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MIS 301 Exam 1 with complete solutions (16)
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MIS 301 Exam 1 with complete solutions (16)
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MIS 301 Exam 1 with complete solutions(16)
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
Distributions Channels - correct answer ✔✔The path through which products of services get to
customers
Non-Practicing Entities - correct answer ✔✔Commonly known as patent trolls, these firms make money
by acquiring and asserting patents, rather than bringing products and services to market.
to go private - correct answer ✔✔When a corporation is trying to go from a public corporation to a
private corporation, where a few shareholders buy back the shares from the other shareholders via a
self-tender offer
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