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MIS 301 Exam 1 Question and answers verified to pass 2024 £11.85   Add to cart
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MIS 301 Exam 1 Question and answers verified to pass 2024
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MIS 301 Exam 1 Question and answers verified to pass 2024 sustainable competitive advantage - correct answer The ability to consistantly outperform industry averages/peers 4 critical characteristics to maintain a sustainable advantage - correct answer 1)Valuable 2)Rare 3)Imperfeclty imita...

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  • August 27, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mis 301 exam 1
  • mis 301 exam 1 question and answers verified to pa

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MIS 301 Exam 1
sustainable competitive advantage - correct answer ✔The ability to
consistantly outperform industry averages/peers


4 critical characteristics to maintain a sustainable advantage - correct answer
✔1)Valuable
2)Rare
3)Imperfeclty imitable(tough to imitate)
4)Nonsubstitutable


*These also help create Barriers to Entry


Micheal E. Porters book "Competitive Advantage" - Porter's 5 Forces - correct
answer ✔1- Barbaining power of customers
2- Threat of Substitues
3- Bargaining power of suppliers
4- Threat of new entrants
5- Rivarly


barriers to entry - correct answer ✔Make it difficult for other firms to enter an
industry and compete - makes. profits more sustainable


examples of barriers to entry - correct answer ✔- Brand
- Regulation
- Distribution Channels
- Captial Intensity

,- Switching Costs
- Network Effects


switching costs - correct answer ✔A cost that a consumer incurs when
switching from one product to another


Network effects - correct answer ✔exist if the value of a network increases
with the number of users (Facebook)


Porter's Value Chain Model (business structure) - correct answer ✔(Support
Functions) infrastructure: GM, planning, finance, IS
HRM: recruiting, hiring, training and development
Technology: research and development
(Primary Functions)
1) Inbound Logistics
2) Operations
3) Outbound Logistics
4). Marketing and Sales
5) Service


Operational Effectiveness - correct answer ✔performing the same tasks
better than rivals perform them


strategic positioning - correct answer ✔performing different activities from
those of rivals, or the same activities in a different way


5 models for analyzing business(The Value Chain) - correct answer
✔1)Examine Industry Structure- Porter's 5 Forces Model

, 2)Choose our competitive Strategy- Porter's Model of Competitive Advantage
3)Link the parts of the value chain- Porter's Value chain model
4)streamline business processes- any business process diagram
5)Design IS - 5 Component IS Framework
- Enable business processes
- improve value chain links to increase efficiency
- support competitive strategy
- influence industry structure


Inventory Turns - correct answer ✔The number of times inventory is sold or
used during a specific period (such as a year or quarter). A higher figure
means a firm is selling products quickly.


Straddling - correct answer ✔Attempts to occupy more than one position,
while failing to match the benefits of a more efficient, singularly focused rival.


imitation-resistant value chain - correct answer ✔A way of doing business
that competitors struggle to replicate and that frequently involves technology
in a key enabling role.


Value Chain - correct answer ✔The set of activities through which a product
or service is created and delivered to customers.


scale advantages - correct answer ✔advantages related to size


economies of scale - correct answer ✔factors that cause a producer's
average cost per unit to fall as output rises

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