MIS 301 Exam 1 Final Test Questions
with All Actual Answers 2026-2027
Updated.
Disruptive Technology - Answer a new way of doing things that initially does not meet the
needs of existing customers. These tend to open new markets and destroy old ones.
Mental Models - Answer clusters of propositions/knowledge structures that guide our
interaction with the world.
Evidence: create map and found same pattern longer distance took longer
barriers to entry - Answer anything that keeps new firms from entering an industry in which
firms are earning economic profits
Business Process - Answer a standardized set of activities that accomplish a specific task,
such as processing a customer's order
Capital intensity - Answer the amount of fixed or real capital present in relation to other
factors of production, especially labor.
channel conflict - Answer in e-commerce a conflict that may result between a manufacturer
that wants to sell products directly to consumers and the retailers in the existing sales channels
commodity - Answer an item of trade or commerce, esp. as distinguished from a service
distribution channels - Answer This refers to the movement of products or services from the
producer to the consumer.
economies of scale - Answer as a company produces larger numbers of a particular product,
the cost of each of these products goes down
fast follower problem - Answer exists when savvy rivals watch a pioneer's effort, learn from
their successes and missteps and then enter the market quickly with a comparable or superior
product at a lower cost before the first mover can dominate
information asymmetry - Answer the concept that the manager generally has more
information about the true financial position and results of operations of the entity than the
absentee owner does
,porters 5 forces - Answer 1. Threat of new entrants
2. the bargaining power of buyers
3.the bargaining power of suppliers
4. the threat of substitutre products and services
5. the intensity of rivalry among competitiors
porter's competitive advantage - Answer A competitive advantage exists when the firm is
able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver
benefits that exceed those of competing products (differentiation advantage). Thus, a
competitive advantage enables the firm to create superior value for its customers and superior
profits for itself.
search costs - Answer the financial and opportunity costs consumers pay when searching for
a good or service
straddling - Answer a company seeks to match the benefits of a successful position while
maintaining its existing position; add new features, services, or technologies onto the activities
it already performs. Could mean failing to meet rivals success.
strategic positioning - Answer the process by which marketers try to create an image or
identity in the minds of their target market for its product, brand, or organization.
sustainable competitive advantage - Answer a long term advantage that cannot be copied by
the competition
switching costs - Answer costs that can make customers reluctant to switch to another
product or service
value chain - Answer The series of departments that carry out value-creating activities to
design, produce, market, deliver, and support a firm's products.
viral marketing - Answer A strategy to get consumers to share a marketer's message, often
through e-mail or online video, in a way that spreads dramatically and quickly
bullwhip effect - Answer occurs when distorted product demand information passes from
one entity to the next throughout the supply chain
, contract manufacturing - Answer A joint venture in which a company contracts with
manufacturers in a foreign market to produce the product or provide its service
just-in-time manufacturing - Answer a manufacturing system in which materials used for
manufacturer and/or sale are produced precisely at the time they are needed. As a result, no
costly storage of inventory is required. Electronic record-keeping and communication about
inventory and needs has made this system possible
logistics - Answer management of the flow of goods between the point of origin and the
point of use in order to meet the requirements of customers or corporations
point-of-sale systems - Answer Retail computer systems that collect data and are hooked
directly into the companies inventory-control system
radio frequency identification tags - Answer tiny computer chips that automatically transmit
to a special scanner all the information about a container's contents or individual products.
vertical integration - Answer absorption into a single firm of several firms involved in all
aspects of a product's manufacture from raw materials to distribution
capital expense budget - Answer Permanent or long term budget. Fixed amount. Capital
items are separated from other expenses due to depreciation of value and possible tax credits
for purchases and investments.
flash memory - Answer nonvolatile storage that can be electrically erased and programmed
anew
grid computing - Answer An aggregation of geographically dispersed computing, storage, and
network resources, coordinated to deliver improved performance, higher quality of service,
better utilization, and easier access to data.
magnetic storage - Answer any storage medium in which different patterns of magnetization
are used to represent stored bits or bytes of information
microprocessor - Answer integrated circuit semiconductor chip that performs the bulk of the
processing and controls the parts of a system
nonvolatile memory - Answer Memory that is not lost when the computer is turned off. An
example is the read-only memory that contains start-up instructions and other critical
information.
with All Actual Answers 2026-2027
Updated.
