BMGT 301 Final || with 100% Error-free Answers.

Economies of scale correct answers 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 Porter's 5 Forces correct answers Also known as Industry and Competitive Analysis. A framework considering the interplay between (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, and (5) the bargaining power of suppliers. Metcalfe's Law/network effects correct answers Also known as Metcalfe's Law, or network externalities. When the value of a product or service increases as its number of users expands. Value Chain (definition) correct answers Set of activities through which a product or service is created and delivered to customers. Value Chain (components) correct answers Primary: Inbound logistics, Operations, Outbound logistics, Marketing and sales, and Service Secondary: Infrastructure, Human Resources, Technology, and Procurement Value Chain (key frameworks) correct answers 1. Firms may have a critical competitive asset when they have an imitation-resistant value chain 2. Can be used to consider a firm's differences compared to rivals 3. Can reveal operational weaknesses 4. Firms can buy softwares - SCM, CRM, and ERP 5. Potential danger - adopting software that changes a unique process into a generic one 3 Strategies to achieve competitive advantage correct answers Differentiation, cost leadership, focus Business intelligence correct answers Combines aspects of reporting, data exploration, and ad hoc queries, and sophisticated data modeling and analysis Analytics correct answers Driving decisions and actions through extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management Machine learning correct answers Leverages massive amounts of data so that computers can act and improve on their own without additional programming Database correct answers Single table or a collection of related tables Database management systems (DBMS) correct answers Also known as database software, Software for creating, maintaining, and manipulating data