Information Technology (IT) in plays a huge role in business through allowing the business to access global markets, reduce operational costs, improve productivity and generate growth. Information Technology is used across all business in contemporary day from sales and marketing, to human resources.
Success is able to be measured in IT through monitoring KPI's and through efficiency and effectiveness IT metrics.
2) List and describe each of the forces in Porter’s Five Forces Model?
Porter's Five Forces Model consists of:
- Buyer power: high when buyers have many choices of whom to buy from and low when their choices are few
- Supplier power: high when one supplier has a concentrated power over an industry. Buyers have few choices of whom to buy from and low when their choices are many
- Threat of substitute products or services
- Threat of new entrants &
- Rivalry among existing competitors
3) Describe the relationship between business processes and value chains?
4) Compare Porter’s three generic strategies?
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