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Information Technology Assignment

In: Computers and Technology

Submitted By NathanH79
Words 1159
Pages 5
Innovation leads to profitable growth if it: * Generates new profit pools * Increases demand for products and services * Attracts new customers * Opens new markets * Sustains the business for years to come

An information system collects, processes, stores, analyzes, and distributes information for a specific purpose of objective. Four basic functions of an IS are Input, Processing, Output, and Feedback. * Input: Data and information about business transactions are captured or collected by point-of-sale scanners and web sites and received by other input devices.

* Processing: Data is transformed, converted, and analyzed for storage or transfer to an output device.

* Output: Data, information, reports, and so on are distributed to digital screens or hardcopy, sent as audio, or transferred to other ISs via communication networks.

* Feedback: A feedback mechanism monitors and controls operations.

Strategies for competitive advantage: * Cost leadership: Produce product/service at the lowest cost in the industry.

* Differentiation: Offer different products, services, or product features.

* Niche: Select a narrow-scope segment (market niche) and be the best in quality, speed, or cost in that segment.

* Growth: Increase market share, acquire more customers, or sell more types of products.

* Alliance: Work with business partners in partnerships, alliances, joint ventures, or virtual companies.

* Innovation: Introduce new products/services; put new features in existing products/services; develop new ways to produce products/services.

* Operational effectiveness: Improve the manner in which internal business processes are executed so that the firm performs similar activities better than rivals.

* Customer orientation: Concentrate on customer...

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