CHAPTER 3 (MGT300)

Strategic Initiatives for Implementing Competitive Advantages

Organizations can undertake high-profile strategic initiatives including:
  • Supply Chain Management (SCM)
  • Customer Relationship Management (CRM)
  • Business Process Reengineering (BPR)
  • Enterprise Resource Planning (ERP)
Supply Chain Management
- involves the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability. 

Four basic components of supply chain management include:
  1. Supply chain strategy- strategy for managing all resources to meet customer demand
  2. Supply chain partner- partners throughout the supply chain that deliver finished products, raw materials and services
  3. Supply chain operation- schedule for production activities
  4. Supply chain logistics- product delivery process



Customer Relationship Management
- involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability. 

CRM can enable an organization to:
  • Identify types of customer
  • Design individual customer marketing campaigns
  • Treat each customer as an individual 
  • Understand customer buying behaviors



Business Process Reengineering
- the analysis and redesign of workflow within and between enterprises. The purpose of BPR is to make all business and processes best-in-class

Seven principles of BPR recommends by Michael Hammer and James Champy:


Enterprise Resource Planning
- Integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprisewide information on all business operations



Comments

Post a Comment

Popular posts from this blog

CHAPTER 2 (MGT300)

Image
IDENTIFYING COMPETITIVE ADVANTAGE Definition : A product or service that an organization's customers place a greater value on than similar offerings from a competitor. PORTER'S FIVE FORCES MODEL Definition : Usefool tool to aid organization in challenging decision whether to join a new industry or industry segment.  1. Buyer Power High- when buyers have many choices of whom to buy. Low- when their choices are few. Ways to reduce buyer power - loyalty programs 2. Supplier Power High- when buyers have few choices of whom to buy from.  Low- when their choices are many The suppliers ability to influence the prices they charge for suppliers (including materials, labor and services).  3. Threat of Substitue products & services High- when there are many alternatives to a product or service. Low- when there are few alternatives from which to choose.  Ideally, an organization would like to be on a market in which there are few substitu
Read more

CHAPTER 7 (MGT300)

Image
Storing Organizational Information- Databases ·        Database- maintains information about various types of objects, events, people and places ·        Database models include: -         Hierarchical database model - information is organized into tree-like structure -         Network database model- a flexible way of repsenting objects and their relationships  -         Relational database model- stores information in the form of logically related two-dimensional tables  Entities and Attributes ·        Entity - a person, place, thing, transaction or event about which information is stored ·        Attributes (fields, columns)- characteristics or properties of an entity class Keys and Relationships ·        Primary keys and foreign keys identify the various entity classes (tables) in the database -         Primary key- a field that uniquely identifies a given entity in a table -         Foreign key- a primary key of one table th
Read more

CHAPTER 1 ( MGT300)

Image
BUSINESS DRIVEN TECHNOLOGY Information technology is everwhere in business Information Technology's Impact on Business Operations Operations typically operate by functional areas or functional silos ( it is an individual business function which is divided into sub groups and has its own strategies and works parallel with other organizations) Functional areas are interdependent ( two or more people; dependent on each other) Information Technology Basics Information Technology (IT) - a field concerned with the use of technology in managing and processing information . Management information systems (MIS) - a general name for the business function and academic discipline covering the application of people, technologies, and procedures to solve business problems. It is important to understand: - Data, information, business intelligence, knowledge and IT cultures. Information Data   - raw facts that describe the characteristics
Read more