Environmental elements exist ...... the firm and have a direct or indirect influence on it.

In the IS field, competitive advantage refers to the use of information to gain marketplace leverage

....... includes the use of IT to redesign its internal processes

There are two models for competitive advantage:

Porter’s Four Forces of Competitive Position Value chain for competitive advantage

The threat of substitute products or services is one of porter's five competitive forces

Work with business partners in partnerships, joint ventures, or virtual companies.

Introduce new products and services, put new features in existing products and services, or develop new ways to produce them.

Differentiation of products
(distinctive, more product features) and selling them
at a premium price, OR Producing products at a lower price than competitors

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

Cost leadership strategy : Produce products and/or services at the lowest cost in the industry

Niche strategy : Select a narrow-scope segment and be the best in quality, speed, or cost in that market

Growth strategy: Increase market share, acquire more customers, or sell more products

According to the ......... model, the activities conducted in any organization can be divided into two parts: primary activities and support activities.

directly add value to the product or service

The firm’s infrastructure (accounting, finance, management) is considered as ....

Marketing and sales is considerd as ...