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60 Cards in this Set
- Front
- Back
What rewards customer based on their spending? |
Loyalty programs |
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Rivalry among existing competitors is ____ when competition is fierce in a market and ____ when competition are more complacent. |
High , Low |
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Three departments found in a typical company: |
Human Resources, Accounting, Sales |
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Strengths are _____ and _____. |
Helpful , Internal |
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Weaknesses are ____ and ____. |
Harmful , Internal |
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Opportunities are ____ and _____. |
Helpful , External |
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Threats are _____ and _____. |
Harmful , External |
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What is a business function, which moves information about people, products, and processes across the company to facilitate decision making and problem solving? |
Management Information Systems |
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The Internet of Things (IOT) is a world where interconnected, Internet-enabled devices or "things" can collect and share ____ without human intervention. |
data |
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Two support value activities: |
Firm Infrastructure and Technology Development |
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What are costs that make customers reluctant to switch to another product or service? |
Switching costs |
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The first-mover advantage occurs when a company can significantly increase its market share by being first with a new ________ advantage. |
competitive |
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Three goals or objectives that a leadership plan might include to achieve a solid business strategy: |
Increasing Sales, Attracting New Customers, Decreasing Costs |
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Information is _____ converted into a meaningful and useful context. |
data |
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What occurs when a company develops unique differences in it's products or services with the intent to influence demand? |
Product differentiation |
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What consists of all parties involved, directly and indirectly, in obtaining raw materials or a product? |
Supply chain |
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Examples of goods: |
Cars, Groceries, and Clothing |
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Strengths can be described as having: |
Core competencies, market leaders, cost advantages |
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Weaknesses can be described by: |
Lack of strategic direction, obsolete technologies, outdated product line |
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Opportunities can be described as having: |
Expanded product line, increase in demand, new markets |
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Threats can be described as having: |
New entrants, substitute products, shrinking markets |
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An entry ________ is a feature of a product or service that customers have come to expect and entering competitors must offer the same for survival. |
barrier |
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What is the ability of buyers to affect the price they must pay for an item? |
Buyer power |
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Two terms that represent what is confirmed or validated with a fact: |
Object , Event |
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Machine to machine (M2M) refers to devices that connect directly to other ________. |
Devices |
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Examples of services: |
Personal training, Waiting tables, Cutting hair |
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Productivity is the _____ at which goods and services are produced based upon total output given total inputs. |
rate |
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A variable is a data characteristic that stands for a value that changes or varies over _____. |
time |
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What is the suppliers ability to influence the prices they charge for supplies (including materials, labor, and services)? |
Supplier power |
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Three generic business strategies Porter identified for entering a new market are: |
Focused strategy, Broad cost leadership, Broad differentiation |
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Responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses |
Chief Security Officer (CSO) |
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Responsible for ensuring the speed, accuracy, availability, and reliability of the MIS |
Chief Technology Officer (CTO) |
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Responsible for ensuring the ethical and legal use of information within a company |
Chief Privacy Officer (CPO) |
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Responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives |
Chief Information Officer (CIO) |
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Responsible for collecting, maintaining, and distributing company knowledge |
Chief Knowledge Officer (CKO) |
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Potter's Five Forces Model analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in a(n) __________. |
industry |
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Three primary value activities: |
Inbound logistics, Outbound logistics, Marketing and Sales |
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Input |
Data that is entered in a computer |
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Process |
Computer program that processes the data |
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Output |
The resulting information from the computer program |
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Feedback |
Controls to ensure correct processing |
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Question that can be answered using data |
Order date, Amount sold, and customer number |
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Feedback is information that returns to it's original transmitter (input, transform, or output) and modifies the transmitter's actions. What does feedback help the system maintain? |
Stability |
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Competitive __________ is the process of gathering information about the competitive environment, including competitor's plans, activities, and products, to improve a company's ability to succeed. |
Intelligence |
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What is an area of business intelligence, which extracts information from data and uses it to predict future trends and identity behavioral patterns? |
Predictive Analytics |
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What 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? |
Systems Thinking |
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__________ includes the skills, expertise, and experience, coupled with information and intelligence, that creates a person's intellectual resources. |
Knowledge |
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What evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies? |
SWOT Analysis |
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The threat of substitute products or services is _____ when there are many other alternatives to a product or service and ____ when there are few alternatives from which to choose. |
High , Low |
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Who is a person or group that has an interest or concern in an organization? |
Stakeholder |
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Productivity is the _____ at which goods and services are produced based upon total output given total inputs. |
rate |
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SWOT Analysis |
Evaluates project position |
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The Five Forces Model |
Evaluates industry attractiveness |
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Value Chain Analysis |
Executes business strategy |
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The Three Generic Strategies |
Chooses business focus |
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What are the interests of partners/suppliers? |
Reliable contracts, Ethical materials handling |
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What are the interests of customers? |
Exceptional service, High-quality products, and Ethical dealings |
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What are the interests of the government? |
Adhere to regulations/laws, Increase employment |
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What are the interests of employees? |
Fair compensation, Job security, and Ethical conduct |
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What are the interests of shareholders/investors? |
Maximize profits, Grow market share, High ROI |