Business Information Systems - ITM 102

These flashcards cover key concepts from the lecture on Business Information Systems important for exam preparation.

Porter's Competitive Forces Model

A framework that analyzes the competitive forces impacting a firm's ability to succeed in its industry.

Low-cost leadership

A strategy where a firm produces products and services at a lower price than competitors.

Product differentiation

A strategy that enables new products or services to stand out from competitors by improving their quality or features.

Value chain model

A model that highlights the primary and support activities that create value for a company.

Smart Products

Products that use Internet-connected sensors to provide additional features and benefits to consumers.

Network Economics

A concept where the marginal cost of adding new participants is nearly zero, leading to increased value as the network grows.

Virtual Company Model

A business model that uses networks to collaborate with other companies and produce goods without physical boundaries.

Ethical Issues in Information Systems

Concerns regarding privacy, intellectual property, accountability, and the impact of information systems on society.

Business Ecosystems

A collection of interconnected businesses and platforms that provide related services and products.

Strategic Information Systems

Systems that support and shape a firm's strategies to sustain competitive advantage.