MGT 300

WHAT IS COMPETITIVE ADVANTAGE: Competitive Advantage is a product or service that an organization's customers lace a greater value on the similar from competitor. It is temporary because competitors keep duplicate the strategy. First-mover Advantage is occurs when an organization can meaningfully impact its market shareby being first to market with a competitive advantage. There are three common tools used in industry to analyze and develop: Porter's Five Forces Model Porter's Three Generic Strategies Value Chains THE FIVE FORCES MODEL - Evaluating Business Segments. Porter's Five Forces Model determines the relative attractiveness of an industry (Have their own calculate)  BUYER POWER  High when buyers have many choices.  Low when their choices are few. Way to reduce buyer power is through Loyalty Program & Switching Costs. Loyalty Program: rewards customers based on the amount of business. Switching Costs: costs that ca

Chapter 1 - Business Driven Technology INFORMATION TECHNOLOGY’S ROLE IN BUSINES ·          Information technology is everywhere in business. INFORMATION TECHNOLOGY’S IMPACT ON BUSINESS OPERATIONS ·   Business function receiving the greatest benefits from information technology. ·      Organizations typically operate by functional area or functional silos. ·       Functional areas are independent. INFORMATION TECHNOLOGY BASICS ·   Information technology (IT) – a field concerned with the use of technology in managing and processing information. ·       Information technology is an important enabler of business success and innovation. ·    Management information systems (MIS) -  a general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems. ·    MIS is a business function, similar to Accounting, Finance, Operations, and Human Resources. ·          When beginning to learn about information tech