MCS 2020 Chapter Notes - Chapter 1: Attention Economy, Recommender System, Agency Cost

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2020
• Professor: Nicole Mc Callum

Document Summary

Quality control- reducing inconsistencies and inaccuracies in information. Three activities of information systems produce information organizations need: input-captures raw data from organization or external environment, processing- converts raw data into meaningful form, output- transfers processed information to people or activities that use it. Customer & supplier intimacy (good customer experience leads to loyalty, efficient with. Competitive advantage (delivering better performance-any of the above objectives could. Survival (information technologies= necessity, governmental regulations requiring record. Improved decision making (basic economic theory accurate information can lead to better. New products/services/business models (business model describes how company produces, Strategic business objectives of information systems: delivers, and sells product/service to create wealth suppliers via strong information systems leads to lower inventory costs ie. amazon"s recommender system) decision making (forecasts)) achieve competitive advantage) keeping) Organizations collect information to better understand their markets, to improve their goods/services and to make quality decisions.