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Rock MIS 301 Exam 1 Terms Question and answers verified to pass 2024

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Rock MIS 301 Exam 1 Terms Question and answers verified to pass 2024 Disruptive technology - correct answer Innovation that helps create a new market and value network that disrupts an existing market ex: iPhone for Kodak Mental models - correct answer Designs of a business and technology ...

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  • August 27, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Rock MIS 301 Exam 1 Terms
Disruptive technology - correct answer ✔Innovation that helps create a new
market and value network that disrupts an existing market ex: iPhone for
Kodak


Mental models - correct answer ✔Designs of a business and technology that
consumers think about when thinking of a brand; how we are aesthetically
effected


Barrier to entry - correct answer ✔obstacles that prevent a business from
entering the market


Brand - correct answer ✔The symbolic embodiment of all the information
connected with a product or service.


Bundling - correct answer ✔selling two products together


Business process - correct answer ✔network of activities, roles, resources,
repositories and data flow that interact to create a business function


Capital intensity - correct answer ✔how much money it will take to start a
new business


Channel conflict - correct answer ✔a clash of goals and methods between
distribution channel members


Commodity - correct answer ✔a product of trade or service that is nearly
identical and offered by many firms

,Competitive advantage - correct answer ✔ability to consistently outperform
industry peers, must be valuable, rare, imperfectly imitable, unsustainable


Differentiation - correct answer ✔different, sometimes more specialized
goods


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


Economies of scale - correct answer ✔when costs can be spread across
increasing units of production or in serving multiple customers. Businesses
that have favorable economies of scale are sometimes referred to as being
highly scalable.


Fast follower problems - correct answer ✔exists when savvy rivals watch a
pioneer's efforts, learn from their successes and missteps, then enter the
market quickly with a comparable or superior product at a lower cost before
the first mover can dominate


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


Information asymmetry - correct answer ✔A decision situation where one
party has more or better information than its counterparty.


Killer app - correct answer ✔ex iTunes. a staple app

, Network effects - correct answer ✔Metcalfe's Law, or network externalities.
When the value of a product or service increases as its number of users
expands.


Operational effectiveness - correct answer ✔Performing the same tasks
better than rivals perform them.


Porter's Model of Industry Structure (5 Forces) - correct answer ✔Also
known as Industry and Competitive Analysis. A framework considering the
interplay between (1) the intensity of rivalry among existing competitors, (2)
the threat of new entrants, (3) the threat of substitute goods or services, (4)
the bargaining power of buyers, and (5) the bargaining power of suppliers.


Porter's Model of Competitive Advantage
Resource-based view of competitive advantage - correct answer ✔The
strategic thinking approach suggesting that if a
firm is to maintain sustainable competitive advantage, it must control an
exploitable resource, or set of resources, that have four critical characteristics.
These resources must be (1) valuable, (2) rare, (3) imperfectly imitable, and
(4) non-substitutable.


Scale advantages - correct answer ✔Advantages related to size.


Search costs - correct answer ✔cost to consumer to search for which
company to use (ex. Google, Amazon, and eBay are staples for the service
they provide)


Straddling - correct answer ✔attempt to occupy more than one position while
failing to match the benefits of a more efficient, singularly focused model

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