English majors

I have attached a set of questions, I need my answers reworded so I do not plagiarize myself. Can anyone help me with this?

1.
Describe the information age and the differences among data, information, business intelligence, and knowledge. (5 points)

The information age is when quantities of facts are available to anyone who can use a computer. The impact of technology on the global business environment is equivalent to the printing presses impact on publishing and electricity’s impact on productivity. Data is raw facts that describe the characteristics of an event or object. Information is the data converted into a meaningful and useful context. If you have the right information at the right moment in time it can be worth a fortune. Business intelligence is information collected from multiple sources such as suppliers, customers, partners, and industries that analyze patterns, trends, and relationships for strategic decision making. Knowledge is including skills, experience, and expertise, coupled with information and intelligence that creates a person’s intellectual resources. Knowledge workers are individuals valued for their ability to interpret and analyze information.

http://aspnet.cob.ohio.edu/matta/mis2020/Lectures/Chap001.ppt

2. Explain systems thinking and how management information systems enable business communications. (5 points)

A system is a collection of parts that link to achieve a common purpose. System thinking is a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part. The feedback is information that returns to its original transmitter such as input, transmit, and output and modifies the transmitter’s actions. The feedback helps the system maintain stability. Management information systems is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. Management information systems incorporate systems thinking to help companies operate cross functionally.

http://textbooktestbank.com/wp-content/uploads/2012/11/Chap00165

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3. Describe Porter’s Five Forces Model, and explain each of the five forces. Give examples. (5 points)

Porter’s five forces model of competition implies that risk-adjusted rates of return should be constant across firms and industries. Numerous economic studies have affirmed that different industries can sustain different levels of profitability; part of this difference is explained by industry structure. The framework models an industry as being influenced by the five forces. Rivalry is competition among rival firms to drive profits to zero. Firms strive for a competitive advantage over their rivals. The intensity of rivalry among firms varies across industries and strategic analyses are interested in these differences. Example – Retailers worry they will be undercut by their competitors and this puts intense pressure on prices to come down from competitors. Threat of substitutes is when substitute products refer to products in other industries. This exists when a product’s demand is affected by the price change of a substitute product. It comprises one of the five forces that determine the intensity of competition in an industry. Example – There is a dozen brands of dish soap sitting on the shelf waiting for consumers to buy them. The consumer will usually buy what is on sale that day. Buyer power is a strong downward pressure on prices. This is driven by the number of suppliers of each key input, the uniqueness of their product or service, their strength or control over you, the cost of switching from one to another, and so on. The fewer the supplier the choices you have, the more you need suppliers’ help, the more powerful your suppliers are. Example – Big retailers are able to negotiate pricing with companies like Dawn dish soap because they purchase and sell so much Dawn dish soap. Supplier power is the degree of control that the provider of a good or service exerts over a buyer. The supplier power is typically wielded by a supplier when they increase costs, reduce quality or restrict the availability of their products in an effort to enhance their bargaining position. Example – The cell phone industry faces an almost monopolistic power over the cell phone supplier. Sprint has abused its power and had to be reined in by competitor watchdogs. Threat of new entrants is the threat new competitors pose to existing competitors in an industry. Entry barriers are the competitive environment of an industry that makes it difficult for new businesses to begin operating in that market. Example – Virgin mobile a United States cellular based company entered the Afghanistan market as a new entrant in the Telecom industry.

http://www.tutor2u.net/business/strategy/porter_five_forces.htm

4. Demonstrate how a company can add value by using Porter’s value chain analysis. (5 points)

If you use Porter’s value chain it will add more value to the product and services than the sum of added cost to these activities. The company will gain value for that product or service. If these activities run efficiently the company gains competitive advantage on the product or service. The customers should transact the product or services willingly and provide return on value to the organization. The framework can be used as a analysis tool for the strategic planning and to build the organizational model ensuring an effective leadership model. This concept can be applied in the individual business unit and can be extended to the whole supply chain and distribution networks.

http://www.mindtools.com/pages/article/newSTR_66.htm

5. Explain why competitive advantages are temporary. (5 points)

Competitive advantages is a distinctive attribute of a product or service on which customers place a bigger value than they do on resembling offerings from competitors. They provide the same service or product at low prices or with value that can catch higher prices. There temporary because competitors often seek ways to duplicate them. Based on competitive advantages, companies must develop a strategy. Acquiring new technology, copying the business operations, and hiring away key employees are ways companies duplicate competitive advantages. An excellent example of a great merger of technology, business, and entertainment is the introduction of iTunes and iPods.

http://highered.mcgraw-hill.com/sites/0073376868/information_center_view0/supplements.html