BUS 303 Exam
Affordable loss
focus on the downside risk, estimate loss and make bets that they don't expect to lose but can lose
patchwork quilt
form partnerships
what benefits of having a strong brand does a firm get in terms of distribution channels?
A strong brand provides the firm with power over the distribution powers
Chad Bradington and his business partner, Brad Chadington want to start a new high-end photography business to serve social media influencers (they're thinking of calling it DopeInstaz, but that's not set in stone, bro.) Not knowing whether their customers would really pay for this or not, they decided to spend just $1000 for a few key pieces of equipment to do their first photo shoot. They'll be bummed if it doesn't work out, but they're confident their bank accounts can bounce back from a $1000 hit if need be. This is an example of which effectual principle?
Affordable loss
Tom worked in which industry
Airline
Tom Jackson was a manager where?
Airline and offers frequent flights. inexpensive and highly reliable. less flexible
Product costing methods (activity based costing)
Allocates costs to the product-service bundle on overhead activities performed. Identify costs of various steps involved in making product and coming up with best appropriate price tag
Quality Function Deployment
An approach that integrates the "voice of the customer" into both product and service development
process layout
a layout that organizes the transformation process into departments that group related processes. More flexible, less efficient
Strategy
a plan of action, people interact with each other and work toward common goal, firms theory of how to be successful and why they do things to make them successful
The goal of an organization's strategy is to...
achieve a sustainable competitive advantage
Value-adding activities: exchange
add value when trading something you don't need
We talked quite a bit about the way in which entrepreneurs use five "effectual" principles rather than "causal" logic. Which of the following is NOT a principle of effectuation that we discussed? (starting with your means, leveraging contingencies, affordable loss, creating partnerships, building equity)
building equity
Supply chain management (SCM) is?
before the raw material delivery and / or after the final product delivery
evaluating brands
behavior, attitudes, brand equity
brand's value proposition, emotional benefit
benefit felt in the heart and mind of consumer
Brand loyalty can be
both attitudinal and behavioral
Branding, what parts in our mind?
brand equity, image, personality
Branding, what parts are there?
brand name, product, packaging, price
productivity is best described as?
cars washed per hour in a car wash
Value-adding activities: physical change
change physical condition of something coming in and then send it out.
value-adding activities: transportation
more valuable in a place other than where it is at. Example a product bought is worth more than at the store. Transportation of product adds value through transportation.
Problem recognition psychological process
motivation
In the forecasting spreadsheet, the forecasted quantities should go into
the second column only
brand's value proposition
the set of benefits or values a company promises to deliver to customers to satisfy their needs
internal supportive
" we want operational decisions to match up with our business strategy"
Project
"one of a kind" goods/services
external neutral
"we want to be as good as the competition"
internal neutral
"we want to be as good as we have been in the past"
If your planning mode is push, and your specified quantity for a particular product is 200, and if you have 100 of that product in stock, the system would ship _______ to that regional warehouse?
200
You will get ______ boxes of milk every _____ stimulation days
950, 5
Which of the following is NOT a party of the brand's value proposition (Emotional benefit, self-expressive benefit, awareness benefit, functional benefit)
Awareness benefit
Which of the following is not one of the reports that were available to your team during the simulations? (Billing due list, inventory report, financial statements, sales report)
Billing due list
Principles of effectuation
Bird-in-hand, affordable loss, lemonade, patchwork quilt, pilot-in-the-plane
brand's value proposition, functional benefit
Differences in product features
Your team sold all of the following products except (eggs, ice cream, cream, yogurt, cheese)
Eggs
Fred Silverton was a manager where?
Electronics firm, production process largely automated.
Saras Sarasvathy would most likely agree with which of the following? (Entrepreneurship is primarily about the willingness to act, there are specific traits that make entrepreneurs unique, successful entrepreneurs are really good at predicting what will happen in future, success in entrepreneurship depends mostly on luck, entrepreneurs are people born with 'entrepreneurial gene')
Entrepreneurship is primarily about the willingness to act
Situation where SCM/OM is a proactively considered as a strategic weapon is best described by?
Externally supportive
(T,F) Entrepreneurship is about coming up with innovative ideas that nobody else has.
False
(T,F) Goals determine how you achieve strategy
False
(T,F) Kano would describe a wireless charging dock in a new car as a "Must" feature.
False
(T,F) Lumira Discovery is an enterprise recourse planning system
False
(T,F) The fact that Aldus Huxley made Henry Ford a god was likely because Huxley did not anticipate supply chain management's ability to use air travel.
