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55 Cards in this Set
- Front
- Back
The confirmation or validation of an event or object
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Fact
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Raw facts that describe the characteristics of an event or object
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Data
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Data converted into a meaningful and useful context
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Information
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Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
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Business Intelligence
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manipulates multiple variables and in some cases even hundreds of variables such as
Interest rates Weather conditions Gas prices |
Business Intelligence
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Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources
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Knowledge
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Individual valued for their ability to interpret and analyze information
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Knowledge worker
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Which department maintains policies, plans, and procedures for the effective management of employees?
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Human resources
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Which department performs the function of selling goods and services?
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Sales department
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which department supports sales by planning, pricing, and promoting goods and services?
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Marketing
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Which department records, measures, and reports monetary transactions?
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Accounting
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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
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Systems thinking
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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
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MIS
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Oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
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Chief Information Officer (CIO)
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CIO
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Chief information officer
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Responsible for collecting, maintaining, and distributing the organization’s knowledge
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Chief knowledge officer (CKO)
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Responsible for ensuring the ethical and legal use of information
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Chief privacy officer (CPO)
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oversees all uses of IT and ensures the strategic alignment of IT with business goals and objectives
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CIO
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is one of the most recent positions added to the executive leadership team
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CKO
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are the newest senior executive position, and many are lawyers by training
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CPO
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CPO
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Chief privacy officer
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CKO
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Chief knowledge officer
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Responsible for ensuring the security of IT systems
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CSO - chief security officer
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Responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT
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CTO - Chief technology officer
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are similar to CIOs, except CIOs take on the additional responsibility for effectiveness of ensuring that IT is aligned with the organization's strategic initiatives; ensures the efficiency of IT
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CTOs
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A leadership plan that achieves a specific set of goals or objectives such as
Developing new products or services Entering new markets Increasing customer loyalty Attracting new customers Increasing sales |
Business strategy
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A product or service that an organization’s customers place a greater value on than similar offerings from a competitor
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Competitive advantage
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occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
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First-mover advantage
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The process of gathering information about the competitive environment to improve the company’s ability to succeed
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Competitive intelligence
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Porter’s Five Forces Model
Porter’s Three Generic Strategies Porter’s Value Chain Analysis these are tools of what? |
Competitive intelligence tools
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the acquisition and analysis of events and trends in the environment external to an organization
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Environmental scanning
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Porter's Five Forces Model - what are the five forces?
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1. Buyer power
2. Supplier power 3. Threat of new entrants 4. Threat of substitutes 5. Competitive environment - current rivalry among competitors |
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the power of customers to drive down prices
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Buyer power
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the power of competitors to enter a market
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threat of new entrants
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the power of suppliers to drive up prices of materials
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supplier power
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the power of customers to purchase alternatives
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Threat of substitute products or services
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the power of competitors
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rivalry amongst competitors
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A leadership plan that achieves a specific set of goals or objectives such as
Developing new products or services Entering new markets Increasing customer loyalty Attracting new customers |
Business strategy
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Rewards customers based on the amount of business they do with a particular organization
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Loyalty program
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Manipulating costs that make customers reluctant to switch to another product
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Switching cost
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Consists of all parties involved in the procurement of a product or raw material
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supply chain
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Substitute vs. rivalry - what would be a substitute for Starbuck's coffee?
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Jamba Juice
Tea House (other beverages besides coffee) |
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Substitute vs. rivalry - what would be a rival for Starbuck's coffee?
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Dunkin' Donuts coffee
High Point coffee |
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A feature of a product or service that customers have come to expect and entering competitors must offer the same for survival
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Entry barrier
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Occurs when a company develops unique differences in its products or services with the intent to influence demand
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Product differentiation
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Porter's Three Generic Strategies
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1. Cost Leadership
2. Differentitation 3. Focused strategy |
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A standardized set of activities that accomplish a specific task, such as a specific process
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Business process
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Views a firm as a series of business processes that each add value to the product or service
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Value chain analysis
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5 Primary value activities
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1. Inbound logistics
2. Operations 3. Outbound logistics 4. Marketing and Sales 5. Service |
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Acquires raw materials and resources
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Inbound logistics
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transforms raw materials or inputs into goods and services
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Operations
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distributes goods and services to customers
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Outbound logistics
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promotes, prices, and sells products to customers
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Marketing and sales
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provides customer support
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Service
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1. firm infrastructure
2. human resource management 3. technology development |
Support value activities
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