GPT MIS Exam 2 Chat Questions & Answers 2024/2025
Business Strategy - ANSWERSA business strategy is a high-level plan that outlines how a company will achieve its long-term goals. It typically involves analyzing market trends, identifying target customers, and determining how to differentiate ...
Business Strategy - ANSWERSA business strategy is a high-level plan that outlines how a company will
achieve its long-term goals. It typically involves analyzing market trends, identifying target customers,
and determining how to differentiate the company from its competitors.
Business Tactic - ANSWERSOn the other hand, a business tactic is a specific action or approach taken to
achieve a short-term goal. Tactics are more focused and detailed than strategies, and they often involve
the allocation of resources to achieve specific objectives. Examples of business tactics might include
offering a discount promotion to increase sales or launching a social media campaign to improve brand
awareness.
Return on Investment (ROI) - ANSWERS1. Return on Investment (ROI): ROI is a financial performance
metric that calculates the profitability of an investment or project by comparing the net profit or gain
with the initial investment. ROI is calculated as (Gain from Investment - Cost of Investment) / Cost of
Investment. A high ROI indicates that the investment is profitable, while a low ROI suggests that it may
not be worthwhile. ROI is useful for evaluating the financial success of a specific project or investment.
Key performance indicators (KPI) - ANSWERSKPIs are performance metrics used to evaluate how well a
company is achieving its goals and objectives. KPIs are often specific, measurable, and time-bound
metrics that are aligned with the company's overall strategy. Examples of KPIs include revenue growth,
customer acquisition rate, customer satisfaction rate, and employee turnover rate. KPIs are useful for
monitoring progress toward achieving specific business objectives.
Critical Success Factors (CSF) - ANSWERSCSFs are the key areas or factors that must be focused on to
achieve business objectives. They are the essential elements that must be in place for a company to
succeed. CSFs are often specific to a company or industry and are used to guide decision-making and
prioritize resources. Identifying and measuring CSFs can help ensure that a company is focused on the
most critical areas for success.
Benchmarking - ANSWERSBenchmarking involves comparing a company's performance to that of other
companies or industry standards. Benchmarking can be used to identify best practices, measure
performance against competitors, and identify areas for improvement. Benchmarking is a useful tool for
evaluating the effectiveness of a company's strategies and identifying opportunities for improvement.
, What does the value chain mean? - ANSWERSThe value chain is a framework that helps businesses to
understand the various activities that create value in their operations.The value chain is composed of a
series of interrelated activities that a business performs in order to create and deliver a product or
service to customers. These activities can be divided into two categories: primary activities and support
activities.
Primary Activities - ANSWERSPrimary activities are those that are directly involved in the creation and
delivery of a product or service. They include inbound logistics, operations, outbound logistics,
marketing and sales, and service.
support activities - ANSWERSSupport activities, on the other hand, are those that support the primary
activities and help the business to operate effectively. They include procurement, technology
development, human resource management, and firm infrastructure.
why is the value chain useful for business analysis? - ANSWERSBy analyzing each of these activities and
how they are interconnected, a business can identify areas where it can add value, reduce costs, or
improve efficiency. This can help the business to identify opportunities for competitive advantage and
develop strategies to achieve it. In addition, the value chain can help a business to understand its cost
structure and identify areas where it can reduce costs. By reducing costs in areas such as procurement or
operations, a business can improve its profitability and competitiveness.
What does SWOT stand for? - ANSWERSSWOT stands for Strengths, Weaknesses, Opportunities, and
Threats. It is a strategic planning tool that is commonly used by managers to evaluate the internal and
external factors that may impact a business or organization.
what do managers use SWOT for? - ANSWERSManagers use SWOT analysis to gain a better
understanding of the business's current situation and to identify potential areas of improvement. By
identifying the strengths and weaknesses of the organization, managers can identify opportunities for
growth and improvement. Additionally, by identifying potential threats, managers can develop strategies
to mitigate risks and minimize potential damage.
1. What is the difference between a customer facing process and a business facing process? -
ANSWERSOverall, the main difference between customer-facing processes and business-facing processes
is their primary focus and intended audience. Customer-facing processes are focused on creating value
for customers and building relationships, while business-facing processes are focused on improving the
efficiency and effectiveness of internal operations.
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