False
(T,F) When you need to raise the prices of your products, it is recommended you raise them by 20% or more
False
(T,F) business with organizational charts that remind one of "silos" are described as a positive thing to have
False
(T,F) enterprise application integration is an improvement over ERP systems
False
(T,F) your total sales forecasts may not exceed your total warehouse capacity
False
Cheryl Sanders was a manger where?
General hospital, high quality health care for common problems
brand equity
General perception of value associated with an organization product-service bundle
Which of the following is an advantage of using humor in advertising? (Humor aids attention, humor aids persuasion, humor always increases sales)
Humor aids attention
Service Blueprinting
Identify customer contract points and reduce contact where appropriate, Improve quality of contact, Improve efficiency In low-contact operations
A brand party is a form of
Qualitative Rearch
QFD stands for?
Quality function deployment
To have the potential to become sources of competitive advantage, resources and capabilities must be non-substitutable, valuable, ____________, and ____________.
Rare, difficult or impossible to imitate
A good sample of the population must be
Representative of the population
Which of the following is FALSE about inter-enterprise systems? (They are the largest and therefore the most expensive type of system that a company would implement, They require the use of enterprise systems by supply chain partners, they improve supply chain collaboration)
They are the largest and therefore the most expensive type of system that a company would implement
Value is perceived as?
Time specific, place specific, customer specific,
(T,F) Green manufacturing is a major issue within SCM.
True
(T,F) The "Pull" strategy specifies the target quantity of each product to be maintained in inventory in each geographical area.
True
(T,F) levis straus jeans are a good example of "make to stock"
True
Wholesome Pet Food has successfully specialized for 20 years in high-quality pet food made from all-natural ingredients and organically-raised lamb. This brand has a strong following and is recommended by veterinarians who practice in affluent neighborhoods. Wholesome's main supplier of lamb has announced that the price for lamb will be 15 percent higher next year. Which is most likely true?
Wholesome will probably be able to pass on this cost to its customers because they are less price sensitive than the average buyer
product layout
a layout requiring that production be broken down into relatively simple tasks assigned to workers, who are usually positioned along an assembly line. More efficient, less flexible
Michael Porter's 5 -Forces model is based on the idea that...
a firms position in their industry determines their ability to succeed.
Related diversification
a growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity (having one product in a bunch of different thing or with different uses so a plane can carry people or cargo)
which is a good example of forward vertical integration (airline building a fuel refinery, hospital contracting out its lab test to a third party, furniture factory buying cardboard packaging, cell phones manufacturer hiring another firm to do its shipping)
an airline building a fuel refinery
value adding activities: physiological
anything you do to make yourself feel better (massage, meditation, etc.)
In the extended logistics game, how frequently will you execute the planning and procurement processes
as frequently as you need new stock
alternative evaluation psychological process
attitude formation
What are the two types of decision rules?
attribute by attribute evaluation, and heuristics
conglomerate diversification
companies own a wide variety of unrelated business ventures (ABC owns Disney, espn, etc)
Supply chain management decisions
configuration, coordination, and improvement
pilot-in-the-plane
control vs predict. Idea we can actually deal with an unpredictable future without having to predict future. Thing we do matter.
What you do best as a firm was defined as
core competency
Business Strategy
creating value
value adding activities: information
customer service and information about customers
Kano Model
customers needs fulfillment vs level of satisfaction
All of the following are types of information systems EXCEPT (inter-enterprise systems, Enterprise Systems, Database systems, workgroup systms)
database
Which of the following is was NOT described as a major category of SCM decisions? (Improvement, delivery, coordination, design, awareness/understanding)
delivery
entrepreneurial method
design and test ideas, pursue ideal, principles, tools action.
engineering strategies/methods
design for manufacturing, design for procurement, design for environment, design for disassembly
SCM Decisions: Coordination
determining when to provide products and services and in what quantities to consumers, ensuring suppliers are able to provide, setting appropriate levels of capacity, communicating demand, expectations, etc.
SCM Decisions: configuration
product-service bundle, vertical integration (part of core competencies than you make it), buy (not part of core competencies don't make it)
Luis Flores was a manager where?
furniture store/manufacturer, wide variety of products, primarily upholstered wood
Batch Processes
groups essentially identical (Make 25 different chairs and wait to have demand for particular product and then mass product that particular chair)
Trends in OM/SCM
growth/dominance of services, globalization, cross-functional management, E-commerce, supply chain management.
