MBUS 302 Chapter 1 notes
MBUS 302 Chapter 1 notes MBUS 302
Popular in Managing information in a global environment
Popular in Minor In Business
This 6 page Class Notes was uploaded by Aimee Castillon on Thursday September 15, 2016. The Class Notes belongs to MBUS 302 at George Mason University taught by Majumdar in Summer 2016. Since its upload, it has received 13 views. For similar materials see Managing information in a global environment in Minor In Business at George Mason University.
Reviews for MBUS 302 Chapter 1 notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 09/15/16
George Mason University Aimee Castillon Managing Information Systems MBUS 302 • Fall 2016 email@example.com Heading: 8/30/16 Notes: Chapter 1 1.1 Business Driven MIS What you have learned Competing in the information age from video Examples What you think about it Amazon not a technology company; primary business focus is selling books Netflix not a technology company; primary business focus is renting videos Zappos not a technology company; primary business focus is selling shoes Core drivers of the information age Data raw facts describing the characteristics of an event or What’s the difference an object between data and Information ata converted into a meaningful and useful information? context Business intelligence (i.e. tailoring users’ recent searches to give them recommendations) i nformation collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making Knowledge skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources Knowledge worker individual valued for their ability to interpret and analyze information The Challenge: Departmental Companies 5 forces is heavily used with SWOT The solution: management information system Directly impacts company Systems thinking 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 Managing information systems (MIS) business function, like accounting and HR, which moves info about ppl, products, and processes across the company to facilitate decisionmaking and problemsolving MIS department roles and responsibilities Chief information officer (CIO) oversees all uses of IT and ensures that strategic alignment of IT with business goals and objectives Chief knowledge officer (CKO) responsible for collecting, maintaining, and distributing the organization’s knowledge Chief privacy officer (CPO) responsible for ensuring the ethical and legal use of information Chief security officer (CSO) responsible for ensuring the security of IT systems Chief technology officer (CTO) responsible for ensuring the throughput, speed, accuracy, availability, and reliability of IT 1.2 Business Strategy Identifying competitive advantages Business strategy leadership plans that achieve a specific set of goals or objectives Develop new products or services Entering new markets Increasing customer loyalty Attracting new customers Increasing sales Competitive advantage p roduct or service that an organization’s customers place a greater value on than similar offerings from a competitor Firstmover advantage o ccurs when an organization can significantly impact its market share by being the first to market with a competitive advantage (i.e. Apple’s iPhone → launch of smartphones) Competitive intelligence p rocess of gathering information about the competitive environment to improve the company’s ability to succeed Tools include: The Five Forces Model evaluating industry attractiveness Buyer power ability of buyers to affect the price of an item Switching cost manipulating costs that make customers reluctant to switch to another product Loyalty program reward customers based on the amount of business they do with a particular organization Supplier power supplier’s ability to influence the prices they charge for supplies Supply chain consists of all parties involved in the procurement of a product or raw material Threat of substitute products or services is high when there are many alternatives to a product or service and low when there are few alternatives Threat of new entrants is high when it’s easy for new competitors to enter a market and low when there are significant entry barriers (i.e. airline industry) Entry barrier feature of a product or service that customers have come to expect and entering competitors must offer the same for survival Rivalry among existing competitors is high when competition is fierce in a market and low when competitors are more complacent Product differentiation occurs when a company develops unique differences in its products or services with the intent to influence demand (i.e. Amazon Prime) The Three Generic Strategies Choosing a Business Focus Value Chain Analysis Executing Business Strategies Business process a standardized set of activities that accomplish a specific task, such as a specific process Value chain analysis views a firm as a series of business processes that each add value to the product or service Primary value activities Inbound logistics acquires raw materials and resources, and distributes Operations transforms raw materials or inputs into goods and services Outbound logistics distributes goods and services to customers Marketing and sales promotes, prices, and sells products to customers Service provides customer support support value activities Firm infrastructure includes the company format or departmental structures, environment, and systems HR management provides employee training, hiring, and compensation Technology development applies MIS to processes to add value Procurement purchases inputs such as raw materials, resources, equipment, and supplies The World is Flat notes World economy is being leveled The World Is Flat While you were sleeping Three stages globalization 1 imperialism 2 (1800searly 2000s) companies 3 individuals and small groups globalizing Five Forces video “Internet is a force”