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RMG 300- Midterm Review - Chapters 1-5

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Retail Management
RMG 300
Norman Shaw

RMG 300 Chapter 1Information systems and business strategyInformation systems impact on business operationsInfo tech plays a critical role in deploying such initiatives by facilitating communication and increasing business intelligence Info systems role in creating efficiencies and effectiveness across the org Sales must rely on info from operations to understand inventory place orders calculate transportation costs and gain insights into product availability based on production schedules For an org to succeed every department or functional area must work together to share common information and not be a silo aloneInfo syst Enables departments to more efficiently and effectively perform their business operations Information systems any computerbased tool that people use to work with information that supportsInformationinformationprocessing needs of an organizationInformation technology The acquisition processing storage and dissemination of vocal and numerical info by a microelectronics based combination of computing and telecommunications Management information systems Is the function that plans for develops implements and maintains IT hardware software and applications that ppl use to support the goals of an org Data Are raw facts that describe the characteristics of an object or event Ex itemitem description qty orderedRote learning of factsInformation Is data concerted into a meaningful and useful context Ex bestworstselling item bestworst customer InformationUnderstandingRelating data to real life situationsKnowledge info becomes knowledge when information can be acted upon actionable information KnowledgeAnalyzing synthesizingApplying information to a new situationIS resources Can enable an org to increase efficiency in manufacturing retain key customers seek out new sources of supply and introduce effective financial management In essence People use processes to with information systems to produce information Chief information officer CIOOversees all uses of IT and ensures the strategic alignment of IT with business goals and objectivesChief technology officer CTOResponsible for ensuring the throughput speed accuracy availability and reliability of ITThe gap between IT and businessBusiness personnel possess expertise in functional areas such marketing accounting salesIS personnel have the technological expertise IT personnel have their own vocabularies consisting of acronyms and technical termsBusiness personnel have their own vocabularies based on their experience and expertiseFor both sides to have effective communications the business personnel must seek to achieve an increased level of understanding of IT and the IT personnel must seek to achieve an increased level of understanding of the businessCompetitive advantage Competitive advantagea product or service that an organizations customers place a greater value on than similar offerings from a competitorFirstmover advantageoccurs when an organization can significantly impact its market share by being first to market with a competitive advantageEnvironmental scanning is the acquisition and analysis of events and trends in the environment external to an org Porters five forces model Buyer powerObjectiveoDecrease the power of those who buy from youoMake it advantageous for customers to stay with you
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