Professional Documents
Culture Documents
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LEARNING OUTCOMES
1. Describe the information age and the differences between data, information, business intelligence, and knowledge 2. Identify the different departments in a company and why they must work together to achieve success 3. Explain systems thinking and how management information systems enable business communications
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Information age - The present time, during which infinite quantities of facts are widely available to anyone who can use a computer
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Information
Business intelligence Knowledge
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DATA
Data - Raw facts that describe the characteristics of an event or object
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INFORMATION
Information - Data converted into a meaningful and useful context
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BUSINESS INTELLIGENCE
Business intelligence 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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KNOWLEDGE
Knowledge - Skills, experience, and expertise coupled with information and intelligence that creates a persons intellectual resources Knowledge worker Individual valued for their ability to interpret and analyze information
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LEARNING OUTCOMES
4. Explain why competitive advantages are temporary
5. Describe Porters Five Forces Model and explain each of the five forces 6. Compare Porters three generic strategies
7. Demonstrate how a company can add value by using Porters value chain analysis
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BUYER POWER
Buyer power The 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 Rewards customers based on the amount of business they do with a particular organization
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SUPPLIER POWER
Supplier power The suppliers 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
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