MIS 301 Exam 1 questions well
answered to pass (6)
Disruptive Technology - correct answer ✔✔a new way of doing things that initially does not meet the
needs of existing customers. These tend to open new markets and destroy old ones.
Mental Models - correct answer ✔✔clusters of propositions/knowledge structures that guide our
interaction with the world.
Evidence: create map and found same pattern longer distance took longer
barriers to entry - correct answer ✔✔anything that keeps new firms from entering an industry in which
firms are earning economic profits
Business Process - correct answer ✔✔a standardized set of activities that accomplish a specific task,
such as processing a customer's order
Capital intensity - correct answer ✔✔the amount of fixed or real capital present in relation to other
factors of production, especially labor.
channel conflict - correct answer ✔✔in e-commerce a conflict that may result between a manufacturer
that wants to sell products directly to consumers and the retailers in the existing sales channels
commodity - correct answer ✔✔an item of trade or commerce, esp. as distinguished from a service
distribution channels - correct answer ✔✔This refers to the movement of products or services from the
producer to the consumer.
economies of scale - correct answer ✔✔as a company produces larger numbers of a particular product,
the cost of each of these products goes down
, fast follower problem - correct answer ✔✔exists when savvy rivals watch a pioneer's effort, learn from
their successes and missteps and then enter the market quickly with a comparable or superior product
at a lower cost before the first mover can dominate
information asymmetry - correct answer ✔✔the concept that the manager generally has more
information about the true financial position and results of operations of the entity than the absentee
owner does
porters 5 forces - correct answer ✔✔1. Threat of new entrants
2. the bargaining power of buyers
3.the bargaining power of suppliers
4. the threat of substitutre products and services
5. the intensity of rivalry among competitiors
porter's competitive advantage - correct answer ✔✔A competitive advantage exists when the firm is
able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver benefits
that exceed those of competing products (differentiation advantage). Thus, a competitive advantage
enables the firm to create superior value for its customers and superior profits for itself.
search costs - correct answer ✔✔the financial and opportunity costs consumers pay when searching for
a good or service
straddling - correct answer ✔✔a company seeks to match the benefits of a successful position while
maintaining its existing position; add new features, services, or technologies onto the activities it already
performs. Could mean failing to meet rivals success.
strategic positioning - correct answer ✔✔the process by which marketers try to create an image or
identity in the minds of their target market for its product, brand, or organization.
sustainable competitive advantage - correct answer ✔✔a long term advantage that cannot be copied by
the competition
answered to pass (6)
Disruptive Technology - correct answer ✔✔a new way of doing things that initially does not meet the
needs of existing customers. These tend to open new markets and destroy old ones.
Mental Models - correct answer ✔✔clusters of propositions/knowledge structures that guide our
interaction with the world.
Evidence: create map and found same pattern longer distance took longer
barriers to entry - correct answer ✔✔anything that keeps new firms from entering an industry in which
firms are earning economic profits
Business Process - correct answer ✔✔a standardized set of activities that accomplish a specific task,
such as processing a customer's order
Capital intensity - correct answer ✔✔the amount of fixed or real capital present in relation to other
factors of production, especially labor.
channel conflict - correct answer ✔✔in e-commerce a conflict that may result between a manufacturer
that wants to sell products directly to consumers and the retailers in the existing sales channels
commodity - correct answer ✔✔an item of trade or commerce, esp. as distinguished from a service
distribution channels - correct answer ✔✔This refers to the movement of products or services from the
producer to the consumer.
economies of scale - correct answer ✔✔as a company produces larger numbers of a particular product,
the cost of each of these products goes down
, fast follower problem - correct answer ✔✔exists when savvy rivals watch a pioneer's effort, learn from
their successes and missteps and then enter the market quickly with a comparable or superior product
at a lower cost before the first mover can dominate
information asymmetry - correct answer ✔✔the concept that the manager generally has more
information about the true financial position and results of operations of the entity than the absentee
owner does
porters 5 forces - correct answer ✔✔1. Threat of new entrants
2. the bargaining power of buyers
3.the bargaining power of suppliers
4. the threat of substitutre products and services
5. the intensity of rivalry among competitiors
porter's competitive advantage - correct answer ✔✔A competitive advantage exists when the firm is
able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver benefits
that exceed those of competing products (differentiation advantage). Thus, a competitive advantage
enables the firm to create superior value for its customers and superior profits for itself.
search costs - correct answer ✔✔the financial and opportunity costs consumers pay when searching for
a good or service
straddling - correct answer ✔✔a company seeks to match the benefits of a successful position while
maintaining its existing position; add new features, services, or technologies onto the activities it already
performs. Could mean failing to meet rivals success.
strategic positioning - correct answer ✔✔the process by which marketers try to create an image or
identity in the minds of their target market for its product, brand, or organization.
sustainable competitive advantage - correct answer ✔✔a long term advantage that cannot be copied by
the competition
