BMGT 301 Exam 2 UPDATED ACTUAL
Exam Questions and CORRECT Answers
Is data a source of competitive advantage? - CORRECT ANSWER - YES, data leverage
lies at the center of competitive advantage
When might data not yield sustainable advantage? - CORRECT ANSWER - when
advantages based on formulas, algorithms and data are ones that others can also acquire,
advantage will be short lived
- complexity, security, cost important
Are advantages based on analytics and modeling potentially sustainable? Why or why not? -
CORRECT ANSWER - YES, these advantages are potentially sustainable IF the company
can continually adapt and maintain data that gives competitive advantages
- need to employ the DELTA ladder
Database - CORRECT ANSWER - a collection of organized data that allows access,
retrieval, and use of data
- also: a single table or collection of related tables
Database Management System (DBMS) - CORRECT ANSWER - a system that manages
and controls one or more databases
- creates, maintains, manipulates data
Hierarchy of Data - CORRECT ANSWER - (highest to lowest)
- database (everything: course file, personal file, financial file, etc.)
- table/file (student ID, course, grade)
- record/row (individual student's data)
- field/column (class)
- byte (section)
, - bit
relational database - CORRECT ANSWER - Most common standard for expressing
databases, where tables (files) are connected or linked by common keys
- each table contains data on an entity
- connects 2 or more data sets into a condensed version
What are the capabilities of DBMS? - CORRECT ANSWER - - data definition language:
structures content, creates tables
- data manipulation language: adds, changes, deletes data from database
- data dictionary: stores definitions of data elements and their characteristics
What role do technology and timing play in realizing advantages from the data asset? -
CORRECT ANSWER - TPS systems collect valuable point-of-sale data
1. Why would a firm use a loyalty card? What is the incentive for the firm? 2. What is the
incentive for consumers to opt in and use loyalty cards? 3. What kinds of strategic assets can
these systems create? - CORRECT ANSWER - 1. to collect info on consumer tastes to
improve costumer experience
2. customers receive discounts/other financial incentives
3. can act as switching costs and increase consumer loyalty
How might firms leverage this data to better serve you and improve their performance? -
CORRECT ANSWER - firms will provide rewards and usage incentives in exchange for a
method (usually email) that provides a more detailed tracking and recording of customer activity
- loyalty cards can also represent a significant switching cost
Are you concerned about data security? - CORRECT ANSWER - YES, data security is
very important
- hackers and viruses can attack computers and take sensitive info
- info can be used against you
Exam Questions and CORRECT Answers
Is data a source of competitive advantage? - CORRECT ANSWER - YES, data leverage
lies at the center of competitive advantage
When might data not yield sustainable advantage? - CORRECT ANSWER - when
advantages based on formulas, algorithms and data are ones that others can also acquire,
advantage will be short lived
- complexity, security, cost important
Are advantages based on analytics and modeling potentially sustainable? Why or why not? -
CORRECT ANSWER - YES, these advantages are potentially sustainable IF the company
can continually adapt and maintain data that gives competitive advantages
- need to employ the DELTA ladder
Database - CORRECT ANSWER - a collection of organized data that allows access,
retrieval, and use of data
- also: a single table or collection of related tables
Database Management System (DBMS) - CORRECT ANSWER - a system that manages
and controls one or more databases
- creates, maintains, manipulates data
Hierarchy of Data - CORRECT ANSWER - (highest to lowest)
- database (everything: course file, personal file, financial file, etc.)
- table/file (student ID, course, grade)
- record/row (individual student's data)
- field/column (class)
- byte (section)
, - bit
relational database - CORRECT ANSWER - Most common standard for expressing
databases, where tables (files) are connected or linked by common keys
- each table contains data on an entity
- connects 2 or more data sets into a condensed version
What are the capabilities of DBMS? - CORRECT ANSWER - - data definition language:
structures content, creates tables
- data manipulation language: adds, changes, deletes data from database
- data dictionary: stores definitions of data elements and their characteristics
What role do technology and timing play in realizing advantages from the data asset? -
CORRECT ANSWER - TPS systems collect valuable point-of-sale data
1. Why would a firm use a loyalty card? What is the incentive for the firm? 2. What is the
incentive for consumers to opt in and use loyalty cards? 3. What kinds of strategic assets can
these systems create? - CORRECT ANSWER - 1. to collect info on consumer tastes to
improve costumer experience
2. customers receive discounts/other financial incentives
3. can act as switching costs and increase consumer loyalty
How might firms leverage this data to better serve you and improve their performance? -
CORRECT ANSWER - firms will provide rewards and usage incentives in exchange for a
method (usually email) that provides a more detailed tracking and recording of customer activity
- loyalty cards can also represent a significant switching cost
Are you concerned about data security? - CORRECT ANSWER - YES, data security is
very important
- hackers and viruses can attack computers and take sensitive info
- info can be used against you
