MIS Chapter 2 - MC
all of these
which of the following represents a reason why competitive advantages are typically temporary - the competitor will hire away your key employees; the competitor quickly seeks ways to duplicate your business operations; the competitor will purchase new technology
suppliers - company - customers
which of the following represents a typical supply chain
purchase inputs such as raw materials, resources, equipment, and supplies
which of the following represents procurement as part of the support value activities in a value chain analysis
opportunities and threats originate outside an organization
which of the following statements is correct when considering a SWOT analysis
strengths and weaknesses originate inside an organization
which of the following statements is correct when considering a SWOT analysis
threat of new entrants
which on 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
Three Generic Strategies
which strategy below helps an organization choose its business focus
vitamin water, fruit juice, coffee are all beverage options available to consumers
your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model; which of the following represents a substitute product in the soft drink industry
Zevia Natural Diet Soda begins selling directly over the Internet
your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model; which of the following represents a threat of a new entrant in the soft drink industry
Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store
your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model; which of the following represents buyer power in the soft drink industry
Coke and Pepsi submit bids to the owner of a football stadium for the exclusive sale of their products during games
your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model; which of the following represents rivalry in the soft drink industry
pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases
your boss, Kerry Miller, has asked you to analyze the soft drink industry using Porter's Five Forces model; which of the following represents supplier power in the soft drink industry
Southwest, Horizon, Frontier, JetBlue
your boss, Penny Dirks, has asked you to analyze the airline industry using Porter's three generic strategies; which of the following companies are using a cost leadership strategy
British Airways, Singapore Airline, Virgin Atlantic
your boss, Penny Dirks, has asked you to analyze the airline industry using Porter's three generic strategies; which of the following companies are using a differentiation strategy
Sky Taxi - a rent by the hour personal plane service
your boss, Penny Dirks, has asked you to analyze the airline industry using Porter's three generic strategies; which of the following companies are using a focused strategy
Walmart, Target, iTunes
your boss, Ty Jacob, has asked you to analyze the music industry using Porter's five forces model; which of the following represents buyer power in the music industry
established record labels like EMI, Sony, Universal
your boss, Ty Jacob, has asked you to analyze the music industry using Porter's five forces model; which of the following represents supplier power in the music industry
game systems like Wii, social networks like Facebook
your boss, Ty Jacob, has asked you to analyze the music industry using Porter's five forces model; which of the following represents the threat of substitute products or services in the music industry
product differentiation
Amazon.com uses a customer profiling system whenever a customer visits its website; using this system, Amazon can offer products tailored to that particular customer's profile and buying pattern; what is Amazon using to achieve this competitive advantage
advantage
Gina Brooks works for Aquarium Retail Services selling high-end salt water 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.
Scottrade Corp. creating an online system for employees to track paychecks, benefits, wellness rewards program, and other employee benefit items
MIS can add value to both primary activities and support activities in the value chain; which of the following is not an example of a company adding value by the use of MIS in a primary activity
Netflix creating a business strategy for the video rental market that delivers videos via the mail
MIS can add value to both primary and support activities within a business; which of the following is not an example of a company adding value by the use of MIS in a support activity
competitive advantage
a ____ features a product or service on which customers place a greater value than they do on similar offerings from competitors
attracting new customers, developing new products or services
a business strategy achieves a specific set of goals which include ____
Microsoft - Bing Search Engine
a first-mover advantage occurs when a company is the first to market with a competitive advantage; all of the following companies were first-movers except ____
cost leadership with a low cost
according to Porter, companies that wish to dominate broad markets should operate using a ____ strategy
focused strategy
broad differentiation, broad cost leadership, and ____ create the three generic strategies identified by Porter
expanded product line, increase in demand, new markets, new regulations
core competencies, market leaders, cost advantages, excellent management
offer additional value through wider product distribution
how can a company reduce the threat of substitute products or services
temporary
identifying competitive advantages can be difficult, which explains why most competitive advantages are typically
narrow market
if a business is following a focused strategy, then its competitive scope is ____
all of these
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
the threat of new entrants' force is high in the up-and-coming market
imagine you are creating a new product to sell in an up-and-coming market; which of the below statements indicates that it would be easy for you as the new entrants to compete in this market
the threat of new entrants' force is low in the up-an-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 difficult for you to enter this new market
