MIS 200 CORE REVIEW ANSWERS AND QUESTIONS
SET A+
✔✔Four Competitive Strategies include - ✔✔Differentiation, cost, industry-wide, focus
✔✔Value - ✔✔amount of money that a customer is willing to pay for a resource, product
or service
✔✔Margin - ✔✔The difference between the value that an activity generates and the
cost of the activity
✔✔Value Chain - ✔✔Network of value creating activities (how something is made)
✔✔Primary Activities - ✔✔Porter's Value Chain Model contribute directly to the
production sale or service of a product there are 5, inbound logistics, operations and
manufacturing, outbound logistics, sales and marketing, customer service
✔✔Support Activities - ✔✔Contribute indirectly to value: procurement, technology,
human resources, firm's infrastructure
✔✔Inbound Logistics - ✔✔receiving, storing, and disseminating inputs to the products
✔✔Operations/Manufacturing - ✔✔Transforming inputs into the final products
✔✔Outbound Logistics - ✔✔Collecting, Storing, and physically distributing the products
to buyers
✔✔Sales and Marketing - ✔✔inducing buyers to purchase the products and providing a
means for them to do so
✔✔Customer Service - ✔✔assisting customer's use of the products and thus
maintaining and enhancing the products value
✔✔Linkages - ✔✔Interactions across value activities
, ✔✔Business Process - ✔✔generate value by transforming inputs into outputs
✔✔Cost - ✔✔Cost of inputs plus cost of activities
✔✔Activity - ✔✔Business function that receives inputs, produces outputs can be done
by computer, human or both
✔✔Repository - ✔✔Collection of something
✔✔Business process Management (BPM) - ✔✔Cyclical Process for systemically
creating, assessing, and altering business processes
✔✔First Mover Advantage - ✔✔Benefit of gaining market share by being the first to
develop a new technology in a market segment
✔✔Second Mover Advantage - ✔✔Benefit of gaining market share by following a
pioneering company into a market segment and imitating their product or service,
thereby reducing costly research and development expenditures
✔✔Switching Costs - ✔✔Business strategy of locking in customers by making it difficult
or expensive to change to another product or supplier
✔✔Cooperation - ✔✔the process by which a group of people having the same skills
work in parallel to shorten the time required to accomplish a job
✔✔collboration - ✔✔the activity of two of more people working together to achieve a
common goal via a process of feedback and iteration
✔✔constructive criticism - ✔✔both positive and negative advice given to improve an
outcome
✔✔Groupthink - ✔✔the mode of thinking that occurs when the desire for harmony in a
decision-making group overrides a realistic appraisal of alternatives
✔✔Operational Decisions - ✔✔Decisions that concern the day to day activities of an
organization
✔✔Managerial Decisions - ✔✔decisions about the allocation and utilization of resources
✔✔Strategic Decisions - ✔✔those that support broad-scope, organizational issues
✔✔Structured Decisions - ✔✔Type of decision for which there is a formalized and
accepted method for making the decision
SET A+
✔✔Four Competitive Strategies include - ✔✔Differentiation, cost, industry-wide, focus
✔✔Value - ✔✔amount of money that a customer is willing to pay for a resource, product
or service
✔✔Margin - ✔✔The difference between the value that an activity generates and the
cost of the activity
✔✔Value Chain - ✔✔Network of value creating activities (how something is made)
✔✔Primary Activities - ✔✔Porter's Value Chain Model contribute directly to the
production sale or service of a product there are 5, inbound logistics, operations and
manufacturing, outbound logistics, sales and marketing, customer service
✔✔Support Activities - ✔✔Contribute indirectly to value: procurement, technology,
human resources, firm's infrastructure
✔✔Inbound Logistics - ✔✔receiving, storing, and disseminating inputs to the products
✔✔Operations/Manufacturing - ✔✔Transforming inputs into the final products
✔✔Outbound Logistics - ✔✔Collecting, Storing, and physically distributing the products
to buyers
✔✔Sales and Marketing - ✔✔inducing buyers to purchase the products and providing a
means for them to do so
✔✔Customer Service - ✔✔assisting customer's use of the products and thus
maintaining and enhancing the products value
✔✔Linkages - ✔✔Interactions across value activities
, ✔✔Business Process - ✔✔generate value by transforming inputs into outputs
✔✔Cost - ✔✔Cost of inputs plus cost of activities
✔✔Activity - ✔✔Business function that receives inputs, produces outputs can be done
by computer, human or both
✔✔Repository - ✔✔Collection of something
✔✔Business process Management (BPM) - ✔✔Cyclical Process for systemically
creating, assessing, and altering business processes
✔✔First Mover Advantage - ✔✔Benefit of gaining market share by being the first to
develop a new technology in a market segment
✔✔Second Mover Advantage - ✔✔Benefit of gaining market share by following a
pioneering company into a market segment and imitating their product or service,
thereby reducing costly research and development expenditures
✔✔Switching Costs - ✔✔Business strategy of locking in customers by making it difficult
or expensive to change to another product or supplier
✔✔Cooperation - ✔✔the process by which a group of people having the same skills
work in parallel to shorten the time required to accomplish a job
✔✔collboration - ✔✔the activity of two of more people working together to achieve a
common goal via a process of feedback and iteration
✔✔constructive criticism - ✔✔both positive and negative advice given to improve an
outcome
✔✔Groupthink - ✔✔the mode of thinking that occurs when the desire for harmony in a
decision-making group overrides a realistic appraisal of alternatives
✔✔Operational Decisions - ✔✔Decisions that concern the day to day activities of an
organization
✔✔Managerial Decisions - ✔✔decisions about the allocation and utilization of resources
✔✔Strategic Decisions - ✔✔those that support broad-scope, organizational issues
✔✔Structured Decisions - ✔✔Type of decision for which there is a formalized and
accepted method for making the decision
