Discuss the characteristics and steps of transaction processing systems. Answer: A transaction processing system is an information system that records company transactions (a transaction is defined as an exchange between two or more business entities). A transaction processing system meets the needs of operational managers; the output of the TPS becomes the input to an […]
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Answer: The world in which we live is full of systems. Human bodies, business organizations and galaxies are all systems. Although systems theory may appear a bit abstract, we study it for a number of important reasons; System: A system is a collection of parts that work together harmoniously to achieve specific goals. A system
Explain the General Systems Theory. Describe the characteristics of systems. Read More »
Why students should study Management Information System? Why organization’s Need Information Systems? Answer: Today, every student, regardless of his or her area of specialization, must have a solid foundation in the theory and principles of information systems. There are several reasons for this. First, in an information-based society, the primary output of organizational workers consists
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Scopes of Management Information System. Answer: Management information systems are a broad class of systems that provide decision makers with the information necessary to make effective decisions in a world that has almost overnight become an “electronic showroom”. Such systems are competitive tools that allow organizations to create new, innovative products and service quickly,
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Answer: Market-Driven strategy is the long term planning of a business to provide the maximum value or advantages to the customers. The main target of the market driven strategy is to provide maximum value to the customers. According to David W. Cravens & Nigel F. Piercy: “Marketing-driven strategy provides a companywide perspective which mandates more
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Answer: An investment strategy refers to the amount and types of resources– both human and financial–that must be invested to get a competitive advantage. In deciding on an investment strategy, a company must evaluate the potential returns from investing in a generic competitive strategy against the cost of developing the competitive strategy. In this way,
What is investment strategy? Discuss the factors of choosing an investment strategy. Read More »
Answer: Of all the business functions, investment in research and development often introduces the most spectacular results. Examples include Xerox’s twenty-five of the domination of the photocopier market after the company’s initial development of the innovation. Strength: Matching of R& D strategy with R&D skill. Matching of R&D strategy with the strategy of product life
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Answer: Generic strategy means one kind of competitive strategies that may take various firms within a given industry to cope their capabilities. Actually, it is a broad competitive strategy that a firm can take to gain competitive advantages. There are three types of generic strategy: Cost leadership. Differentiation Focus strategy 1. Cost leadership: Though cost
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Answer: A strategic group is the group of firms in an industry following the same or similar strategy along the strategic dimensions. An industry could have only one strategic group if all the firms followed essentially the same strategy. Strategic group forms by the following basis: Target market Product The strategic group in an industry
What is strategic group? Discuss about the strategic group with the map. Read More »
Answer: Strategic business unit is a business unit comprising one or more products having a common market base whose manager has complete responsibility for integrating all functions into a strategy again an identifiable competitor. Strategic business unit is an arrangement of an organization. It is an individual business unit. Every business is separate from business
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