BA

If a supplier has high power what can it do to influence its industry?

Charge higher prices. Shift costs to industry participants. Limit quality or services. → All of the above

Who is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives?

Chief Information Officer (CIO).

Who is responsible for collecting, maintaining, and distributing company knowledge?

Chief Knowledge Officer (CKO).

Who is responsible for ensuring the ethical and legal use of information within a company?

Chief Privacy Officer (CPO).

Who is responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses?

Chief Security Officer (CSO).

What is information?

Data converted into a meaningful and useful context.

Competitive intelligence is the process of gathering information about the competitive environment, including _________.

Competitors' plans

The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself, with a ________ or ________________.

Cost advantage, product differentiation

According to Porter companies that wish to dominate broad markets should operate using a ________ strategy

Cost leadership with a low cost

When buyer power is low, supplier power is typically _____

High.

As companies move from data to knowledge, they will start to include more and more variables for analysis resulting in better, more precise support for_____________.

A. Decision making. B. Problem solving. → Both A & B.

What is a competitive advantage?

A feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.

What is the name of a company's internal MIS department?

Management information systems (MIS) Information systems (IS) Information technology (IT) → All of the above

The challenge that companies today sometimes have is that they are departmentalized and act independently of each other. One solution that can help a company work interdepartmentally includes ___________.

Management information systems.

.If a business is following a focused strategy then its competitive scope is ________.

Narrow market.

What are tasks performed by people that customers will buy to satisfy a want or need?

Services

What includes support value activities and primary value activities and is used to determine how to create the greatest possible value for customers?

The Value Chain analysis.

What is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services?

Production

What is the rate at which goods and services are produced based upon total output given total inputs?

Productivity

In the center of Porter's Five Forces model is competition. Which of the below represents the four outer boxes?

Buyer power, supplier power, threat of new entrants, and threat of substitute products or services

Who is responsible for ensuring the speed, accuracy, availability, and reliability of the management information systems?

Chief Technology Officer (CTO).

A __________ advantage features a product or service on which customers place a greater value than they do on similar offerings from competitors.

Competitive advantage

The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed is the definition of ___________.

Competitive intelligence.

A business strategy achieves a specific set of goals which include __________.

Attracting new customers, developing new products or services.

Which of the following is considered information?

Best-selling item by month

Information technology can enable departments to more efficiently and effectively perform their core _____________.

Business operations.

What is a standardized set of activities that accomplishes a specific task?

Business process

Which of the following represents the core drivers of the information age?

Data, Information, Business Intelligence, Knowledge.

What is the primary responsibility of the CTO?

Ensuring speed, accuracy, and reliability for MIS.

Which of the following is not a core driver of the information age?

Fact

Which of the below is the key term that defines the confirmation or validation of an event or object?

Fact.

What are material items or products that customer's will buy to satisfy a want or need?

Goods

What is data converted into a meaningful and useful context called?

Information

What is business intelligence?

Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making.

Knowledge includes the skills, experience, and expertise coupled with information and _________ that creates a person's intellectual resources.

Intelligence

MIS is a business function, like accounting or sales, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. What does MIS stands for?

Management Information System

How can a company reduce the threat of substitute products or services?

Offer additional value through wider product distribution.

What are the two main categories in a value chain analysis?

Primary value activities & support value activities.

Which of the following is considered data?

Quantity sold

Updating business strategies is a continuous undertaking as internal and external environments ________

Rapidly change.

What is data?

Raw facts that describe the characteristics of an event or object.

Which of the below represents a company in a supply chain?

Supplier and customer

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?

Supplier cost differentiation.

Which of the following represents a typical supply chain?

Suppliers - Company - Customers.

Michael Porter defined the Five Forces Model and the potential pressures that can hurt sales. Which of the following is not one of the potential pressures that can hurt sales?

Suppliers can drive down profits by charging more for supplies

Business intelligence is information collected from multiple sources. Which of the following provides an example of a source that would be included in business intelligence?

Suppliers. Customers. Competitors. → All of the above

What are costs that make customers reluctant to switch to another product or service?

Switching costs.

What is a way of monitoring the entire system in a company, by viewing the multiple inputs being processed to produce outputs?

Systems thinking

Which of the following is a tool a manager can use to analyze competitive intelligence and identify competitive advantages?

The three generic strategies.

Which one of Porter's Five Forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

Threat of new entrants.

Which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers?

Value chain analysis.

Which of the following provides an example of information?

What is my worst-selling product?

Data is useful for understanding individual sales, but to gain deeper insight into a business data needs to be turned into information. Which of the following offers an example of turning data into information?

Who are my best customers? What is my best-selling product? What is my worst-selling product? → All of the above

Which of the following provides an example of data?

Who is customer number 12345XX?