ISTM 209 Test 1 Material

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Which of the following are common departments found in an organization?

-accounting -operations management -marketing

Drag and drop: data

-amount sold -customer number

Which of the following is considered information?

-best customer by month -best-selling item by month

Drag and drop: information

-best selling product -best customer -worst selling product

Which of the following are included in Porter's three generic strategies?

-broad differentiation -narrow focused strategy -broad cost leadership

Porter's five forces:

-buyer power -supplier power -threat of substitute products or services -threat of new entrants -rivalry among existing competitors

4 Primary strategic initiatives for competitive advantages

-customer relationship management -supply chain management -enterprise resource planning -business process reengineering

Drag and drop: information

-data converted into a meaningful and useful context -worst selling product

Human resources data

-employee data -promotion data -vacation data

Which data types are typically found in the human resource department?

-employee data -promotion data -vacation data

4 primary strategic initiatives for competitive advantages

-enterprise resource planning -business process reengineering -supply chain management -customer relationship management

3 primary value activities

-inbound logistics -marketing logistics -outbound logistics

Drag and drop: business intelligence

-info collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making -lowest sales per week compared with interest rates

Core drivers of the information age:

-information -business intelligence -knowledge -data

example of human-generated structured data

-input data -gaming data

Finance data

-investment data -monetary data -reporting data

Drag and drop: knowledge

-listing products that are about to expire first on the menu

Drag and drop: business intelligence

-lowest sales per week compared to interest rates -best-selling product by month compared to sports season wins

Operations management data

-manufacturing data -distribution data -production data

which of the following represents a business process you would find in the operations management department?

-ordering inventory -creating production schedules -manufacturing goods

5 basic supply chain activities:

-plan -source -make -deliver -return

Sales data

-potential customer data -sales report data -commission data -customer support data

Marketing data

-promotion data -sales data -advertising data

Which data types are typically found in the marketing department?

-promotion dates -sales data -advertising data

Which of the following is considered data?

-quantity sold -customer number -order date

Drag and drop: data

-raw facts that describe the characteristics of an event to object -order date

example of machine-generated unstructured data

-satellite images -scientific atmospheric data

example of machine-generated structured data

-sensor data -point-of-sale data

Drag and drop: knowledge

-skills, experience, and expertise, coupled with info and intelligence that creates a persons intellectual resources -choosing not to fire a sales rep who is underperforming knowing that person is experiencing family problems -creating daily specials based on items that are about to expire first

example of human-generated unstructured data

-text messages -social media data

Accounting data

-transactional data -purchasing data -payroll data -tax data

which of the following are included in CRM prediction technologies?

-what customer are at risk of leaving -which products will our customers buy

Which of the following are included in CRM reporting technologies?

-what is the total revenue by customer -how many units did we make -what were total sales by product

which of the following are included in CRM analyzing technologies?

-why did sales not meet forecasts -why was production so low

Enterprise Resource Planning

Integrates all departments and functions throughout an organization into a single IT system (or integrated set of IT systems) so that employees can make enterprisewide decisions by viewing enterprisewide information on all business operations

When evaluating the value chain, all of the following are included in the primary value actives except_____

MIS development

_____ evaluates a project's position

SWOT analysis

Management Information System (MIS)

a business function like accounting or sales, which moves info about people, products, and processes across the company to facilitate decision making and problem solving

Big data

a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools

Competitive advantage

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

Business Strategy

a leadership plan that achieves a specific set of goals or objectives

customer relationship management

a means of managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organization's profitability

Internet of things

a world where interconnected internet-enabled devices or "thing" have the ability to collect and share data without human intervention

order to delivery process step four:

acct and fine-->deliver goods, bill customer

Primary value activities

acquires raw materials to manufacture, deliver, market, sell, and provide after-sales services

Porter's Three Generic Strategies

are generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service

What is a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools?

big data

based on the examples of Porter's three generic strategies in your textbook, which of the following is walmart following?

broad cost leadership

In analyzing Neiman Marcus, which of Porter's three generic strategies would you determine that it was following?

broad differentiation

Differentiation strategy

broad market, high cost

Cost leadership strategy

broad market, low cost

supply chain steps: source

build relationship with suppliers to produce raw materials

What 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 a standardized set of activities that accomplishes a specific task

business process

____ is the analysis and redesign of work flow within and between enterprise

business process reengineering

which of the following is not part of Porter's three generic strategies?

business process strategy

a supply ______ consists of all parties involved, directly or indirectly, in obtaining raw materials or a product

chain

_____ allows every department of a company to store and retrieve information in real-time allowing info to be more reliable and accessible

common data repository

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

competitive

____ are business processes, such as manufacturing goods, selling products, and providing service, that make up the primary activities in a value chain

core processes

which of the following is an example of a static process?

creating financial statements

_____ involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability

customer relationship management

order to delivery process step five:

customer service-->support sale

Structured data

data that has a defined length, type, and format and includes numbers, dates, to strings such as customer address

Unstructured data

data that is not defined and does not follow a specified format and is typically free form text such as emails, tweets, and text messages

Machine-to-machine

devices that connect directly to other ones

____ is continuously changing and provides solutions to ever changing business operations

dynamic process

____ integrates all departments and functions throughout an organization into a single system so that employees can make decisions by viewing enterprise-wide information on all business operations

enterprise resource planning

SWOT analysis

evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies

Predictive Analytics

extracts information from data and uses it to predict future trends and identify behavioral patterns

