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Information Age
Period where information drives businesses and economic activities, primarily through technology.
Data
Raw facts with no meaning (e.g., 50, $20).
Information
Processed data with meaning (e.g., 50 items sold for $20 each).
Knowledge
Applying information to make decisions (e.g., Based on sales, we need more stock).
Threat of Substitute Products
Risk that customers switch to alternative products/services.
Threat of New Entrants
Risk of new competitors entering the market.
Supplier Power
Ability of suppliers to drive up prices.
Buyer Power
Ability of customers to drive prices down.
Rivalry Among Existing Competitors
Competition among existing companies.
Cost Leadership
Offering the lowest prices (Walmart).
Differentiation
Offering unique products/services (Apple).
Focused Strategy
Targeting a niche market (Rolex watches).
Operational Systems
Handle day-to-day business processes (Point of Sale systems).
Managerial Systems
Support middle management in decision-making (Reports, summaries).
Strategic Systems
Help senior executives make strategic decisions (Forecasting software).
Artificial Intelligence (AI)
Simulation of human intelligence in machines.
Expert Systems
Imitate human decision-making.
Neural Networks
Pattern recognition (e.g., Fraud detection).
Robotics
Perform human tasks (e.g., Warehouse robots).
Disruptive Technology
Creates a new market, replacing an old one (Streaming services like Netflix).
Sustaining Technology
Improves existing products without disrupting the market (New iPhone models).
Impact of Internet
Disrupted traditional businesses like newspapers, cable, and retail.
Web 1.0
Static web pages, read-only content, limited interaction.
Ebusiness Advantages
Global reach, Reduced costs, Improved customer service.
Communication through digital messages.
Clickstream Data
Tracks website visitors' browsing patterns.
Asynchronous Communication
Communication that does not require real-time interaction (email, forum).
B2B (Business to Business)
Selling products between businesses.
B2C (Business to Consumer)
Selling products to individual customers.
C2C (Consumer to Consumer)
Individuals sell to other individuals (eBay).
C2B (Consumer to Business)
Individuals offer products to businesses (freelance).
Ebusiness Challenges
Security issues, Privacy concerns, Lack of personal interaction.
Web 2.0
User-generated content, collaboration, social media.
Key Characteristics of Web 2.0
Collaboration, Sharing, Dynamic content.
Social Media
Platforms for user interaction (Facebook, Twitter).
Blogs
Web logs for personal or professional content.
Wikis
Collaborative websites where users contribute (Wikipedia).
Privacy
Protection of personal information.
Intellectual Property
Ownership of ideas and creative work.
Pirated Software
Unauthorized copies of software.
Hackers
People who gain unauthorized access to systems.
Virus
Malicious software that can spread and damage systems.
Authentication
Verifying identity (password, fingerprint).
Authorization
Granting access to resources based on identity.
Public Key Encryption
Secure communication by encrypting data.
Basic Operation of Public Key Encryption
Uses a public key to encrypt and a private key to decrypt.
Input Devices
Devices that input data (keyboard, mouse).
Output Devices
Devices that display/output data (monitor, printer).
Storage Devices
Devices for data storage (hard drive, USB).
Processing Devices
Devices that process data (CPU).
Moore's Law
The number of transistors on a chip doubles every 18 months, decreasing the cost and increasing performance.
Primary Storage
Temporary storage, fast access (RAM).
Secondary Storage
Long-term storage (hard drive, SSD).
System Software
Manages hardware (operating systems).
Application Software
Performs specific tasks (Microsoft Word, Excel).
Utility Software
Maintains and protects the system (antivirus, firewall).
Antivirus
Software to protect against malware.
Artificial
Relating to AI (Artificial Intelligence).
Asynchronous
Communication not in real-time.
Clickstream
Data tracking user website activity.
Communication
Sharing information.
Cookie
Data stored by websites in your browser.
Decision
Process of making choices.
Disruptive
Technology that alters markets.
Downtime
Period when systems are unavailable.
Electronic mail communication.
Encryption
Securing data by converting it to code.
Ethics
Principles guiding behavior.
Expert
A person with specialized knowledge.
Firewall
Security system to protect networks.
Gigahertz
Measurement of processing speed.
Hoaxes
False alarms or scams.
Human
Relating to people.
Information
Processed data with meaning.
Knowledge
Applied information for decision-making.
Managerial
Related to middle management.
Multitasking
Performing multiple tasks simultaneously.
Niche
Small, specialized market.
Open Source
Software with freely available code.
Operational
Related to day-to-day operations.
People
Individuals who use technology.
Pirated
Stolen or illegally copied.
Profitability
Earning more than expenses.
Property
Something owned.
Random Access Memory (RAM)
Temporary storage for quick access.
Security
Protecting data and systems.
Social Media
Platforms for online interaction.
Software
Programs used by a computer.
Spam
Unwanted emails or messages.
Spyware
Software that secretly gathers data.
Strategic
High-level planning for future goals.
Supply Chain
Network to produce/deliver products.
Transaction
Business exchange or operation.
Virus
Malicious software that spreads.
Viruses
Plural form of virus.
Worm
Malware that replicates itself.
