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MIS Test 1 Study GuideMIS is about Planning, Developing, Managing, and Using IT Tools and ServicesMy Phone Died Making Unusual Taco Salads3 Key Resources of MIS1. Information2. People3. Technology(the tip for this one was easy... TIP, The 3 key resources are T.I.P., Technology, Info, and People)Information• Information is data with meaning in context• Data is plural. Datum is the singular form of Data.• In information, both the quality and the context matter.• Business intelligence o Collective information about customers, competitors, environment, etco This crosses functional boundaries within the organization• Knowledge (related to business intelligence)o Provides the context for the business intelligence (aka explains why)o This guides decision making by combining individual knowledge with business intelligenceo The Quality still matters!People• The technology needs literate knowledgable workers• The information has to be communicated between and amoungst literate knowledgable workers• One must be aware of their ethical responsibilities with technology and information!Technology• Hardware (the physical devices)• Software (the set of instructions that the hardware executes)• (there is more information to come on this later in the guide)The Transformation Age • How have computing power and technology changed over time?o Computing power is much faster and more efficiento The technology has become smaller, compact, and cheaper• How has technology transformed the office?o It has allowed companies to work in areas where they do not have an officeo It has reduced the amount of manpower that the office needs Ex: record keeper, telephone operator, security guardso Meetings can be held virtually instead of face to face• How has technology made us more mobile? o We can talk, send messages, reply to emails, etc from anywhere (car, bathroom, etc)o Information can be shared much quicker via technology rather than by hand (mail)• What is the Halo room and who developed it?o It is a virtual conference room set up to allow attendants to feel as if they are sitting in the same room as other attendantso HP developed the Halo Room• What is Google trying to achieve with Google Apps?o They are trying to make it where users can access programs (such as Word, Excel, Powerpoint) all online without having to install the program onto their computero All of the documents made on the programs would be saved in the cloud (online) and could be accessed anytime from an internet connection• How is technology transforming the marketplace?o It is allowing major improvements in inventory management, employ management, and customer relationship management.o It is moving the market place from having to be a physical location to optional virtual locations.• What problems did IT solve in the convenience store industry? How does IT level the playing field in this industry?o Convenience stores often times did not know what inventory they had. Many items would stay in the store for years. They had no idea what items were moving quickly and which items sat on the shelf for a while. Many times, they would be over stocked on some items but run out of others. Items would sometimes perish before they could move them.o IT allowed for an inventory management system to be developed specifically for convenience stores that allows them to function in the same manner as the big box retailers (Wal-Mart, Target, etc)• What are RFID’s? How are they being used?o Radio Frequency IDentificationo They are small tracking devices that allow the user to be able to know either 1) when an item passes a sensor (perhaps when the item enters or leaves the store) 2) where the item is exactly (basically GPS technology in the merchandise) • How is virtual shopping different from shopping on the Web?o Virtual shopping allows you “walk” into the store and try items on with you avatar to see if they will look good on you• How did Kodak miss a significant transformation in their industry? What was this transformation?o The transformation was from the film era to the digital era of photography.o They sat and waited, not expecting their competition to run away with this new concept. They now focus a lot on the printers for the digital pictures rather than the products that take the picturesREMEMBER!! Business strategy drives technology decisions (NOT the other way around)But you ask.. how does strategy drive technology..? Alright my man Porter will lay it down for you• Porter’s 5 Forceso Bargaining Power of Buyers This rises when buyers have many choices This goes down when buyers have few choices A competitive advantage is created to get buyers to stay with you:• Ex: Netflix movie queue, Frequent flyer programs, Shopping loyalty programs, Apples iTuneso Bargaining Power of Suppliers This rises when buyers have few choices This goes down when buyers have many choices• NOTE! This is opposite of the Bargaining power of buyers, makes sense right??o Threat of Substitute Products or Services This rises when buyers have many choices This goes down when buyers have few choices• NOTE! This is the SAME as the bargaining power of buyers BECAUSE substitution is a bargaining tool for the buyer. Companies institute switching costs in order to reduce the threat• Ex: cell phone contracts, personalized shopping, ratings/reviews o Threat of New Entrants This rises when it is easy for competitors to enter the market This goes down when the entry barriers are significant (hard to enter market)• Entry barriero some product or service that customers expect a company to offer Ex: Banks (ATMs), Cellphone companys (customer service), etco Rivalry among existing competitors  The other 4 forces directly influence this factor As the 2 threats and 2 powers fluctuate, so does the rivalry amoungst existing competitorsPorter’s 3 Generic Strategies• Differentiation Strategyo Is directed to a broad market scope with a unique competency in mind Basically offering a unique product or service to a broad market• Ex: Hummer, iPhone, ect• Overall Cost Leadershipo Is also directed to a broad market scope, but with a low cost competency in mind Basically offering the same or better quality products at a lower cost• Ex: Walmart, Sam’s Club, Target, etc• Focus Strategyo Is directed to a narrow market scope with unique competency and/or a low cost

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FSU ISM 3003 - MIS Test 1 Study Guide

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