Miami University Of Ohio

operational level Answer Employees develop, control, and maintain core business activities required to run the day-to-day operations. structured decision Answer Involves situations where established processes offer potential solutions. managerial level Answer Employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leveragechange. semistructured decision Answer Occurs in situations in which a few established processes help to eval...

Which of the following is considered a core driver of the information age? Answer Data Why do students need to study information technology? Answer Information technology is everywhere in business, information technology is frequently discussed in business, information technology is frequently used in organizations. What is business intelligence? Answer Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making What is the...

What is an information system? Answer A group of five integrated components that interact to produce information: Hardware, software data procedures, people What is the importance of information systems? what do they do? Answer Help companies support, improve and reinvent business processes in their supply and value chains. Help improve process efficiency. Help companies innovate through both automation and integration. Help companies gain competitive advantages. What is MIS? Answer Manage...

Backup and Recovery Answer The ability to get a system up and running in the event of a system crash that includes restoring the information backup. Disaster recovery Answer A detailed process for recovering information or a system in the event of a catastrophic disaster Emergency preparedness Answer Ensures a company is ready to respond to an emergency in an organized, timely, and effective manner Virtualization Answer Creates multiple "virtual" machines on a single computing device ...

Internet of things Answer A world where interconnected, internet-enabled devices or "things" can collect and share data without human intervention. Value Chain: Primary Vs. Support Answer Views a firm as a series of business processes that each add value. Primary: The firm acquiring raw materials, manufacturing, delivering, marketing and selling. Support: Actual firm infrastructure such as HR, Management, Tech. Dept. Data Answer Raw facts that describe the characteristics of an event or ...

Protectionism Answer the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas Tariff Answer a government tax on goods or services entering a country, primarily serving to raise prices on imports --> increase prices Quota Answer a restriction placed on the amount of a product allowed to enter or leave a country --> limit supply World Trade Organization Answer institution that sets rules governing trad...

Price Answer is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service. Value Answer is the ratio of perceived benefits to price; or _________ = (Perceived benefits divided by Price). Profit Equation Answer total revenue - total cost (unit price * quantity sold) - (fixed cost + variable cost) Pricing objectives Answer specify the role of price in an organization's marketing and strategic plans Pricing c...

Skimming Pricing Answer -Firm introduces a new or innovative product and sets the highest initial price that customers who really desire the product are willing to pay. -Customers are not very price sensitive -Prices are lowered once they are satisfied to attract new customers Penetration Pricing Answer Set low initial price on new product for immediate appeal to the mass market Target Pricing Answer Manufacturer deliberately adjusts the features of a product to achieve this Pricing...

Marketing Answer The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Exchange Answer The trade of things of value between buyer and seller so that each is better off after the trade What is needed for marketing to occur? Answer (1) two or more parties (individuals or organizations) with unsatisfied needs, (2) a desire and ability on their part to have their...

Accounting Equation Answer Assets = Liabilities + Equity Asset Accounts Answer Debits-Increase, Credits-Decrease Liability Accounts Answer Debits-Decrease, Credits-Increase Equity Accounts Answer Debits-Decrease, Credits-Increase Trial balance Answer Used by accountants to prove that the accounting system is in balance, that total debits=total credits Balance Sheet Amounts Answer Total Assets, Total Liabilities, Total Equity, Total Liabilities and Equity General Ledger Answer C...