______ is the confirmation or validation of an event or object

fact

If you were asked to analyze Payless Shoes, which of Porter's three generic strategies would you determine that it was following?

focused cost leadership

Of the generic strategies listed, which one best represents the business strategy implemented by tiffany and co.?

focused differentiation

_____ are material items or products that customers will buy to satisfy a want or need

goods

which group of stakeholder's primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting?

government

CRM reporting technologies

help organizations identify their customers across other applications

CRM predicting technologies

help organizations predict customer behavior, such as which customers are at risk of leaving

CRM analysis technologies

help organizations segment their customers into categories such as best and worst customers

CRM predicting technologies

helps an organization predict customer behavior, such as witch customers are at risk of leaving

rivalry among existing competitors is ______ when competition is fierce in a market and _____ when competitors are more complacent

high; low

when analyzing the organic milk industry, which of the following represents supplier power?

horizon organic, organic valley, whole foods organic, and safeway organic

enterprise resource planning

integrates all departments and functions throughout an organization into a single MIS system so employees can make decisions by viewing enterprisewide information about all business operations

Strengths would be categorized as ____ in a typical SWOT analysis

internal, helpful

_____ is a world where interconnected, internet-enabled devices or "things" can collect and share data without human intervention

internet of things

Sales analytics

involves gathering, classifying, comparing, and studying company sales data to analyze product cycles, sales pipelines, and competitive intelligence

Customer Analytics

involves gathering, classifying, comparing, and studying customer data to identify buying trends, at-risk customers, and potential future opportunities

Customer analytics

involves gathering, classifying, comparing, and studying customer data to identify buying trends, at-risk customers, and potential future opportunities

customer analytics

involves gathering, classifying, comparing, and studying customer data to identify buying trends, at-risk customers, and potential future opportunities

Rivalry among existing competitors

is high when competition is fierce in a market and low hen competitors are more complacent

Threat of substitute products or services

is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose from

the ____-cost operator saves on exposes and passes the saving along to customers in the form of ____ prices

low; low

What is data created by a machine without human intervention?

machine-generated data

Human Resources role

maintains policies, plans, and procedures for the effective management of employees

Operations Management role

manages the process of converting or transforming resources into goods or services

supply chain steps: make

manufacture products and create production schedules

order to delivery process step one:

marketing-->create campaign and check inventory

_____ divides the system into a set of functional units that can be used independently or combined with other modules for increased business flexibility

modular software design

Focused strategy

narrow market, low cost, high cost

______ is not a technology company but used technology to revamp the business process of renting movies

netflix

Which of the following describes how a company can reduce the threat of substitute products or services?

offer additional value through wider product distribution

Which department manages the process of converting or transforming resources into goods or services?

operations management

order to delivery process step three:

operations management-->manufacture goods

Which of the following statements is correct when considering a SWOT analysis?

opportunities and threats originate outside an organization

Sales role

performs the function of selling goods or services

supply chain steps: deliver

plan for transportation of goods to customers

supply chain steps: plan

prepare to manage all resources required to meet demand

which of the following is being demonstrated when a company develops unique differences in its products or service with the intent to influence demand?

product differentiation

______ is the rate at which goods and service are produced based upon total output given total inputs

productivity

Accounting role

records, measures, and reports monetary transactions

which of the following represents buyer power for the organic milk industry?

safeway, whole foods, king supers, and kroger

order to delivery process step two:

sales-->place order, notify production, check credit

____ uses a systematic approach in an attempt to improve business effectiveness and efficiency continuously

static process

Which data type has a defined length, type, and format and includes numbers, dates, or strings such as customer address?

structured data

____ is the suppliers' ability to influence the prices they charge for supplies

supplier power

____ consist of all parties involved, directly or indirectly, in obtaining raw materials or a product

supply chain

what includes all parties involved, directly or indirectly, in obtaining raw materials or a product?

supply chain

What is the term for the management of info flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitability?

supply chain management

____ is the management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitably

supply chain management

what is the ability to view all areas up and down the supply chain in real time?

supply chain visibility

supply chain steps: return

support customers and product returns

Marketing role

supports sales by planning, pricing, and promoting goods or services

What males customers reluctant to move to another product or service?

switching costs

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

switching costs

Identifying competitive advantages can be difficult and explains why they are typically ____

temporary

business process reengineering

the analysis and redesign of workflow within and between enterprises

Rivalry Amongst Existing Competitors

the power of competitors

Threat of New Entrants

the power of competitors to enter a market

Buyer Power

the power of customers to drive down prices

Threat of Substitute Products or Services

the power of customers to purchase alternatives

Supplier power

the power of suppliers to drive up prices of materials

Analytics

the science of fact-based decision making

____ is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose

threat os substitute products or services

Finance role

tracks strategic financial issues including money, banking, credit, investments, and assets

Static Process

uses a systematic approach on an attempt to improve business effectiveness and efficiency continuously

Behavioral Analytics

uses data about people's behaviors to understand intent and predict future action

____ executes the business strategy

value chain analysis

____ views a firm as a series of business processes that each add value to the product or service

value chain analysis

when analyzing the organic milk industry, which of the following represents a substitute product?

vitamin water, fruit juice, coffee, and tea

which question below represents a CRM analyzing technology question?

why did sales not meet forecasts?


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