MIST Exam 1 Question and answers
100% correct 2025
What are management information systems? - correct answer organized
integration of hardware and software technologies, data, processes, and
human elements designed to produce integrated, relevant, accurate and
useful information for decision making purposes
Stuff designed to do things for decision making
Take data, turn it into information, turn it into an action/decision
Flower Shop Example - correct answer Old school flower shops were single,
stand alone
- Florists projected sales based on availability
- Whatever information available in the moment
- A customer walks in and buys what's available
Florists TODAY
- Online florists operate in networks
- More varieties available
- Sophisticated data, used to manage inventory, sales
- Business intelligence and data mining, help manage customer relationship
ERP - correct answer enterprise resource planning system
CRM - correct answer customer relationship management
,Why data matters? - correct answer There are trends everywhere, even in
plants
Ex. Fiddle leaf fig, took off as trendy in design
If a florist could adjust the rise of the fiddle leaf fig, you could take advantage
of your inventory to predict the trend before anyone else
How do you market to customers? - correct answer TV commercials,
advertising to certain areas / groups of people
Would be great to have a marketing plan to target to a very specific group of
customers
Ex. you like a Nike ad on instagram, nike can target their adds to you
Granular marketing
Ideally more efficient
How Companies Learn Your Secrets - correct answer Target sending ads to
teenage for baby clothes, father gets mad
Store manager called the dad back, apologized, turns out daughter was
pregnant
Target had created a computer model to figure out what shoppers were
pregnant based on shopping habits
If a new parent start shopping at Target, they will shop there for life
Women buy lots of baby lotion 2nd trimester, women buying lots of prenatal
vitamins after a few weeks, etc
^Such trends put together by the program could alert the program if the
shopper was a pregnant one
Program so accurate it could assign a shopper a "pregnancy prediction score"
, Problem: Target couldn't let on what they knew
Solution: Target mixed in random items with pregnancy ads
Habits matter, we can choose to shape habits ourselves or have others shape
them
Target said, if we can predict when someone is going to get pregnant before
other companies, they can capture the family for a lifetime
Captured individual sale and the habit
machine - correct answer rapidly increasing expanding capabilities of
machine
Primarily referring to computers, artificial intelligence, also robotics
Broad definition
platform - correct answer large and influential young companies that bear
little resemblance to the established incumbents in their industries yet are
deeply disrupting them
crowd - correct answer the startlingly large amount of human knowledge,
expertise, and enthusiasm distributed all over the world, now able to be
focused online
new participants and practices that are enabled by the internet and attendant
technologies
Polyani's paradox - correct answer we know more than we can tell
100% correct 2025
What are management information systems? - correct answer organized
integration of hardware and software technologies, data, processes, and
human elements designed to produce integrated, relevant, accurate and
useful information for decision making purposes
Stuff designed to do things for decision making
Take data, turn it into information, turn it into an action/decision
Flower Shop Example - correct answer Old school flower shops were single,
stand alone
- Florists projected sales based on availability
- Whatever information available in the moment
- A customer walks in and buys what's available
Florists TODAY
- Online florists operate in networks
- More varieties available
- Sophisticated data, used to manage inventory, sales
- Business intelligence and data mining, help manage customer relationship
ERP - correct answer enterprise resource planning system
CRM - correct answer customer relationship management
,Why data matters? - correct answer There are trends everywhere, even in
plants
Ex. Fiddle leaf fig, took off as trendy in design
If a florist could adjust the rise of the fiddle leaf fig, you could take advantage
of your inventory to predict the trend before anyone else
How do you market to customers? - correct answer TV commercials,
advertising to certain areas / groups of people
Would be great to have a marketing plan to target to a very specific group of
customers
Ex. you like a Nike ad on instagram, nike can target their adds to you
Granular marketing
Ideally more efficient
How Companies Learn Your Secrets - correct answer Target sending ads to
teenage for baby clothes, father gets mad
Store manager called the dad back, apologized, turns out daughter was
pregnant
Target had created a computer model to figure out what shoppers were
pregnant based on shopping habits
If a new parent start shopping at Target, they will shop there for life
Women buy lots of baby lotion 2nd trimester, women buying lots of prenatal
vitamins after a few weeks, etc
^Such trends put together by the program could alert the program if the
shopper was a pregnant one
Program so accurate it could assign a shopper a "pregnancy prediction score"
, Problem: Target couldn't let on what they knew
Solution: Target mixed in random items with pregnancy ads
Habits matter, we can choose to shape habits ourselves or have others shape
them
Target said, if we can predict when someone is going to get pregnant before
other companies, they can capture the family for a lifetime
Captured individual sale and the habit
machine - correct answer rapidly increasing expanding capabilities of
machine
Primarily referring to computers, artificial intelligence, also robotics
Broad definition
platform - correct answer large and influential young companies that bear
little resemblance to the established incumbents in their industries yet are
deeply disrupting them
crowd - correct answer the startlingly large amount of human knowledge,
expertise, and enthusiasm distributed all over the world, now able to be
focused online
new participants and practices that are enabled by the internet and attendant
technologies
Polyani's paradox - correct answer we know more than we can tell
