CSCI 321 quiz 1
B. competitive A competitive features a product or service on which customers place a greater value than they do on similar offerings from competitors.
A ________ advantage features a product or service on which customers place a greater value than they do on similar offerings from competitors. Select one: A. first mover B. competitive C. power D. competitor
true
A bar chart is a chart or graph that presents grouped data with rectangular bars with lengths proportional to the values that they represent. Select one: True False
B. attracting new customers, and developing new products or services A business strategy is a leadership plan that achieves a specific set of goals or objectives such as developing new products or services, entering new markets, increasing customer loyalty, attracting new customers, increasing sales, and decreasing costs.
A business strategy achieves a specific set of goals, including ________. Select one: A. increasing costs, and attracting new competition B. attracting new customers, and developing new products or services C. developing new products or services, and attracting new competition D. All of these are correct.
true
A histogram is a graphical display of data using bars of different heights. It is similar to a bar chart, but a histogram groups numbers into ranges. true false
false
A neural network is a category of efficiency metrics where it attempts to measure the way the human brain works. Select one: True False
true
A pie chart is a type of graph in which a circle is divided into sectors that each represent a proportion of the whole. Select one: True False
true
A sparkline is a small embedded line graph that illustrates a single trend. Sparklines are often used in reports, presentations, dashboards, and scoreboards. They do not include axes or labels; context comes from the related content. Select one: True False
B. cost leadership with a low cost According to Porter, companies markets should utilize cost leadership with a low cost and differentiation with a high cost.
According to Porter, companies that wish to dominate broad markets should operate using a ________ strategy. Select one: A. cost leadership with a high cost B. cost leadership with a low cost C. differentiation with a low cost D. All of these are correct.
C. the competitive analysis model A competitive analysis model is not discussed in this text.
All of the following are common tools used in industry to analyze and develop competitive advantages, except ________. Select one: A. value chain analysis B. the three generic strategies C. the competitive analysis model D. the Five Forces Model
true
Analytics is the science of fact-based decision making. Select one: True False
c. Operational
Andy Benton works at the local Starbucks coffee shop and his responsibilities include taking orders, fulfilling orders, and ringing in sales. At what level of the organizational pyramid would you categorize Andy? Select one: a. Managerial b. Strategic c. Operational d. Owner
true
Asking how many employees are out sick is a type of operational question. Select one: True False
b. Managerial level
At which level of an organization are employees continuously evaluating company operations to hone the firm's abilities to identify, adapt to, and leverage change? Select one: a. Operational level b. Managerial level c. Strategic level d. All of the above
c. Strategic level
At which level of an organization do managers develop overall business strategies, goals, and objectives as part of the company's strategic plan? Select one: a. Operational level b. Managerial level c. Strategic level d. All of the above
true
Benchmarks are baseline values the system seeks to attain. Select one: True False
b. Strategic
Bill Schultz works at a high power investment firm in Los Angeles. Bill is responsible for promoting the firm's vision and creating the company-wide goals and strategies. He also monitors the overall strategic performance of the company and its direction for future business strategies. At what level of the organizational pyramid would you categorize Bill? Select one: a. Managerial b. Strategic c. Owner d. Operational
B. focused strategy
Broad differentiation, broad cost leadership, and ________ create the three generic strategies identified by Porter. Select one: A. high cost versus low cost B. focused strategy C. narrow market leadership D. None of these are correct.
D. All of these are correct. Business intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
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? Select one: A. customers B. competitors C. suppliers D. All of these are correct
B. process Cooking a patty and putting the ingredients together are all included in the process category of making a hamburger.
