MIS 375 EXAM 1 QUESTIONS AND ANSWERS
Why are vision statements important? Who cares about them? What can they
influence? - Answer -Vision statements reflect both the reputational aspirations and the
operational focus of an organization. Can have an influence on employee recruiting,
customer association, partnering acceptance, and outside investing. Current
stakeholders like to be affiliated with a vision they embrace and support.
Could considering and implementing a selection of the twelve values be important for a
business? - Answer -Yes. Values can allow an organization to reach their target market
segments and stakeholders.
Mission Business Model - Values - Answer -Financial Values, Human Values,
Environment Values
Financial Values - Answer -stability, profitability, investment, community
money motives - the key financial values that should be validated and maybe expressed
in vision statement
Human Values - Answer -development, enablement, equity, transparent
human sensitivity - the key human values the org embraces in all facets
Environment Values - Answer -safe, sustainable, efficient, proactive
planet sustainability - the key environmental values the org has adopted while
considering its impact on the environment and for the future of the world
What strategy considerations are important for the internal environment? - Answer -
(interactions, operational engagement) competitors, partners, suppliers, customers
CPSC
What strategy considerations are important for the external environment? - Answer -
(forces, external monitoring) socioeconomic, technological, demographic, political,
regulatory, economic
PERSTD
What is the breakdown of the types of strategies to consider when identifying the
details? - Answer -Regulatory Strategy - future actions generated from external
environment forces
, Positioning Strategy - future outcomes and related actions identified for desired future
market positioning and /or trade-off adjustments
Innovation Strategy - Future actions to gain competitive edge
Efficiency Strategy - future actions to create operational efficiency
Partnering Strategy - future actions to build better supply chains, increase bargaining
power, or expand partnerships
HR Strategy - future action to recruit, retain, and develop human talent
Capital Strategy - future actions to build facilities, expand geographically, or obtain new
tech
CHIRPPE
What are (Porter's) four generic strategies? - Answer -Market Advantage Cost
Leadership
Market Advantage Differentiation
Market Focus Narrow
Market Focus Broad
What factors do we think about when classifying Market Advantage Cost Leadership +
Market Focus Narrow? - Answer -Efforts are placed on reaching leadership position in
delivering specific products/services for that industry/region
key factors:
-clearly specify and measure the size of target niche market
-determine if price could be lowered than existing competition
-keep a high emphasis on quality and market perception
-recognize the important of customer loyalty when dealing with a niche market
What factors do we think about when classifying Market Advantage Cost Leadership +
Market Focus Broad? - Answer -Optimize operation efficiency until they become the
low price leader in a very large market.
key factors:
-emphasize increasing profits by reducing costs and charging the industry average
-increase market share through lower prices while making a reasonable profit
-make sure you have capital access to invest in capital and increase efficiency
-monitor and benchmark against competitors
-monitor and optimize supply chain
Why are vision statements important? Who cares about them? What can they
influence? - Answer -Vision statements reflect both the reputational aspirations and the
operational focus of an organization. Can have an influence on employee recruiting,
customer association, partnering acceptance, and outside investing. Current
stakeholders like to be affiliated with a vision they embrace and support.
Could considering and implementing a selection of the twelve values be important for a
business? - Answer -Yes. Values can allow an organization to reach their target market
segments and stakeholders.
Mission Business Model - Values - Answer -Financial Values, Human Values,
Environment Values
Financial Values - Answer -stability, profitability, investment, community
money motives - the key financial values that should be validated and maybe expressed
in vision statement
Human Values - Answer -development, enablement, equity, transparent
human sensitivity - the key human values the org embraces in all facets
Environment Values - Answer -safe, sustainable, efficient, proactive
planet sustainability - the key environmental values the org has adopted while
considering its impact on the environment and for the future of the world
What strategy considerations are important for the internal environment? - Answer -
(interactions, operational engagement) competitors, partners, suppliers, customers
CPSC
What strategy considerations are important for the external environment? - Answer -
(forces, external monitoring) socioeconomic, technological, demographic, political,
regulatory, economic
PERSTD
What is the breakdown of the types of strategies to consider when identifying the
details? - Answer -Regulatory Strategy - future actions generated from external
environment forces
, Positioning Strategy - future outcomes and related actions identified for desired future
market positioning and /or trade-off adjustments
Innovation Strategy - Future actions to gain competitive edge
Efficiency Strategy - future actions to create operational efficiency
Partnering Strategy - future actions to build better supply chains, increase bargaining
power, or expand partnerships
HR Strategy - future action to recruit, retain, and develop human talent
Capital Strategy - future actions to build facilities, expand geographically, or obtain new
tech
CHIRPPE
What are (Porter's) four generic strategies? - Answer -Market Advantage Cost
Leadership
Market Advantage Differentiation
Market Focus Narrow
Market Focus Broad
What factors do we think about when classifying Market Advantage Cost Leadership +
Market Focus Narrow? - Answer -Efforts are placed on reaching leadership position in
delivering specific products/services for that industry/region
key factors:
-clearly specify and measure the size of target niche market
-determine if price could be lowered than existing competition
-keep a high emphasis on quality and market perception
-recognize the important of customer loyalty when dealing with a niche market
What factors do we think about when classifying Market Advantage Cost Leadership +
Market Focus Broad? - Answer -Optimize operation efficiency until they become the
low price leader in a very large market.
key factors:
-emphasize increasing profits by reducing costs and charging the industry average
-increase market share through lower prices while making a reasonable profit
-make sure you have capital access to invest in capital and increase efficiency
-monitor and benchmark against competitors
-monitor and optimize supply chain
