MIS 301 Exam 1 Questions With Correct
Answers
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
| | |
Answers
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
| | |
