SDSU-MIS 180 EXAM 1 CHAPTER 1-5 ACTUAL EXAM COMPLETE
140 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) WITH RATIONALES |ALREADY GRADED A+||BRAND
NEW VERSION!!.
What is first-mover advantage? ✔✔ANSWER✔✔Occurs when an
organization can significantly affect its market share by being first to market
with a competitive advantage
What is competitive intelligence? ✔✔ANSWER✔✔The process of gathering
information about the competitive environment to improve the company's
ability to succeed
What are the three common tools to analyze competitive intelligence and
develop competitive advantages? ✔✔ANSWER✔✔1. The Five Forces Model
(for evaluating industry attractiveness/ potential for profitability)
2. the three generic strategies (for choosing a business focus)
3. Value chain analysis (for executing business strategies)
What is buyer power? ✔✔ANSWER✔✔The ability of buyers to affect the
price of an item
What is switching costs? ✔✔ANSWER✔✔costs that make customers
reluctant to switch to another product
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What are loyalty programs? ✔✔ANSWER✔✔Rewards customers based on
the amount of business they do with a particular organization
What is supplier power? ✔✔ANSWER✔✔The suppliers' ability to influence
the prices they charge for supplies
What is the supply chain? ✔✔ANSWER✔✔Consists of all parties involved in
the acquiring of a product or raw material
What factors are used to appraise supplier power? (4) ✔✔ANSWER✔✔-
number of suppliers
- size of suppliers
- uniqueness of services
- availability of substitute products
How can the supplier influence the industry if supplier power is high?
✔✔ANSWER✔✔- charging higher prices
- limiting quality or services
- shifting costs to industry participants
When is the threat of substitute products or services high vs. low?
✔✔ANSWER✔✔high- there are MANY alternatives to a product/service
low- there are FEW alternatives to choose
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When is the threat of new entrants high vs. low? ✔✔ANSWER✔✔High- easy
for new competitors to enter a market
low - significant entry barriers
What is an entry barrier? ✔✔ANSWER✔✔A feature of a product or service
that customers have come to expect and entering competitors must offer
the same for survival
When is rivalry among existing competitors high vs. low?
✔✔ANSWER✔✔High when competition is fierce in a market and low when
competitors are more complacent
What is product differentiation? ✔✔ANSWER✔✔Occurs when a company
develops unique differences in its products or services with the intent to
influence demand
What are the three generic business strategies for entering a new market?
✔✔ANSWER✔✔1. broad cost leadership
2. broad differentiation
3. focused strategy
What is the business process? ✔✔ANSWER✔✔A standardized set of
activities that accomplish a specific task, such as a specific process
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