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MIS 301 Exam 1 Question and answers 100% correct 2024
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MIS 301 Exam 1 Question and answers 100% correct 2024 IPO - correct answer Initial public offering, a corporation's first offer to sell shares to the public Internet of Things - correct answer A vision where low-cost sensors, processors, and communication are embedded into a wide array of pr...

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  • August 27, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • MIC 301
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MIS 301 Exam 1
IPO - correct answer ✔Initial public offering, a corporation's first offer to sell
shares to the public


Internet of Things - correct answer ✔A vision where low-cost sensors,
processors, and communication are embedded into a wide array of products
and our environment, allowing a vast network to collect data, analyze input,
and automatically coordinate collective action.


Sarbanes-Oxley Act - correct answer ✔Also known as Sarbox or SOX; U.S.
legislation enacted in the wake of the accounting scandals of the early 2000s.
The act raises executive and board responsibility and ties criminal penalties to
certain accounting and financial violations. Although often criticized, SOX is
also seen as raising stakes for mismanagement and misdeeds related to a
firm's accounting practices.


sustainable competitive advantage - correct answer ✔Financial performance
that consistently outperforms industry averages.


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


Commodity - correct answer ✔A basic good that can be interchanged with
nearly identical offerings by others—think milk, coal, orange juice, or to a
lesser extent, Windows PCs and Android phones. The more commoditized an
offering, the greater the likelihood that competition will be based on price.


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 before
the first mover can dominate.


Augmented Reality - correct answer ✔A technology that superimposes
content, such as images and animation, on top of real-world images.


Strategic Positioning - correct answer ✔Performing different tasks than
rivals, or the same tasks in a different way.


Inventory Turnover - correct answer ✔Sometimes referred to as inventory
turnover, stock turns, or stock turnover. It is the number of times inventory is
sold or used during a given period. A higher figure means that a firm is selling
products quickly


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


Resource-Based view of Competitive Advantage - correct answer ✔The
strategic thinking approach suggesting that if a firm is to maintain sustainable
competitive advantage, it must control an exploitable resource, or set of
resources, that have four critical characteristics. These resources must be (1)
valuable, (2) rare, (3) imperfectly imitable, and (4) nonsubstitutable.


dense wave division multiplexing (DWDM) - correct answer ✔A technology
that increases the transmission capacity (and hence speed) of fiber-optic
cable. Transmissions using fiber are accomplished by transmitting light inside
"glass" cables. In DWDM, the light inside fiber is split into different
wavelengths in a way similar to how a prism splits light into different colors.

, 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.


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


Viral Marketing - correct answer ✔Leveraging consumers to promote a
product or service.


scale advantages - correct answer ✔advantages related to size


Economies of Scale - correct answer ✔When costs can be spread across
increasing units of production or in serving multiple customers. Businesses
that have favorable economies of scale (like many Internet firms) are
sometimes referred to as being highly scalable.


Switching Costs - correct answer ✔The cost a consumer incurs when
moving from one product to another. It can involve actual money spent (e.g.,
buying a new product) as well as investments in time, any data loss, and so
forth.


Network Effects - correct answer ✔Also known as Metcalfe's Law, or network
externalities. When the value of a product or service increases as its number
of users expands.

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