outside (externally)
in a SWOT analysis, opportunities and threats originate ____ an organization
inside (internally)
in a SWOT analysis, strengths and weaknesses originate ____ an organization
new markets
in a SWOT analysis, which of the following could you discover as potential external opportunities (helpful)
damaged reputation
in a SWOT analysis, which of the following could you discover as potential inner weaknesses (harmful)
cost advantages
in a SWOT analysis, which of the following could you discover as potential internal strengths (helpful)
buyer power, supplier power, threat of new entrants, and threat of substitute products or services
in the center of Porter's Five Forces model is competition; which of the following represents the four outer boxes
first-mover advantage
managers use four common tools to analyze competitive intelligence and develop competitive advantages; which of the following is not one of these tools
rivalry among existing competitors
some industries' competition is much more intense than others; retail grocery stores such as Kroger, Safeway, and Albertson's in the United States experience fierce competition and offer similar marketing campaigns to compete; what is this an example of in terms of Porter's Five Forces
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 ____ or ____
competitive intelligence
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 ____
exceptional customer service
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is a main concern for customers
fair compensation
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is a main concern for employees
reliable contracts
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is a main concern for partners/suppliers
maximize profits
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is a main concern for shareholders/investors
professional associations
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is a main concern for the community
adhere to regulation/laws
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is a main concern for the government
job security
there are many different stakeholders found in an organization; stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change; which of the following is not a main concern for shareholders/investors
a feature of a product or service on which customers place a greater value than they do on similar offerings from competitors
what is a competitive advantage
entry barrier
what is a feature of a product or service that customers have come to expect and entering competitors must offer the same if they want to survive
stakeholder
what is a person or group that has an interest or concern in an organization
business process
what is a standardized set of activities that accomplishes a specific task
view of a firm as a series of business processes, each of which adds value to the product or service
what is a value chain analysis
the ability of buyers to affect the price they must pay for an item
what is buyer power
strengths, weaknesses, opportunities, threats
what is included in a SWOT analysis
using MIS to find and create alternative products
what is one of the most common ways a company can decrease supplier power
high when competition is fierce in a market and low when competitors are more complacent
what is rivalry among existing competitors
the suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services)
what is supplier power
human resource management
what is the support value activity that provides employees with training, hiring, and compensation
high, when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market
what is threat of new entrants
high when there are many alternatives to a product or service and low when there are few alternatives from which to choose
what is threat of substitute products or services
primary value activities and support value activities
what the the two main categories in a value chain analysis
a niche market
when analyzing Porter's three generic strategies for entering a market, if you have a focused strategy what market should you target
Amazon.com
when analyzing the book store industry, some of today's businesses compete with different business strategies and cost strategies; which of the following is using a broad market competitive scope along with a low cost strategy
narrow market - high cost strategy
when applying Porter's three generic strategies, Tiffany & Co. has a competitive scope and cost strategy that is ____
MIS development
when evaluating the value chain, all of the following are included in the primary value activities except ____
firm infrastucture
when evaluating the value chain, which of the following is included in the support value activities
service
when reviewing Porter's value chain analysis, which of the following provides customer support after the sale of goods and services
external, helpful
where would you categorize opportunities in a SWOT analysis
internal, helpful
where would you categorize strengths in a SWOT analysis
external, harmful
where would you categorize threats in a SWOT analysis
internal, harmful
where would you categorize weaknesses in a SWOT analysis
government
which group of stakeholders' primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting
customers
which group of stakeholders' primary interests include exceptional customer service, high-quality products, and ethical dealings
employees
which group of stakeholders' primary interests include fair compensation, job security, and ethical conduct/treatment
shareholders/investors
which group of stakeholders' primary interests include maximizing profits, growing market share, and high return on investment
community
which group of stakeholders' primary interests include professional associations, ethical recycling, and increasing employment
partners/suppliers
which group of stakeholders' primary interests include reliable contracts, ethical materials, handling, and responsible production
value chain analysis
which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers
new entrants, substitute products, shrinking markets, costly regulatory, requirements
which of the following are included as potential external weaknesses in a SWOT analysis that are harmful to an organization
