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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 Disruptive technology: - correct answer an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leading firms, products and alliances Mental ...

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  • August 27, 2024
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  • 2024/2025
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MIS 301 Exam 1
Disruptive technology: - correct answer ✔an innovation that creates a new
market and value network and eventually disrupts an existing market and
value network, displacing established market leading firms, products and
alliances


Mental models - correct answer ✔an explanation of someone's thought
process about how something works in the real world


Barriers to entry - correct answer ✔the existence of high startup costs or
other obstacles that prevent new competitors from easily entering an industry
or area of business; make it difficult for other firms to enter an industry and
compete


Brand - correct answer ✔the symbolic embodiment of all the information
connected with a product or service


Bundling - correct answer ✔the practice of marketing two or more products
or services in a single package with one price


Business process - correct answer ✔a collection of linked tasks which find
their end in the delivery of a service or product to a client


Capital intensity - correct answer ✔the amount of fixed or real capital present
in relation to other factors of production, especially labor


Channel conflict - correct answer ✔occurs when manufacturers (brands)
disintermediate their channel partners, such as distributors, retailers, dealers,

,and sales representatives, by selling their products directly to consumers
through general marketing methods and/or over the Internet


Commodity - correct answer ✔products or services that are nearly identically
offered from multiple vendors


Competitive advantage - correct answer ✔a condition or circumstance that
puts a company in a favorable or superior business position


Differentiation - correct answer ✔many firms leverage technology to
differentiate their goods and services to break the commodity trap


Distribution channels - correct answer ✔the path through which products or
services get to customers


Economies of scale - correct answer ✔when the cost of an investment can
be spread across increasing units of production or in serving a growing
customer base


Fast follower problem - correct answer ✔exists when savvy rivals watch a
pioneer's efforts, learn from their successes and missteps, then enter the
market quickly with a comparable or superior product at a lower cost


Imitation-resistant value chain - correct answer ✔a way of doing business
that others will struggle to replicate


Information asymmetry - correct answer ✔deals with the study of decisions
in transactions where one party has more or better information than the other

, Killer app - correct answer ✔a feature, function, or application of a new
technology or product that is presented as virtually indispensable or much
superior to rival products


Network effects (or network externalities or Metcalfe's Law) - correct answer
✔exist if the value of a network increases with the number of users


Operational effectiveness - correct answer ✔Performing the same tasks
better than rivals can perform them


Porter's Model of Industry Structure (5 Forces) - correct answer ✔also known
as the Industry and Competitive Analysis; five forces this framework considers
are
(1) the intensity of rivalry among existing competitors
(2) the threat of new entrants
(3) the threat of substitute goods or services
(4) the bargaining power of buyers
(5) the bargaining power of suppliers


Porter's Model of Competitive Advantage - correct answer ✔Compares Cost
and Differentiation, Industry-wide scope and focused scope


Resource-based view of competitive advantage - correct answer ✔if a firm is
to maintain sustainable competitive advantage, it must control a set of
exploitable resources that have four critical characteristics. These resources
must be (1) valuable, (2) rare, (3) imperfectly imitable (tough to imitate), and
(4) non-substitutable.


Scale advantages - correct answer ✔advantages related to a firm's size

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