ISTM 209 Test 1 Material
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?