MIST 2090 CORRECT STUDY EXAM GUIDE
QUESTIONS AND ANSWERS SURE A+
✔✔disadvantages of platform based business models - ✔✔-Requires high flow of users
-Integration challenges
-Platform maintenance
✔✔Free - ✔✔Once something has been digitized, it's essentially free to make an
additional copy of it
✔✔Perfect - ✔✔Copies are every bit as good as their digital original
✔✔Instant - ✔✔Networks allow distribution of a free, perfect copy of information goods
from one place to another virtually immediately
✔✔Network Effect - ✔✔a phenomenon by which a product or service gains additional
value as more people use it (ex: telephones, the app store, facebook)
✔✔unbundle - ✔✔unbundle resources that used to be tightly clustered together and
difficult to consume one by one
✔✔bundle - ✔✔bundle a popular resource with an unpopular resource to encourage
consumption
✔✔open platform (pros and cons) - ✔✔pros: increase consumer surplus, push out
demand curve, platform onwer get data
cons: malware, cybercrime, cyberwarfare, identity theft, fake news
✔✔curation - ✔✔platform owner sets strict standards for user generated content, but
has to be approved under strict guidelines
, ✔✔reputation systems - ✔✔platform owner establishes a system for users to rate
content to ensure that high-quality content is easily accessible and low-quality content
falls away
✔✔Habits of successful platforms - ✔✔-Early to the space
-Takes advantage of economics of complementary goods
-Opens up platform to a broad range of contributes
-Curate platform to deliver a consistent experience
✔✔platforms as engines for liquidity in markets - ✔✔a platform model can create a
multi-sided market--where sellers and buyers find each other to arrange sales
transactions. This helps because it makes the process of transacting much smoother.
Thus, the presence of a market makes it much easier to convert an asset (such as half
of a storage warehouse in Athens, GA) into cash.
✔✔incumbent organizations and the role of regulation - ✔✔- Nonplatform participants
will see their margins shrink and their positions become less and less secure
- In finance, as in urban transportation, regulation was at times the incumbents best
defense against digital upstarts
✔✔Definition of MIS - ✔✔·A management information system is an organized
integration of hardware and software technologies, data, processes, and human
elements designed to produce timely, integrated, relevant, accurate, and useful
information for decision-making purposes.
✔✔Changes in how a company sells to customers - ✔✔Changes in how a company
sells to customers depends on what type of information that company has. Business
intelligence and data mining help manage customer relationships
✔✔Analytics strategy at Target - ✔✔Target used analytics to track what people
searched on their websites and added to their cart to determine and predict what to
advertise to their customers
✔✔· How the three lenses are changing business, generally - ✔✔(1) New combinations
of minds and machines are changing the way businesses execute their most important
processes. (2) Pioneering companies are bringing together products and platforms to
transform their offerings (3) The core and the crowd are altering what organizations
themselves loom like, and how they work.
✔✔What happened last time? - ✔✔Many successful incumbent companies- in fact,
most of them- did not survive the transition from one power source to the other.
QUESTIONS AND ANSWERS SURE A+
✔✔disadvantages of platform based business models - ✔✔-Requires high flow of users
-Integration challenges
-Platform maintenance
✔✔Free - ✔✔Once something has been digitized, it's essentially free to make an
additional copy of it
✔✔Perfect - ✔✔Copies are every bit as good as their digital original
✔✔Instant - ✔✔Networks allow distribution of a free, perfect copy of information goods
from one place to another virtually immediately
✔✔Network Effect - ✔✔a phenomenon by which a product or service gains additional
value as more people use it (ex: telephones, the app store, facebook)
✔✔unbundle - ✔✔unbundle resources that used to be tightly clustered together and
difficult to consume one by one
✔✔bundle - ✔✔bundle a popular resource with an unpopular resource to encourage
consumption
✔✔open platform (pros and cons) - ✔✔pros: increase consumer surplus, push out
demand curve, platform onwer get data
cons: malware, cybercrime, cyberwarfare, identity theft, fake news
✔✔curation - ✔✔platform owner sets strict standards for user generated content, but
has to be approved under strict guidelines
, ✔✔reputation systems - ✔✔platform owner establishes a system for users to rate
content to ensure that high-quality content is easily accessible and low-quality content
falls away
✔✔Habits of successful platforms - ✔✔-Early to the space
-Takes advantage of economics of complementary goods
-Opens up platform to a broad range of contributes
-Curate platform to deliver a consistent experience
✔✔platforms as engines for liquidity in markets - ✔✔a platform model can create a
multi-sided market--where sellers and buyers find each other to arrange sales
transactions. This helps because it makes the process of transacting much smoother.
Thus, the presence of a market makes it much easier to convert an asset (such as half
of a storage warehouse in Athens, GA) into cash.
✔✔incumbent organizations and the role of regulation - ✔✔- Nonplatform participants
will see their margins shrink and their positions become less and less secure
- In finance, as in urban transportation, regulation was at times the incumbents best
defense against digital upstarts
✔✔Definition of MIS - ✔✔·A management information system is an organized
integration of hardware and software technologies, data, processes, and human
elements designed to produce timely, integrated, relevant, accurate, and useful
information for decision-making purposes.
✔✔Changes in how a company sells to customers - ✔✔Changes in how a company
sells to customers depends on what type of information that company has. Business
intelligence and data mining help manage customer relationships
✔✔Analytics strategy at Target - ✔✔Target used analytics to track what people
searched on their websites and added to their cart to determine and predict what to
advertise to their customers
✔✔· How the three lenses are changing business, generally - ✔✔(1) New combinations
of minds and machines are changing the way businesses execute their most important
processes. (2) Pioneering companies are bringing together products and platforms to
transform their offerings (3) The core and the crowd are altering what organizations
themselves loom like, and how they work.
✔✔What happened last time? - ✔✔Many successful incumbent companies- in fact,
most of them- did not survive the transition from one power source to the other.