Cooking a patty and putting the ingredients together are included in which category of making a hamburger? Select one: A. output B. process C. input D. All of these are correct.
false
Effectiveness MIS metrics include throughput, transaction speed, and system availability. true false
false
Efficiency MIS metrics measure the impact MIS has on business processes and activities, including customer satisfaction and customer conversion rates. Select one: True False
C. Management Information System MIS stands for Management Information Systems.
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? Select one: A. Management Intelligence System B. Management Information Strategy C. Management Information System D. Management Information Strategist
C. services Teaching, waiting tables, and cutting hair belong in the services category.
Teaching, waiting tables, and cutting hair belong in which category? Select one: A. production B. productivity C. services D. goods
true
To-Be process models show the results of applying change improvement opportunities to the current (As-Is) process model. Select one: True False
true
Unstructured decisions occur in situations in which no procedures or rules exist to guide decision makers towards the correct choice. Select one: True Fals
C. material items or products that customers will buy to satisfy a want or need Goods are material items or products that customers will buy to satisfy a want or need.
What are goods? Select one: A. the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services B. tasks performed by people that customers will buy to satisfy a want or need C. material items or products that customers will buy to satisfy a want or need D. the rate at which goods and services are produced based upon total output given total inputs
B. tasks performed by people that customers will buy to satisfy a want or need Services are tasks performed by people that customers will buy to satisfy a want or need.
What are services? Select one: A. the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services B. tasks performed by people that customers will buy to satisfy a want or need C. material items or products that customers will buy to satisfy a want or need D. the rate at which goods and services are produced based upon total output given total inputs
C. primary value activities and support value activities The value chain groups a firm's activities into two categories, primary value activities and support value activities.
What are the two main categories in a value chain analysis? Select one: A. primary value activities and secondary value activities B. primary value activities and strengthening value activities C. primary value activities and support value activities D. None of these are correct.
D. Value Chain Analysis
What executes business strategy? Select one: A. Three Generic Strategies B. The Five Forces Model C. SWOT Analysis D. Value Chain Analysis
B. evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.
What is a SWOT analysis? Select one: A. generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service B. evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies C. analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry D. views a firm as a series of business processes, each of which adds value to the product or service
C. information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making
What is business intelligence? Select one: A. skills, experience, and expertise, coupled with information and intelligence, which creates a person's intellectual resources B. data converted into a meaningful and useful context C. information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making D. raw facts that describe the characteristics of an event or object
A. Internet of Things The Internet of Things is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention.
_______ is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention. Select one: A. Internet of Things B. Predictive Analytics C. Machine to Machine D. Flat World
a. Redundancy
dSelect one: a. Redundancy b. Bottlenecks c. Automation d. Streamlining
D. reducing buyer power with a loyalty program One way to reduce buyer power is with a loyalty program, which is a program to reward customers based on their spending.
Callie owns and operates one of the most successful local coffee shops in Denver called The Edgewater Café. Each time a customer purchases their 100th cup of coffee at The Edgewater Café, they receive a free pound of coffee of their choice. What is Callie attempting to create with her unique "Free Pound of Coffee" marketing program? Select one: A. increasing buyer power with a loyalty program B. creating a substitute product C. decreasing supplier power with a differentiated product D. reducing buyer power with a loyalty program
B. goods Cars, groceries, and clothing belong in the goods category.
Cars, groceries, and clothing belong in which category? Select one: A. production B. goods. C. productivity D. services
b. Semistructured decisions
Chuck Biggs has been hired to oversee all of the plans that the city of Denver has created to expand its train transportation system by adding six more lines to the metro area. Chuck will be responsible for planning the project, managing the processes, and finalizing each new line as it is completed. How would you categorize the majority of the decisions Chuck will have to make to complete his job? Select one: a. Strategic decisions b. Semistructured decisions c. Structured decisions d. Unstructured decisions
D. advantage Ways that companies duplicate competitive advantages include acquiring the new technology, copying business processes, and hiring away employees.
