipulation of information to create business intelligence in support of strategic decision making Term Define Decision Support Systems (DSS) Definition Model information to support managers and business professionals during the decision-making process Term What are three quantitative models used by DSSs? Definition Sensitivity analysis, what-if analysis, and goal-seeking analysis Term Define Sensitivity Analysis Definition The study of the impact that changes in one or more parts of the model have on other parts of the model Term Define What-if Analysis Definition Checks the impact of a change in an assumption on the proposed solution Term Define Goal-Seeking Analysis Definition Finds the inputs necessary to achieve a goal, such as a desired level of output Term Define Executive Information System (EIS) Definition A specialized DSS that supports senior level executives within the organization Term What are three capabilities that EISs offer? Definition Consolidation, drill-down, and slice-and-dice Term Define Consolidation Definition Aggregation of information and features simple roll-ups to complex groups of interrelated information Term Define Drill-Down Definition Enables users to get details, and details, and details, etc...of information Term Define Slice-and-Dice Definition Looks at information from different perspectives Term Define Disruptive Technology Definition A new way of doing things that initially does not meet the needs of existing customers Term Define Sustaining Technology Definition Produces an improved product customers are eager to buy Term Define eBusiness Definition The use of the Internet nad other networks and ITs to support ecommerce Term What are the four tools for accessing Internet information? Definition Intranet, extranet, portal, and kiosk Term Define Intranet Definition Internalized portion of the Internet, protected from outside access, for employees Term Define Extranet Definition An intranet that is available to strategic allies Term What are the three common forms of service providers? Definition Internet service provider, online service provider, application service provider Term Define Internet Service Provider (ISP) Definition Provides individuals and other companies access to the Internet Term Define Online Service Provider (OSP) Definition Offers an extensive array of unique Web services Term Define Application Service Provider (ASP) Definition Offers access over the Internet to systems and related services that would otherwise have to be located in organizational computers Term Define Portal Definition Web site that offers a broad array of resources and services Term Define Kiosk Definition Publicly accessible computer system that allows interactive information browsing Term What are the five parts of a system? Definition Input, process, output, feedback, control Term Define Business Process Improvement Definition Attempts to understand and measure the current process and make performance improvements accordingly