core competencies, market leaders, cost advantages, excellent management
which of the following are included as potential internal strengths in a SWOT analysis that are helpful to an organization
lack of strategic direct, obsolete technologies, lack of managerial talent, outdated product line
which of the following are included as potential internal weaknesses in a SWOT analysis that are harmful to an organization
carrying large product inventories
which of the following are not a typical way that a company would duplicate a competitive advantage
all of these
which of the following decisions does a firm need to make as soon as it has identified the activities from the value chain that are bringing the highest added value to their customers - target high value-adding activities to further enhance their value; target low value-adding activities to increase their value; perform some combination of the two
Walmart
which of the following demonstrates a company that has implemented a low cost, broad market strategy
a person or group that has an interest or concern in an organization
which of the following describes a stakeholder
SWOT analysis
which of the following evaluates a project's position
the three generic strategies
which of the following is a tool a manager can use to analyze competitive intelligence and identify competitive advantages
firm infrastrucutre
which of the following is not considered a category within the primary value activities in a value chain analysis
outbound logistics
which of the following is not considered a category within the support value activities in a value chain analysis
niche market versus large market
which of the following is similar to focused strategy versus broad strategy
Payless Shoes
which of the following offers an example of a company operating in a narrow focused-market operating as the low-cost provider
a dog walking business
which of the following offers an example where Porter's five forces are mostly strong and competition is high
an international hotel chain purchasing milk
which of the following offers an example where Porter's five forces are mostly weak and competition is low
supplier and customer
which of the following represents a company in a supply chain
supplier cost differentiation
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
reducing buyer power with a loyalty program
Callie Crystal owns and operates one of the most successful local coffee shops in Denver, called The Edgewater Café. Each time customers 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?
narrow market, high cost
Jennifer Bloom 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?
not introduce the product because all five forces are strong and this would be a highly risky business strategy
John Cleaver is the CEO of Tech World, which is a retail store that sells computers, monitors, cameras, televisions, and many other electronic products. John and his executive team are meeting to brainstorm new ideas on how to grow the business. One idea is to mimic a competitor's product that is attempting to sell a new product in a different industry. After performing a Porter's Five Forces analysis, John determines that all of the forces are high in this new industry. What should John do?
increasing buyer power
Kevin Campbell is an incoming freshman at your college. Kevin is frustrated by the cost of books, tuition, and expenses, and he also needs to purchase a rather expensive laptop. In an effort to save money, Kevin begins a Facebook group finding other college students who need to purchase laptops. Soon, Kevin's Facebook group has close to 100,000 students. Kevin decides to collectively approach different computer companies to see if his group qualifies for a special discount. What business strategy is Kevin using to purchase laptops?
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
the primary value activity outbound logistics
Sandy Fiero works as the chief knowledge officer for Bend Lumbar Company. She has been given the responsibility to create a product or service that will bring an added value to its customers to increase the company's revenue. Sandy determines that the best value she can add is by creating a service that offers free next day shipping on any order over $50. Where in the value chain is Sandy adding value?
supplier power
Shawn McGill 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?
decrease buyer power
The Victory Wireless stores in Denver is currently offering a fabulous marketing strategy for potential new iPhone customers. Victory Wireless offers customers who purchase an iPhone with a two-year subscription a free Otter phone case, car charger, ear phones, and speakers. In terms of Porter's Five Forces what is Victory Wireless attempting to achieve with this marketing strategy
acquiring new technology products and services
The banking industry has implemented several competitive advantages including ATM's, online bill pay services, and electronic statements. Of course, these competitive advantages were quickly duplicated by any competitor that wanted to remain in the banking industry. These were all examples of ___________ competitive advantages.
rapidly change
updating business strategies is a continuous undertaking as internal and external environments ____
generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service
what are Porter's three generic strategies
switching costs
what are costs that make customers reluctant to switch to another product or service
evaluates an organization's strengths, weaknesses, opportunities, and threats
what does a SWOT analysis do
the Five Forces Model
what evaluates industry attractiveness
Value Chain Analysis
what executes business strategy
supply chain
what includes all parties involved, directly or indirectly, in obtaining raw materials or a product
value chain analysis
what includes support value activities and primary activities and is used to determine how to create the greatest possible value for customers
analysis of the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
what is Porter's Five Forces Model
evaluation of an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies
what is a SWOT analysis