Gina works for Aquarium Retail Services selling high-end saltwater fish and tank supplies. Aquarium Retail Services is the current market leader in Gina's city. Gina has recently been approached by Deep Blue Incorporated with an opportunity to run its corporate nationwide marketing and sales division. Gina decides to jump at the opportunity! Deep Blue is attempting to gain a competitive ________ by stealing its competitor's key employees. Select one: A. power B. loyalty C. entry barrier D. advantage
C. by departments or functional areas Companies today are typically organized by departments or functional areas.
How are the majority of companies today typically organized? Select one: A. by departments or financial areas B. by manager or knowledge area C. by departments or functional areas D. by degree or financial areas
D. offer additional value through wider product distribution
How can a company reduce the threat of substitute products or services? Select one: A. market the product to less than ten customers B. offer less value, making the product far more generic and similar to the competition C. ignore competitive forces D. offer additional value through wider product distribution
C. interdependently between departments For companies to operate as a whole and be successful in our current business environment today, they must operate interdependently between departments.
How does the text recommend that a company operate if it wants to be successful in the information age? Select one: A. functionally independent between departments B. each department acting as its own individual business unit C. interdependently between departments D. together as one department with little or no independence
C. narrow market Focused strategies target a niche or unique market.
If a business is following a focused strategy, then its competitive scope is ________. Select one: A. broad market B. broad range products C. narrow market D. broad range of services
B. a light indicating that the oven has reached the preheated temperature The feedback for an oven includes a light indicating that the oven has reached the preheated temperature.
If you were thinking about an oven as a system, which of the following represents the feedback? Select one: A. the cooked food B. a light indicating that the oven has reached the preheated temperature C. the oven running at 350 degrees for 20 minutes D. the uncooked food
A. the uncooked food The input for an oven includes the uncooked food.
If you were thinking about an oven as a system, which of the following represents the input? Select one: A. the uncooked food B. a light indicating that the oven has reached the preheated temperature C. the oven running at 350 degrees for 20 minutes D. the cooked food
C. the cooked food The output for an oven includes the cooked food.
If you were thinking about an oven as a system, which of the following represents the output? Select one: A. the uncooked food B. the oven running at 350 degrees for 20 minutes C. the cooked food D. a light indicating that the oven has reached the preheated temperature
D. the oven running at 350 degrees for 20 minutes The process for an oven includes running at 350 degrees for 20 minutes.
If you were thinking about an oven as a system, which of the following represents the process? Select one: A. a light indicating that the oven has reached the preheated temperature B. the uncooked food C. the cooked food D. the oven running at 350 degrees for 20 minutes
A. The threat of new entrants force is impossible to define in the up-and-coming market.
Imagine you are creating a new product to sell in an up-and-coming market. Which of the following statements indicates that it would be easy for you as the new entrant to compete in this market? Select one: A. The threat of new entrants force is impossible to define in the up-and-coming market. B. The threat of new entrants force is low in the up-and-coming market. C. The threat of new entrants force is high in the up-and-coming market. D. All of these are correct, depending on the time of year.
A. variable is a data characteristic that stands for a value that changes or varies over time.
Information is data converted into useful, meaningful context. What are data characteristics that change or vary over time? Select one: A. variables B. supplies C. services D. facts
A. narrow market, high cost The Museum Company competes using a narrow market and high cost focus.
Jennifer 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? Select one: A. narrow market, high cost B. narrow market, low cost C. broad market, high cost D. broad market, low cost
c. Managerial
Jenny Welch works at a retail store selling sports equipment. Her daily tasks include opening the store, creating the work schedules, processing payroll, overseeing sales and inventory, and training employees. At what level of the organizational pyramid would you categorize Jenny? Select one: a. Operational b. Owner c. Managerial d. Strategic
false
Metrics are temporary activities a company undertakes to create a unique product, service, or result. Select one: True False
A. Suppliers can drive down profits by charging more for supplies.
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? Select one: A. Suppliers can drive down profits by charging more for supplies B. Competition can steal customers. C. Substitute products can steal customers. D. New market entrants can steal potential investment capital.
true
Operational decisions are considered structured decisions. Select one: True False
A. to help Paula evaluate the attractiveness of the clothing industry
Paula is the owner and operator of a high-end online custom clothing company. Paula has never heard of Porter's Five Forces model and she wants to understand why she would perform an analysis using it. If you were tasked with explaining Porter's Five Forces model to Paula, what would be the primary reason she would want to use this type of analysis? Select one: A. to help Paula evaluate the attractiveness of the clothing industry B. to help Paula choose a clothing business focus C. to help Paula evaluate and execute business goals D. All of these are correct.
true
Return on investment indicates the earning power of a project. Select one: True False
B. supplier power Supplier power, one of Porter's five forces, measures the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services).