What is best example of a job shop
hospital
What matters in strategy
image, identity, culture
which of the following is NOT potential disadvantage of ERP systems? (employees may undermine the success of the system by resisting to change, implementation could entail business process redesign, implementation can be very costly, consolidation of data across multiple systems into a single data store can prove to be challenging)
implementation could entail business process redesign
Which of the following was described as the biggest facilitator of modern SCM? (Informational technology / computers, transportation, globalization, tax policies, politics)
informational technology / computers
Post purchase evaluation psychological process
learning
What is the main benefit of ERP systems
integrates all of the transaction data in a company, it integrates all the business processes in a company
Enterprise Application Integration (EAI)
integrates existing systems by providing layers of software that connect applications together
purchase decision psychological process
integration, decision rules Integration(knowledge, meanings and beliefs) decision rules (deliberate attribute by attribute evaluation), heuristic (affect referral decision rule [overall impression], brands can become heuristics)
Strategic integration of operation decisions model
internal neutral -> external neutral ->internal supportive ->external supportive
core competencies
internal strengths and weaknesses, what do we do really well and do more of what you are good of
Repetitive Processes
large volumes, standardized (Discrete products like cars, cellphones. Toaster. You can count as they go down the line)
Satisfying customer needs
level of customization, importance of speed, reliability, delivery, price, quality
Lemonade
leverage contingencies (failing and changing course, accept and learn from failure, allow unexpected circumstances to shape where they are going)
Most important aspects of business
marketing, operations, finance
product characteristics for KANO model
must-do, expected, excitement
How many warehouses did your team have in the simulations?
one main warehouse and three regional warehouses
External supportive
operations becomes a full-fledged, proactive partner in strategic direction
Corporate Strategy
organize resources
Each of the following is a transaction that your team executed during the simulations except? (our team executed all of the above transactions, convert requisitions to purchase order, create planned independent requirements, stock transfer planning, run MRP)
our team executed all of the above transactions
productivity =
output/input
entrpreneurs
people who risk their time, money, and other resources . do this under extreme uncertainty
Information search psychological process
perception (selective exposure, attention, comprehension, retention)
Information systems
personal, workgroup (department), Enterprise (entire enterprise), inter-enterprise (used by many systems)
A dominoes or little Caesars pizza shop primarily adds value by/through
physical change
SCOR Model
plan, source, make, deliver, return
psychology of persuasion, decision making process steps
problem recognition -> information search -> alternative evaluation -> purchase decision -> post purchase evaluation
An example of secondary research would be?
reading a book on the history of brands
Continuous flow processes
repetitive, non-discrete (Brewery has a lot of continuous flow of beer and don't see individual product/discrete products until they are packaged)
A major U.S. manufacturer of children's toys believes its main competitive advantage lies in its continuing development of innovative toys and games. The company is facing increasing competition on price and it is strongly considering outsourcing to offshore firms as a means of reducing costs. The LAST function this firm should consider outsourcing is...
research and development to create new products
Factors to consider before selecting sample design
research objectives, accuracy required, resources, time frame, knowledge of target population
Secondary research in marketing
research that has already been collected by someone else. and you just look at
Primary research in marketing
research you dig up yourself (qualitative and quantitative).
Value-adding activities: storage/distribution
retail and distribution. Keep it on shelves till someone buys and adds value.
What is strategy?
set of actual decisions, mission, goals, and objectives are formal statements, strategic decisions.
Job shop
small volumes, highly customized. (auto repair shop assess what is wrong and then sends car to place best suitable)
All of the following are true of entrepreneurship EXCEPT... (entrepreneurship can be learned, some people are not really entrepreneurial while others are not, entrepreneurship is about creating new value, entrepreneurs operate under conditions of uncertainty)
some people are naturally entrepreneurial while others are not
bird-in-hand
start with your means. start with what you have
SCM decisions: Improvement
streamlining/simplifying channels of supply, changing technologies or planning systems to improve quality, lead time, cost, or service, redesigning product-service bundle
Customer Relationship Management (CRM)
systems are used to manage all interactions with the customer, from lead generation to customer service
Enterprise Resource Planning (ERP)
systems consolidate business operations into a single, consistent computing platform
A firms strategy can best be described as?
the theory of how they will best be succesful
Porter's Five Forces
threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry
In the stimulation that we played each team sold their products in ______ regions
three
(T,F) Fulfillment process is cross-functional in the sense that multiple functional areas play a role in it
true
Product costing methods: Break-even analysis
used to justify a new product-service or change in existing one, can be used to compare alternatives, relies on inexact demand and cost elements
What can lead to a sustainable competitive advantage
valuable, rare, inimitable, non-substitutable
brand's value proposition, self-expressive benefit
what helps a consumer express his/her self-image
