MIST 2090 FINAL EXAM 100% Correct!

definition of MIST - ANSWER an organized integration of hardware and software technologies, data, processes, and human elements to produce timely, integrated, relevant, accurate, and useful information for decision-making purposes definition of a business model - ANSWER describes the rationale of how an organization creates, delivers, and captures value 9 Business Model Canvas (BMC) boxes - ANSWER customer segments, value proposition, channels, customer relationships, cost structure, revenue streams, key partners, key resources, key activities (BMC) customer segments - ANSWER how a company groups customers into distinct groups with common interests and needs (BMC) value proposition - ANSWER what unique product or service you offer; WHY CHOOSE YOUR COMPANY? (BMC) channels - ANSWER how the company communicates with and reaches the customer to deliver a value proposition (web sales, partner stores, owned stores, etc.) (BMC) customer relationships - ANSWER the relationships a company establishes with its customer segments (can be personal or automated) (BMC) cost structure - ANSWER all costs incurred to operate a business model (BMC) revenue streams - ANSWER cash that a company generates from its customer segments (can be one-time transactions, or recurring transactions from ongoing payments) (BMC) key partners - ANSWER strategic alliances to optimize the business model, reduce risk, or acquire resources (BMC) key resources - ANSWER the most important assets required for the company to work (physical, financial, intellectual, human) (BMC) key activities - ANSWER the most important actions required for the company to operate successfully relationship between revenue and financing (venture capital) - ANSWER revenue might not be enough for the business to support its operations; might turn to some kind of financing to gain capital debt financing - ANSWER taking on debt from a lender that you must later pay back with interest equity financing - ANSWER give partial ownership of your business to an investor in exchange for capital Red Dress Boutique Shark Tank Pitch - ANSWER --600k for 5% equity --wanted a new website and back-end system for data analytics (MPC) Two phases of the Second Machine Age - ANSWER Phase 1 (mid 1990s)--takeover of routine tasks such as processing payroll, welding car parts together, sending invoices to customers, etc. Phase 2 (2010-present)--when science fiction technologies begin appearing in the real world, such as fully autonomous cars