CIS 310 Final Exam | Verified with 100% Correct Answers

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CIS 310 Final Exam | Verified with 100% Correct Answers Which of the below is not one of Porter's Five Forces? Manager power Supplier power Threat of substitute products or services Threat of new en ... trants Why do students need to study information technology? Information technology is everywhere in business Information technology is frequently discussed in business Information technology is frequently used in organizations All of the above. A business strategy achieves a specific set of goals which include __________. Developing new products or services, attracting new competition. Increasing costs, attracting new competition. Attracting new customers, developing new products or services. All of the above. Which of the below represents knowledge? Data converted into a meaningful and useful context Data characteristic that stands for a value that changes or varies over time Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making Skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources Which of the following represents a reason why competitive advantages are typically temporary? The competitor will hire away your key employees. The competitor quickly seeks ways to duplicate your business operations. The competitor will purchase new technology. All of the above. Which of the below represents business intelligence? Data converted into a meaningful and useful context Data characteristic that stands for a value that changes or varies over time Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making Skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources What is a competitive advantage? A product that an organization's customers place a lesser value on than similar offerings from a competitor. A feature of a product or service on which customers place a lesser value than they do on similar offerings from a supplier. A service that an organization's customers place a lesser value on than similar offerings from a supplier. A feature of a product or service on which customers place a greater value than they do on similar offerings from competitors. All of the following are common tools used in industry to analyze and develop competitive advantages, except: Five Forces Model Three Generic Strategies Competitive analysis model Value chain analysis Steve Jobs and Apple created a big advantage in the technology industry with the introduction of the iPod, iPhone, and iPad. What are these all examples of? Competitive advantage Competitive intelligence First-mover advantage All of the above Which of the following is included in Porter's Five Forces Model? Loyalty expenses. Supply chain management. The power of competitors. Systems thinking. Kevin Campbell is an incoming freshman at your college. Kevin is frustrated by the cost of books, tuition, and expenses and he also needs to purchase a rather expensive laptop. In an effort to save money, Kevin beings a Facebook group finding other college students who need to purchase laptops. Soon, Kevin's Facebook group has close to 100,000 students. Kevin decides to collectively approach different computer companies to see if his group qualifies for a special discount. What business strategy is Kevin using to purchase laptops? Collecting business intelligence. Decreasing entry barriers. Purchasing a substitute product. Increasing buyer power. What are costs that make customers reluctant to switch to another product or service? Support activities. Switching costs. Loyalty rewards. Value chain activities. Shawn McGill is on the executive board for ABC pharmaceuticals. The company produces the number one selling cancer fighting drug on the market. Due to its incredible success ABC pharmaceuticals has decided to increase the cost of the drug from $8 a pill to $15 a pill. Which force is ABC pharmaceutical using to increase its drug price? Supplier power. Buyer power. Threat of false entrants. Business power. How can a company reduce the threat of substitute products or services? Market the product to less than ten customers. Ignore competitive forces. Offer additional value through wider product distribution. Offer less value making the product far more generic and similar to the competition. John Cleaver is the CEO of Tech World, which is a retail store that sells computers, monitors, cameras, televisions and many other electronic products. John and his executive team are meeting to brainstorm new ideas on how to grow the business. One idea is to mimic a competitor's product that is attempting to sell a new product in a different industry. After performing a Porter's Five Forces analysis John determines that all of the forces are high in this new industry. What should John do? Explode into the market with an overflow of the product. Contemplate other products to introduce at the same time in this new market. Compare the competitor's prices and offer his product lower in this new market. Not introduce the product because all five forces are strong and this would be a highly risky business strategy. Some industries' competition is much more intense than others. Retail grocery stores such as Ralphs, Vons, and Albertson's in the United States experience fierce competition and offer similar marketing campaigns to compete. What is this an example of in terms of Porter's Five Forces? Rivalry among new entrants. Rivalry among existing competitors. Threat of substitute products or services. Buyer power. Your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model. Which of the following represents buyer power in the soft drink industry? Pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases. Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store. Zevia Natural Diet Soda begins selling directly over the Internet. Vitamin water, fruit juice, coffee. Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. Which of the following is not included as one of Porter's three generic strategies? Broad differentiation. Supplier cost differentiation. Focused strategy. Broad cost leadership. Jennifer Bloom is writing a paper and she must determine which of Porter's three generic strategies The Museum Company has implemented. Jennifer finds out that The Museum Company offers specialty products found only in museums around the world to affluent customers. What would Jennifer determine The Museum Company is using as its generic strategy? Broad market, low cost. Narrow market, high cost. Broad market, high cost. Narrow market, low cost. What includes support value activities and primary value activities and is used to determine how to create the greatest possible value for customers? Supplier power. Operations management. Porter's Five Forces Model. The Value Chain analysis. What is the productivity paradox? Even though we've added information technology to business, it has not improved productivity. Yet, we cannot think of operating a business without technology. Even though processes are automated, people cannot work as fast as machines. Even though technology was introduced to businesses, errors in implementation keep businesses from being successful. You cannot achieve more productivity without investing in technology. Why does Nicholas Carr claim IT Doesn’t Matter. Because software development is competitive and any successful product is followed by a copy almost immediately. Because large companies are multi-national and IT doesn't play as significant a role in other countries. Because information technology is so readily available and the software used so easily copied, businesses cannot hope to implement these tools to provide any sort of competitive advantage. Because the costs with labor, licensing, implementation and maintenance are about equal to the profits created. "According to Michael Porter, what is the definition of competitive advantage." Making more profit than competitors because of technological superiority. Using technology to put other competitors out of business. Creating and sustaining superior performance. All of the above. Which of the following is NOT a primary activity on the value chain? Inbound logistics Technology development Operations Outbound logistics Which of the following is NOT a secondary activity on the value chain? [Show More]

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