Shawn 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? Select one: A. business power B. supplier power C. threat of false entrants D. buyer power
B. decrease buyer power Victory Wireless is attempting to decrease buyer power by offering products at a lower price or competing on price.
The Victory Wireless store in Denver is currently offering a fabulous marketing strategy for potential new iPhone customers. Victory Wireless offers customers who purchase an iPhone with a 2-year subscription a free Otter phone case, car charger, earphones, and speakers. In terms of Porter's Five Forces, what is Victory Wireless attempting to achieve with this marketing strategy A. decrease supplier power B. decrease buyer power C. increase substitute products D. increase buyer power
D. management information systems A management information system is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving.
The challenge that companies today sometimes have is that they are departmentalized and act independently of each other. Which of the following provides solutions that can help a company work interdepartmentally to make decisions and solve problems? A. resource information systems B. human resource data C. marketing D. management information systems
B. sales The department within a company that performs the function of selling goods or services is sales.
The department within a company that performs the function of selling goods or services is called ________. Select one: A. finance B. sales C. marketing D. operations management
C. cost advantage; product differentiation 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 cost advantage or product differentiation.
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 ________. Select one: A. focused strategy; cost advantage B. cost advantage; primary value activities C. cost advantage; product differentiation D. focused strategy; product differentiation
D. data converted into a meaningful and useful context Information is data converted into a meaningful and useful context.
What is information? Select one: A. raw facts that describe the characteristics of an event or object B. skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources C. information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making D. data converted into a meaningful and useful context
B. Skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources
What is knowledge? Select one: A. Raw facts that describe the characteristics of an event or object. B. Skills, experience, and expertise, coupled with information and intelligence that creates a person's intellectual resources. C. Data converted into a meaningful and useful context. D. Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making.
B. refers to devices that connect directly to other devices Machine to machine (M2M), which refers to devices that connect directly to other devices.
What is machine to machine? A. opportunities to change the way people purchase books B. refers to devices that connect directly to other devices Machine to machine (M2M), which refers to devices that connect directly to other devices. C. extracts information from data and uses it to predict future trends and identify behavioral patterns D. a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention
B. the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services Production is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services.
What is production? Select one: A. the rate at which goods and services are produced based upon total output given total inputs B. the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services C. tasks performed by people that customers will buy to satisfy a want or need D. material items or products that customers will buy to satisfy a want or need
D. a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention The Internet of Things is a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention.
What is the Internet of Things? Select one: A. extracts information from data and uses it to predict future trends and identify behavioral patterns B. refers to devices that connect directly to other devices C. opportunities to change the way people purchase books D. a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention
b. Analytics
What is the science of fact-based decision making? Select one: a. Structured decisions b. Analytics c. Unstructured decisions d. Semistructured decisions
d. All of the above
What must managers be able to do to compete in today's global marketplace? Select one: a. Make decisions to gain competitive advantages b. Make decision that can help forecast future business needs c. Make decision that can help forecast future business requirements d. All of the above
d. Semistructured decisions
What occurs in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision? Select one: a. Unstructured decisions b. Structured decisions c. Analytics d. Semistructured decisions
d. MIS efficiency and MIS effectiveness
What would a company like eBay or Amazon be constantly benchmarking? Select one: a. MIS effectiveness b. Usability metrics only c. MIS efficiency d. MIS efficiency and MIS effectiveness
a. Definition of the problem as clearly and precisely as possible
When evaluating the six-step decision making process, what occurs during the problem identification step? Select one: a. Definition of the problem as clearly and precisely as possible b. The solution that best solves the problem is selected c. The process will begin again if the decisions made were incorrect d. Details of every solution possible including ideas that seem far fetched
b. The process will begin again if the decisions made were incorrect
When evaluating the six-step decision making process, what occurs during the solution implementation step? a. Details of every solution possible including ideas that seem far fetched b. The process will begin again if the decisions made were incorrect c. The solution that best solves the problem is selected d. Definition of the problem as clearly and precisely as possible
a. Details of every solution possible including ideas that seem far fetched
When evaluating the six-step decision making process, what occurs during the solution selection step? Select one: a. Details of every solution possible including ideas that seem far fetched b. Definition of the problem as clearly and precisely as possible c. The solution that best solves the problem is selected d. The process will begin again if the decisions made were incorrect
d. None of the above
When evaluating the six-step decision making process, what occurs during the solution test step? Select one: a. The process will begin again if the decisions made were incorrect b. Definition of the problem as clearly and precisely as possible c. Details of every solution possible including ideas that seem far fetched d. None of the above
