ITM 102 Chapter Notes - Chapter 3: Business Process Reengineering, Business Process, Competitive Advantage

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Strategy is a broad based 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 goals. If the industry is attractive and has few barriers, more competitors will enter the indus- try thus increasing competition. If the there are barriers, then it will be harder for new competitors to join the industry. Open systems model indicates that business operates by transforming inputs into out- puts and by constantly interacting with its environment. A stakeholder is a person or entity that has interest in and an influence on how a busi- ness will function in order to succeed. May be external or internal relative to the system. Organizational boundary shows business operates by transforming inputs into outputs and by constantly interacting with its environment. A business needs external information to run its operations or processes on a daily ba- sis.

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