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Information Systems and Business Functions (Porter's 5 forces…
Information Systems and Business Functions
Data: raw facts
order dates, amounts sold, customers numbers, quantity sold
Information: data that is converted into a more meaningful context
worst/best selling product and worst/best cusomter
Business intelligence: information collected from many sources that looks at patterns, trends, and relationships to make better decisions
lowest sales per week compared with economic interest rates or best selling products by month compared to sports season wins and losses
knowledge: skills, experience, and expertise, coupled with information and intelligence, that creates a person's intellectual resources
Porter's 5 forces
supplier power: power of suppliers to drive up prices of material
threat of substitute: power of customers to purchase alternatives
threat of new entrants: power of competitors to enter a market
rivalry among existing competitors: power of competitors
buyer power: power of customers to drive down prices
Porter's generic strategies
broad cost leadership
broad differentiation
focused strategy
Transaction information: exompasses all the information contained within a single business process and its primary purpose is to support daily operational tasks
Analytical information: encompasses all organizational information and supports the performing of managerial analysis tasks
information governance: how information is organized, updated, maintained, and accessed
Supply chain management: maximum effectiveness and profitability in supply chain by managing information and activities
CRM- customer relationship management: analyzes all customer relationships to increase customer loyalty, retention, and profitability
ERP- enterprise resource planning: combines all departments into a single IT system so employees can make decisions by accessing enterprise wide information
Product life cycle
introduction: build and develop
growth: preference and market share
maturity: sales diminishes and competition begins
decline: sales decline