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MIS 301 Exam I Question and answers already passed 2024

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MIS 301 Exam I Question and answers already passed 2024 disruptive technology - correct answer an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network (over a few years or decades), displacing an earlier technology mental mo...

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  • August 27, 2024
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  • 2024/2025
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MIS 301 Exam I
disruptive technology - correct answer ✔an innovation that helps create a
new market and value network, and eventually disrupts an existing market
and value network (over a few years or decades), displacing an earlier
technology


mental models - correct answer ✔the values & beliefs culture a company is
molded around; company hires people that match → creates company culture


(ie. Xerox's mental model as a copy place made them pass up a lot of
opportunities, like the personal computer)


barrier to entry - correct answer ✔-barriers to entry make it difficult for other
firms to enter an industry and compete
-when barriers to entry stop your competitors, then sustainable profits are
more likely
-things that are more valuable, rare, tough to imitate, and non-substitutable
create barriers to entry
-include: brand, regulation, distribution channels, capital intensity, switching
costs, network effects


brand - correct answer ✔-the symbolic embodiment of all the information
connected with a product or service
-smaller brands have trouble competing with big brand names


bundling - correct answer ✔a market strategy that involves offering several
products for sale as one combined product

,business process - correct answer ✔a standardized set of activities that
accomplish a specific task, such as processing a customer's order
-optimized for each business


capital intensity - correct answer ✔how much $$ to start a new business


channel conflict - correct answer ✔occurs when manufacturers (brands)
disintermediate their channel partners, such as distributors, retailers, dealers,
and sales representatives, by selling their products directly to consumers
through general marketing methods and/or over the internet


commodity - correct answer ✔products or services that are nearly identically
offered from multiple vendors


competitive advantage - correct answer ✔financial performance that
consistently outperforms industry averages


differentiation - correct answer ✔differentiation strategy has been based on
the premise that improved/innovative outputs will translate into greater
demand for the business's outputs


distribution channels - correct answer ✔the path through which products or
services get to customers


economies of scale - correct answer ✔-when the cost of an investment can
be spread across increasing units of production or in serving a growing
customer base
-businesses that have favorable economies of scale can be referred to as
being highly scalable

,fast follower problem - correct answer ✔-exists when savvy rivals watch a
pioneer's efforts, learn from their successes and missteps, then enter a
market quickly with a comparable or superior product at a lower cost before
the first mover can dominate
-fast follower time frame varies for each industry (ex: auto = year, coffee =
week)


imitation-resistant value chain - correct answer ✔-a way of doing business
that competitors struggle to replicate and that frequently involves technology
in a key enabling role
-something on the value chain needs to be unique and hard to copy
-Zara


information asymmetry - correct answer ✔-decision situation where one
party has better information than the other party
-internet has decreased information asymmetry (ex: price transparency in auto
sales)


killer app - correct answer ✔-an app, function, or service that is
indispensable and superior to rival products, so much so that people will
purchase the necessary hardware just to run the app
-these can be used to increase the sales of the platform that the app runs on
-ex: people buying an xbox so they can play a new, hit xbox game


network effects - correct answer ✔-when the value of a product or service
increases with number of users
-aka Metcalfe's Law, or network externalities
-value = (users)^2
-user base (critical mass) is the key
-INCREASE barriers to entry; new entrants must be very desirable

, -three main sources of value for network effects:
1) EXCHANGE (exchange value refers to the size of network you can connect
with; the more people with an xbox, the more people you can play with)
2) STAYING POWER (affected by switching costs)
3) COMPLEMENTARY BENEFITS (platforms encourage complementary
benefits)


-strategies for competing in markets where network effects are present
1) MOVE EARLY (being first-to-market)
2) SUBSIDIZE ADOPTION (it's worth paying customers to adopt your
technology and build the size of your network; Fandango; customer lifetime
value (CLV) > customer acquisition cost)
3) PARTNERSHIPS AND ALLIANCES (partner with complementary
companies to boost product acceptance)


operational effectiveness - correct answer ✔-performing the same tasks
better than rivals can perform them (danger is "sameness")
-try to improve quality, lower costs, design efficient customer
-ex: in both HEB and Randall's, you shop, buy products, and leave all the
same


Porter's model of industry structure (5 forces) - correct answer ✔-aka
industry and competitive analysis
-Porter's five forces model is focused externally, describing how a firm is
positioned within its industry
-framework considering interplay between:
1) rivalry amongst existing competitors
2) power of suppliers

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