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MGT 2210 > Theoretical Concepts > Flashcards

Theoretical Concepts Flashcards

(58 cards)

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1
Q

Data

A

“raw” unorganized facts

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2
Q

natural data

A
  • data abound in nature
  • it’s continuous (take on any value within a range)
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3
Q

Analog data

A

data recorded in a form that i similar to its natural structure
(the natural signal is captured on a continuous scale)

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4
Q

How can we capture and store analog data?

A

technology is designed to capture analog data (mimic natural data)
- ex: vinyl record

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5
Q

What is the only type of data computers can deal with?

A

discrete, binary data

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6
Q

Digitize

A

the process of converting analog (physical) data into a digital format

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7
Q

How is discrete color information turned to binary data?

A

through encoding/ converting color values to binary values using ascii encoding

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8
Q

How is natural sound encoding?

A

by defining a discrete scale and having equipment sample the sound at a sampling rate that’s too small for human ears to detect gaps in

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9
Q

When does data become information?

A

when it is put into context

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10
Q

information system

A

an organizational system designed to collect data, process, store, and deliver information

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11
Q

What are the 2 sides/ components of an information system?

A

the technology/ hard side
- hardware, software, data

the social/ soft side
- people and structures

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12
Q

What does data support in info systems?

A

operations, decision-making, and planning

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13
Q

Business processes

A

series of steps necessary to complete business activities (often involve branches)

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14
Q

Organizational structure

A

authority structures, communication channels, culture, functional structures, the definition of business units

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15
Q

Tactical information systems

A
  • Info systems that support the day-to-day operation of a firm (ex: an app to do payroll)
  • very important but do not contribute to the uniqueness of the firm
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16
Q

Strategic information systems

A

info systems that support or shape the competitive strategy of the firm

  • usually developed in house
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17
Q

What were some problems with old info systems

A
  • Fragmentation: different versions of software used to do same thing within a firm
  • Lack of integration: IS cannot work together and communicate
  • Duplication of data
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18
Q

What do cross-functional info systems require?

A

integrated business processes

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19
Q

Inter-organizational (boundary-spanning) info systems

A

when an info system is integrated with ISs from other organizations

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20
Q

Enterprise Resource Planning (ERP)

A

a type of software organization used to manage day-to-day activities

activities like accounting, procurement, project management, supply chain operations, etc)

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21
Q

What are some features of an ERP?

A
  • modularity: different modules focusing on different functional areas of enterprise
  • module integration: data processed in one module is available in another, processors across modules are coordinated
  • data integration: data is stored in 1 centra database
  • configurable: option to adapt software to reflect firm’s specific preferences
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22
Q

Strategic positioning

A

a company’s deliberate approach to carve a unique niche in the marketplace (strategy to make company unique)

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23
Q

Value proposition

A

the promise of value offered to customers
- the answer to “Why should a customer choose our product/service over others?

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24
Q

Unique value proposition

Study These Flashcards
A
  • essential for companies to differentiate themselves from competitors
25
Competitive advantage
the factors (strengths & resources) that allow an organization to produce goods or services - factors allow the firm to generate more sales or margins and/or retain more customers
26
Sources of competitive advantage
- excellent customer service - customer loyalty programs - marketing excellence - brand awareness - ability to bundle products - strategic partnerships - corporate culture - best and brightest (smart people) - patents - locations - distribution netowork (some factors are hidden from customers)
27
Sustainable competitive advantage
when a company consistently outperforms its competitors
28
Value Chain
- the activities that are performed to design, produce, market, deliver, and support a product (the linked activities an organization undertakes to deliver the promised value proposition for its customers)
29
Examples of support activities
firm infrastructure, HR management, technology dev't, procurement
29
Primary Activites
the set of activities that are directly involved in creating and delivering a product or service in the market
29
Support Activites
activities that "support" (complement or make activities more efficient) and direct primary activities
30
Examples of primary activities
- inbound logistics - operations - outbound logistics - marketing and sales - service
31
How can value chain analysis be helpful?
- they help lead to a shared understanding of where there are opportunities for improvement
32
What is the ideal kind of value chain?, What does it mean?
- an imitation-resistant value chain - a value chain that is difficult for competitions to copy
33
What is the competitive 5-forces model?
a model that helps managers understand the competitive forces that shape every industry - may be influenced by technology
34
What are the components of the 5-forces model?
1. Threat of Entrants 2. Threat of substitute products 3. Bargaining Powers of Buyers (customers) 4. Bargaining Powers of Suppliers 5. Rivalry Amongst existing competitors
35
What are the 4 components of the innovation matrix?
1. radically sustaining 2. radically disruptive 3. Incrementally sustaining 4. incrementally disruptive
36
Describe incrementally sustaining innovation?
- a series of small improvements - market leaders make incremental improvements to existing products to sustain market positions - maintains status quo
37
Describe radically sustaining innovation?
- a discontinuous innovation is a new technology applied to solve an existing need in a new way - more dramatic and innovative thinking/ creating new ideas
38
Describe radically disruptive innovation?
- creates a new product category (detached market) - creates a new business model
39
Emerging Technologies
- evolve from their initial, unsupported stages to become understood - unlock new possibilities for address market needs and reshaping industries
40
What can emerging technologies lead to in terms of customer expectations?
- change perceptions and expectations of customers (leading to a reassessment of the traditional dimensions of product performance )
41
What are 2 disruptive innovation patters?
- Low-end disruption - New-market disruption
42
Low-end disruption
- making a lower end version of a product to satisfy the low-end customers who are not catered to
43
New-market disruption
- when a challenger enters a new market that is initially inferior - over time challenger is able to improve product to the point where incumbent is unable to compete
44
What is accessibility? What are the different kinds?
The ability to reach a broader audience 1. Economic Accessibility - products offered at lower price point 2. Usability Accessibility - products are simpler and more user friendly 3. Market Accessibility - products target niche audience that're overlooked 4. Technology and Distribution Accessibility - easier to deploy and maintain, methods bypass traditional channels 5. Integration and Interoperability - products that integrate easily w/ existing systems
45
Is experiencing market disruption common or rare?
rare
46
Digital Enterprise
an organization that uses digital technology as a competitive advantage in its internal and external operations
47
Digital Transformation (DX)
addresses how organization (operations, products, and strategy) can be transformed through the application of digital technology
48
What are the categories of key value chain levers?
- Digital Business Optimization - Digital Business Model Transformation - Monetarize digital Assets - Digital Products (Smart Connected Products)
49
Value Levers
high-level factors or actions that can significantly impact performance and value creation
50
What are some examples of digital business optimization tools?
- Automation with AI - Robotic Process Automation (RPA) - Automated Negotiation AI
51
Customer Experience (CX)
the entirety of interactions and experiences a customer has with a brand or company
52
The Customer Journey
the specific sequence of interactions and experiences that a customer goes through when engaging with a company or brand
53
What are some examples of how customer experiences have been enhanced?
- Ease, convenience, access, & flexibility - Experience-based offerings & branding - Personalization (company-side) - Alleviate customer pain points - Ai personal Assistance - Omnichannel: integrating customer experience @ various points throughout the customer experience - Create customer community
54
Monetarize Digital Assets
making customers pay for access to valuable data, content, and algorithms that're owned by the firm
55
Digital Products(smart connected products)
- part of the. "Internet of Things" - products combining hardware, sensors, data storage, microprocessors, software, and connectivity - Physical, smart (sensors+data storage), and connectivity (ports+device communication) components
56
Strategic Data Assets
data that can be combined with data from other sources, and reused for potentially many different initiatives - a lot of this data is proprietary

MGT 2210 (1 decks)

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