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ITM 100 (256)
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Ryerson University
Information Technology Management
ITM 100
Ron Babin

Business Organizations and Business ProcessesA number of different tasks need to be coordinated to deliver a product or service therefore a company needs a business strategyMichael Porter states that a strategy is a broadbased formula for how a business is going to compete what its goals should be and what plans and policies will be needed to carry out those goalsHe suggests if an industry is attractive and few barriers then more competitors will enter and increase competitionMore barriers than hard for competitors to enter the entityBargaining power of both suppliers and buyer help create and sustain competitive advantageBusiness as a Open System Open System Modelindicates that a business operates by transforming inputs into outputs and by constantly interacting with its environmentStakeholders and Boundaries in the Business Environment Stakeholderis a person or entity that has a interest in and an influence on how a business will function in order to succeedA stakeholder may be external in the environment or internal within the organizational boundary relative to the system
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