MIS (Chapter 1-8 and B3)

A field concerned with the use of technology in managing and processing information

A general name for the business function and academic discipline covering the application of people, technologies, and procedures--collectively called information systems--to solve business problems

Raw facts that describe the characteristics of an event

Data converted into a meaningful and useful context

Refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts

A product or service that an organization's customers place a greater value on than similar offerings from a competitor

Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage

The acquisition and analysis of events and trends in the environment external to an organization

Helps determine the relative attractiveness of an industry and includes the following five forces: buyer power, supplier power, threat of substitute products or services, threat of new entrants, & rivalry among existing competitors

Assessed by analyzing the ability of buyers to directly impact the price they are willing to pay for an item

Costs that can make customers reluctant to switch to another product or service

Reward customers based on the amount of business they do with a particular organization

Consists of all parties involved, directly, or indirectly, in the procurement of a product or raw material

Assessed by the suppliers' ability to directly impact the price they are charging for supplies

High when there are many alternatives to a product or service and low when there are few alternatives from which to choose