Disruptive Technology - Answer a new way of doing things that initially does not meet the
needs of existing customers. These tend to open new markets and destroy old ones.
Mental Models - Answer clusters of propositions/knowledge structures that guide our
interaction with the world.
Evidence: create map and found same pattern longer distance took longer
barriers to entry - Answer anything that keeps new firms from entering an industry in which
firms are earning economic profits
Business Process - Answer a standardized set of activities that accomplish a specific task,
such as processing a customer's order
Capital intensity - Answer the amount of fixed or real capital present in relation to other
factors of production, especially labor.
channel conflict - Answer in e-commerce a conflict that may result between a manufacturer
that wants to sell products directly to consumers and the retailers in the existing sales channels
commodity - Answer an item of trade or commerce, esp. as distinguished from a service
distribution channels - Answer This refers to the movement of products or services from the
producer to the consumer.
economies of scale - Answer as a company produces larger numbers of a particular product,
the cost of each of these products goes down
fast follower problem - Answer exists when savvy rivals watch a pioneer's effort, learn from
their successes and missteps and then enter the market quickly with a comparable or superior
product at a lower cost before the first mover can dominate
information asymmetry - Answer the concept that the manager generally has more
information about the true financial position and results of operations of the entity than the
absentee owner does
,porters 5 forces - Answer 1. Threat of new entrants
2. the bargaining power of buyers
3.the bargaining power of suppliers
4. the threat of substitutre products and services
5. the intensity of rivalry among competitiors
porter's competitive advantage - Answer A competitive advantage exists when the firm is
able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver
benefits that exceed those of competing products (differentiation advantage). Thus, a
competitive advantage enables the firm to create superior value for its customers and superior
profits for itself.
search costs - Answer the financial and opportunity costs consumers pay when searching for
a good or service
straddling - Answer a company seeks to match the benefits of a successful position while
maintaining its existing position; add new features, services, or technologies onto the activities
it already performs. Could mean failing to meet rivals success.
strategic positioning - Answer the process by which marketers try to create an image or
identity in the minds of their target market for its product, brand, or organization.
sustainable competitive advantage - Answer a long term advantage that cannot be copied by
the competition
switching costs - Answer costs that can make customers reluctant to switch to another
product or service
value chain - Answer The series of departments that carry out value-creating activities to
design, produce, market, deliver, and support a firm's products.
viral marketing - Answer A strategy to get consumers to share a marketer's message, often
through e-mail or online video, in a way that spreads dramatically and quickly
bullwhip effect - Answer occurs when distorted product demand information passes from
one entity to the next throughout the supply chain
, contract manufacturing - Answer A joint venture in which a company contracts with
manufacturers in a foreign market to produce the product or provide its service
just-in-time manufacturing - Answer a manufacturing system in which materials used for
manufacturer and/or sale are produced precisely at the time they are needed. As a result, no
costly storage of inventory is required. Electronic record-keeping and communication about
inventory and needs has made this system possible
logistics - Answer management of the flow of goods between the point of origin and the
point of use in order to meet the requirements of customers or corporations
point-of-sale systems - Answer Retail computer systems that collect data and are hooked
directly into the companies inventory-control system
radio frequency identification tags - Answer tiny computer chips that automatically transmit
to a special scanner all the information about a container's contents or individual products.
vertical integration - Answer absorption into a single firm of several firms involved in all
aspects of a product's manufacture from raw materials to distribution
capital expense budget - Answer Permanent or long term budget. Fixed amount. Capital
items are separated from other expenses due to depreciation of value and possible tax credits
for purchases and investments.
flash memory - Answer nonvolatile storage that can be electrically erased and programmed
anew
grid computing - Answer An aggregation of geographically dispersed computing, storage, and
network resources, coordinated to deliver improved performance, higher quality of service,
better utilization, and easier access to data.
magnetic storage - Answer any storage medium in which different patterns of magnetization
are used to represent stored bits or bytes of information
microprocessor - Answer integrated circuit semiconductor chip that performs the bulk of the
processing and controls the parts of a system
nonvolatile memory - Answer Memory that is not lost when the computer is turned off. An
example is the read-only memory that contains start-up instructions and other critical
information.
