Question

Contrast the following terms:

a.Mission;objective statements;competitive strategy

b.Corporate strategic planning;ISP

c.Top-down planning;bottom up planning

d.Low-cost producer; product differntiation ;product focus or niche

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Answer 1

a) Mission;objective statements;competitive strategy:-

Mission statement- a statement that makes it clear what business a company is in.

Objective statements – a series of statements that express an organization’s qualitative and quantitative goals for reaching a desired future position.

Competitive Strategy- The method by which an organization attempts to achieve its mission and objectives.

b) Corporate strategic planning;ISP

Corporate strategic planning - An ongoing process that defines the mission, objectives, and strategies of an organization.

Information systems planning- An orderly means of assessing the information needed of an organization and defining the systems, databases, and technologies that will best satisfy those needs.

c) Top-down planning;bottom up planning

Top-down planning- A generic ISP methodology that attempts to gain a broad understanding of the information system needs of the entire organization.

Bottom-up Planning- A generic ISP methodology that identifies and defines IS development projects based upon solving operational business problems or taking advantage of some business opportunities.

d) Low-cost producer; product differntiation ;product focus or niche

Low cost Producer- targets broad cross-section of the market offering lower overall cost than competitors. Ex. Wal Mart.

product differntiation:- product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products.

product focus or niche:- A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.

Please let me know in case of any clarifications required. Thanks!