IDSC first exam

MIS

The study of people, technology, organizations, and the relationship among them

Infrastructural technology

Tech that works better when shared among multiple companies

Proprietary technology

Tech that can be owned and used by a singular company

Commoditization of tech

The process of standardization goods and services, in this case giving companies more access to technology

• highly replicable

• subject to rapid price deflation

• utility computing

• transport mechanism

Three key elements of MIS

Information, technology, people

Operational effectiveness

Doing the same tasks better than rivals

Strategic positioning

Performing different tasks than rivals or doing the same tasks but in different ways

Value chain

Set of activities through which a product or service is created or delivered to a customer

Value chain components (primary)

1. Inbound logistics: getting needed materials and inputs from suppliers into the firm

2. Operations: turning inputs into products or services

3. Outbound logistics: delivering products or services to customers 

4. Marketing and sales: customer engagement, pricing, promotion, and transaction

5. Support: service, maintenance, and customer support

Value chain components (secondary)

1. Firm infrastructure: functions that support the whole firm, including general management, IS, and finance

2. Human Resource Management: hiring, training, development

3. Tech/research development: new product and design process

4. Procurement: sourcing and purchasing functions

4 characteristics of competitive resources

Valuable, rare, imperfectly imitable, non substitutable

5 powerful resources

Brand, scale, switching costs, differentiation, distribution channel

Porter’s 5 forces

Potential new entrants, power of suppliers, rivalry among existing competitors, power of buyers, threat of substitute products or services

Fresh Direct

FreshDirect is an online grocery store. At first, online grocery stores were not working out because people did not find them useful. FreshDirect used collaborative filtering (software that monitors trends among customers to personalize their experience) to make the online grocery experience better than actual grocery stores.

Enterprise resource planning

System of integrated software applications that standardize and integrate business practices across all departments

4 key features of enterprise resource planning

• Enterprise wide integration

• Real time operations

• Common database

• Consistent look/feel

Hidden costs of ERP

customization, cost implementation, data migration, organizational change

Functional systems

Multiple systems, isolated, fragmented

Enterprise system

One singular system across all databases

Customer relationship management

A company business strategy designed to put customers first. The goal is to have loyal customers.

Touch points of CRM

Sales, marketing, service

On premise CRM

Physical hardware to be installed

On demand CRM

Cloud crm, follows a pay as you go structure

8 CRM examples

Deliver live assistance

Omnichannel presence

Automate customer support

Continuous marketing engagement

Social media for customer service

Improve conversion rates

Increase customer satisfaction

Develop strong brand image

E commerce

buying and selling goods through the internet

3 types of e commerce

Business to consumer (B2C)

Business to business (B2B

Consumer to consumer (C2C)

Mobile commerce

buying and selling goods through mobile devices

The long tail

digital technology turns previously unprofitable niche products into viable businesses by making it cheap to offer everything, allowing consumers to find what they want, and aggregating thousands of small sources of demand into a large market.