C. external, helpful Opportunities are external and helpful.
Where would you categorize opportunities in a SWOT analysis? Select one: A. external, harmful B. internal, helpful C. external, helpful D. internal, harmful
D. internal, helpful Strengths are internal and helpful.
Where would you categorize strengths in a SWOT analysis? Select one: A. internal, harmful B. external, helpful C. external, harmful D. internal, helpful
B. accounting Accounting records, measures, and reports monetary transactions.
Which department records, measures, and reports monetary transactions? Select one: A. operations management B. accounting C. finance D. sales
D. input, process, output, and feedback The systems thinking process includes input, process, output, and feedback.
Which four elements are included in systems thinking? Select one: A. process, output, operations, and accounting B. output, process, feedback, and accounting C. input, output, sales, and feedback D. input, process, output, and feedback
D. all of the above
Which of the below key terms represents the types of decisions made at the operational, managerial, and strategic levels of a company? a. Structured decisions b. Unstructured decisions c. Semistructured decisions d. All of the above?
b. Strategic - Managerial - Operational
Which of the below represents the three different levels of a company pyramid from the top to the bottom? Select one: a. Managerial - Strategic - Operational b. Strategic - Managerial - Operational c. Strategic - Operational - Managerial d. Operational - Managerial - Strategic
A. new entrants, substitute products, shrinking markets, costly regulatory requirements External weaknesses that are potentially harmful to an organization include new entrants, substitute products, shrinking markets, and costly regulatory requirements.
Which of the following are included as potential external weaknesses in a SWOT analysis that are harmful to an organization? Select one: A. new entrants, substitute products, shrinking markets, costly regulatory requirements B. core competencies, market leaders, cost advantages, excellent management C. lack of strategic direction, obsolete technologies, lack of managerial talent, outdated, product line D. expanded product line, increase in demand, new markets, new regulations
b. Usability, customer satisfaction, conversion rates, financial
Which of the following are the four common types of effectiveness MIS metrics? Select one: a. Usability, customer satisfaction, conversion rates, affordability b. Usability, customer satisfaction, conversion rates, financial c. Unstructured decisions, customer satisfaction, conversion rates, financial d. Usability, customer service, conversion rates, fiscal year revenue
c. Analysis processing system
Which of the following is a not a type of organizational information system? Select one: a. Executive information system b. Decisions support system c. Analysis processing system d. Transactional processing system
B. Who is customer number 12345XX? Who is customer number 12345XX is an example of data.
Which of the following is an example of data? Select one: A. What is my worst-selling product? B. Who is customer number 12345XX? C. Who are my best customers? D. What is my best-selling product?
D. All of these are correct. The core drivers of the information age include data, information, business intelligence, and knowledge.
Which of the following is considered a core driver of the information age? Select one: A. information B. knowledge C. business intelligence D. All of these are correct
C. cars Cars, groceries, and clothing belong in the goods category.
Which of the following is considered a good? Select one: A. waiting tables B. teaching C. cars D. All of these are correct.
a. Solution Benchmarking
Which of the following is not included in the decision-making process? Select one: a. Solution Benchmarking b. Solution Test c. Data Collection d. Solution Generation