ISA 235 Lecture 2: 1.2 Notes ISA 235
12 Feb 2019
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Document Summary
Systems thinking- a way of monitoring the entire system by viewing multiple inputs being processed to produce outputs while continuously gathering feedback on each part. Mis systems- move information about people, products, and processes across the company to facilitate decision-making and problem-solving. The 5 forces model- evaluates industry attractiveness, model for analyzing forces within the environment in which a company operates, to assess the potential for profitability in an industry. Buyer power- is buyer can get same product elsewhere, more buyer power. The 3 generic strategies- chooses business focus, neither organization or industry specific and can be applied to any business, product or service. Cost leadership, differentiation, focused strategy (only focus on 1) Business strategy- a leadership plan that achieves a specific set of goals or objectives. Competitive advantage- a product or service that an organization"s customers place a greater value on than similar offerings from a competitor.
