IDSC 3001 Test A | UPDATED Questions with 100% Verified Answers
Question:
Robo advisor
Answer:
AI software manages personal funds
Question:
Sustainable competitive advantage
Answer:
financial performance that consistently outperforms industry averages
The strategic thinking approach suggesting that if a firm is to maintain sustainable
competitive advantage, it must control an exploitable resource, or set of resources, that
have four critical characteristics. These resources must be (1) valuable, (2) rare, (3)
imperfectly imitable, and (4) nonsubstitutable.
Question:
Fast follower
Answer:
Exists when savvy rivals watch a pioneer's efforts, learn from their successes and
missteps, then enter the market quickly with a comparable or superior product at a lower
cost before the first mover can dominate.
Question:
Value chain
Answer:
set of activities through which a product or service is created and delivered to customers
Question:
Economies of scale
Answer:
cost of investment can be spread across increasing units of production or in serving a
growing customer base
, when the cost of an investment can be spread across increasing units of production or in
serving a growing customer base
Question:
Pushing costs
Answer:
As technology becomes faster and cheaper, and developments like open source
software, cloud computing, software as a service (SaaS), and outsourcing push
technology costs even lower, tech skills are being embedded inside more and more job
functions.
Question:
Commodities
Answer:
A basic good that can be interchanged with nearly identical offerings by others--think
milk, coal, orange juice, or to a lesser extent, Windows PCs and Android phones. The
more commoditized an offering, the greater the likelihood that competition will be based
on price.
Question:
Patents
Answer:
Intellectual property protection can be granted in the form of a patent for those
innovations deemed to be useful, novel, and nonobvious. In the United States,
technology and (more controversially with certain restrictions) even business methods
(processes) can be patented, typically for periods of twenty years from the date of
patent application.
Question:
porters five forces
Answer:
Also known as Industry and Competitive Analysis. A framework considering the interplay
between (1) the intensity of rivalry among existing competitors, (2) the threat of new
Question:
Robo advisor
Answer:
AI software manages personal funds
Question:
Sustainable competitive advantage
Answer:
financial performance that consistently outperforms industry averages
The strategic thinking approach suggesting that if a firm is to maintain sustainable
competitive advantage, it must control an exploitable resource, or set of resources, that
have four critical characteristics. These resources must be (1) valuable, (2) rare, (3)
imperfectly imitable, and (4) nonsubstitutable.
Question:
Fast follower
Answer:
Exists when savvy rivals watch a pioneer's efforts, learn from their successes and
missteps, then enter the market quickly with a comparable or superior product at a lower
cost before the first mover can dominate.
Question:
Value chain
Answer:
set of activities through which a product or service is created and delivered to customers
Question:
Economies of scale
Answer:
cost of investment can be spread across increasing units of production or in serving a
growing customer base
, when the cost of an investment can be spread across increasing units of production or in
serving a growing customer base
Question:
Pushing costs
Answer:
As technology becomes faster and cheaper, and developments like open source
software, cloud computing, software as a service (SaaS), and outsourcing push
technology costs even lower, tech skills are being embedded inside more and more job
functions.
Question:
Commodities
Answer:
A basic good that can be interchanged with nearly identical offerings by others--think
milk, coal, orange juice, or to a lesser extent, Windows PCs and Android phones. The
more commoditized an offering, the greater the likelihood that competition will be based
on price.
Question:
Patents
Answer:
Intellectual property protection can be granted in the form of a patent for those
innovations deemed to be useful, novel, and nonobvious. In the United States,
technology and (more controversially with certain restrictions) even business methods
(processes) can be patented, typically for periods of twenty years from the date of
patent application.
Question:
porters five forces
Answer:
Also known as Industry and Competitive Analysis. A framework considering the interplay
between (1) the intensity of rivalry among existing competitors, (2) the threat of new
