MGT 300 Notes

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. The company should start the new competitive advantage. Introduction Michael Porter's  Five Forces Model is useful tool to aid organization in challenging decision whether to join a new industry or industry segment : Buyer Power The ability of buyers to affect the price they must pay    for an item. High :   when buyers have many choices of whom to buy. Low :   when their choices are few. To reduce buyer power (and create competitive advantage) an organization must make it more attractive to buy from the company not from the competitors. Best practices of IT   based   : Loyalty program in travel industry. For example, rewards online on free airline tickets or hotels. THE COMPETITIVE ENVIRONMENT Bargaining Power of Customers/Buyer Powe r

As we all know, Information technology plays a big role in business. Information Techonology's Impact on Business Operations: Organizations typically operate by functional areas Functional areas are interdependent Information Technology Basics: Information technology (IT) is 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 dicipline 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 technology it is important to understand data, information, business intelligence, IT resources and IT cultures Data - raw facts that describe the characteristics of an event Information - data c