CBIS 2220 Exam 1 question with complete solution 2023 (rated A+)

CBIS 2220 Exam 1 question with complete solution 2023 (rated A+) Business - correct answer -Trading something of value for something of value -Exchange to gain a monetary gain -Money = a universal payment Corporate Driven Economy - correct answer -Group of people acting as a single entity -Goal: make more money; sell more and reduce costs -Separate legal entity to do business with Automation - correct answer -The use of technology to ease human labor or to extend the mental or physical capabilities of humans. Information and Data - correct answer -The use of computers to store data and process it into useful material -Data is facts and statistics collected for analysis Five-Component Framework - correct answer -Hardware: computers, servers, printers, scanners -Software: programs, website, database -Data: raw taxes and figures -Procedure: how to use networking -People: Information Systems and MIS - correct answer -Data organized in a way that makes it easy to understand -Knowledge derived from data -Spans every aspect of business Value - correct answer -The subjective idea that something is worth something -What someone is willing to pay and what someone is willing to take in a transaction -"Create value" Value Chains - correct answer -create, sustain, increase value -Inbound logistics/getting the inputs -Manufacturing/operations -Outbound logistics: get it to the customer -Sales/marketing -Customer service Michael Porter's Five Forces Model - correct answer -5 forces a business looks at to create SWOT (strengths, weaknesses, opportunities, and threats) analysis -Bargaining power of consumers and suppliers -Threat of substitution: ability of customers to find alternatives (substitute product) -Threat of new entrants: how easy for someone to enter the market -Competitive rivalry Michael Porter/Dave Aaron's Competitive Strategies - correct answer -2 ways to compete -1) Costs: Low cost leader; walmart -2) Differentiation: innovation leader; apple -3) Customer intimacy: CFA Outsourcing - correct answer -Finding someone that can do the job better than you -"Your bathroom is somebody's problem" Computers - correct answer -Machine that inputs data and outputs information -Set of instructions and application: computer code, application, program