MIS 6713 Final Exam Furner 2026
Questions and Answers Graded A+
Economic Value - Correct answer-generated when worthwhile things that didn't
exist before are created; that customers are willing to pay for
Supplier Opportunity Cost (SOC) - Correct answer-the minimum amount of money
that suppliers are willing to accept to provide the firm with needed resources
Firm Cost (FC) - Correct answer-the actual amount of money the firm distributed
to acquire the resources needed to create the product/service
Customer Willingness to Pay (CWP or WTP) - Correct answer-the maximum
amount of money the firm's customers are willing to spend to obtain
product/service
Total Value Created (TVC) - Correct answer-the difference between customer
willingness to pay and supplier opportunity cost
(TVC = CWP - SOC)
Added value - Correct answer-portion of total value created that would be lost if
firm didn't partake in exchange
,IT-dependent strategic initiatives - Correct answer-Identifiable competitive moves
and projects that enable the creation of added value and that rely heavily on the use
of information technology to be successfully implemented (i.e., they cannot
feasibly be enacted without investments in IT).
Tactical Information Systems - Correct answer-achieve common objectives, don't
add value relative to competitors
Strategic Information Systems - Correct answer-add value relative to competitors
Ways to create value - Correct answer-increase CWP
decrease SOC
make cakes better than ya cousin
Porter's 5 Forces - Correct answer-1. Threat of new entrants
2. Threat of substitutes
3. Bargaining power of buyers
4. Bargaining power of suppliers
5. Rivalry among competitors
Threat of new entrants example - Correct answer-graphic design industry where
the barriers to entry are very low
, Threat of substitutes example - Correct answer-when a different product/service
serves the same purpose
-you replace beer for wine because beer makes you bloated
Bargaining power of buyers example - Correct answer-there's always a downward
pressure on prices
-amazon or walmart
Bargaining power of suppliers - Correct answer-prices are high especially when a
field is in short supply or in a unique industry
-egg shortage, ginseng
Rivalry amongst competitors - Correct answer-hyper competition
-search engine industry or consumer technology industry where new products are
constantly introduced
Customer service life cycle (CSLC) - Correct answer-A framework designed to
draw managers' attention to relationships between the firm and its customers and
provides insight to how to improve |T-Dependent Strategies
-maps out decision making
Four stages of the Customer Service Life Cycle - Correct answer-1. Requirement
Questions and Answers Graded A+
Economic Value - Correct answer-generated when worthwhile things that didn't
exist before are created; that customers are willing to pay for
Supplier Opportunity Cost (SOC) - Correct answer-the minimum amount of money
that suppliers are willing to accept to provide the firm with needed resources
Firm Cost (FC) - Correct answer-the actual amount of money the firm distributed
to acquire the resources needed to create the product/service
Customer Willingness to Pay (CWP or WTP) - Correct answer-the maximum
amount of money the firm's customers are willing to spend to obtain
product/service
Total Value Created (TVC) - Correct answer-the difference between customer
willingness to pay and supplier opportunity cost
(TVC = CWP - SOC)
Added value - Correct answer-portion of total value created that would be lost if
firm didn't partake in exchange
,IT-dependent strategic initiatives - Correct answer-Identifiable competitive moves
and projects that enable the creation of added value and that rely heavily on the use
of information technology to be successfully implemented (i.e., they cannot
feasibly be enacted without investments in IT).
Tactical Information Systems - Correct answer-achieve common objectives, don't
add value relative to competitors
Strategic Information Systems - Correct answer-add value relative to competitors
Ways to create value - Correct answer-increase CWP
decrease SOC
make cakes better than ya cousin
Porter's 5 Forces - Correct answer-1. Threat of new entrants
2. Threat of substitutes
3. Bargaining power of buyers
4. Bargaining power of suppliers
5. Rivalry among competitors
Threat of new entrants example - Correct answer-graphic design industry where
the barriers to entry are very low
, Threat of substitutes example - Correct answer-when a different product/service
serves the same purpose
-you replace beer for wine because beer makes you bloated
Bargaining power of buyers example - Correct answer-there's always a downward
pressure on prices
-amazon or walmart
Bargaining power of suppliers - Correct answer-prices are high especially when a
field is in short supply or in a unique industry
-egg shortage, ginseng
Rivalry amongst competitors - Correct answer-hyper competition
-search engine industry or consumer technology industry where new products are
constantly introduced
Customer service life cycle (CSLC) - Correct answer-A framework designed to
draw managers' attention to relationships between the firm and its customers and
provides insight to how to improve |T-Dependent Strategies
-maps out decision making
Four stages of the Customer Service Life Cycle - Correct answer-1. Requirement
