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CIM final questions and answers already passed 2024
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CIM final questions and answers already passed 2024
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CIM finalIPO - Initial public offering, known as going public
Creates a big capital influx but then you have to report your financial reports
like your quarterly earnings --making them aware to the public-- and then big
companies can see how profitable your business is and follow suit
Internet of Things - A vision where low-cost sensors, processors, and
communication are embedded into a wide array of products and our
environment, allowing a vast network to collect data, analyze input, and
automatically coordinate collective action
-it is created by fast/cheap computing
-it puts smarts in things like lamps watches, refrigerators, and thermostats
-influences the drone market
What are some ways that technology has helped to bring about radical
changes across industries and societies? - billions of dollars in advertising flee
old media and are put into digital efforts
-the smartphone and the app store are the modern accelerant of business
growth
-social media changes everything
-India's tech sector (IT) has grown hugely
-Financei-bankers are involved in IPO's and valuing merger and acquisition
deals, lending to tech firms and evaluating the role of technology
-Accountingnumbers used by accountants are all recorded, stored, and
reported by information systems, and the reliability of any audit is inherently
tied to the reliability of the underlying technology
-Marketing can track customers, analyze campaign results, and modify tactics:
all amped up the return on investment of marketing dollars, with firms
,increasingly shifting spending from tough-to-track media such as print, radio,
and television to the Web.
-Operations quality programs, process redesign, supply chain management,
factory automation, and service operations are all tech-centric.
-Human Resources Knowledge management systems are morphing into
social media technologies—social networks, wikis, and Twitter-style
messaging systems that can accelerate the ability of a firm to quickly organize
an leverage teams of experts
-The Law in corporate law, intellectual property, patents, piracy, and privacy
are all areas where activity has escalated
-Information Systems Careers there will be no end in sight for the demand for
technical skills. Around 1 in every 20 open job postings in the US relates to IS
or computer science
1.) Which jobs that exist today likely won't exist at the start of the next
decade? Based on your best guess on how technology will develop, can you
think of jobs and skill sets that will likely emerge as critical five and ten years
from now? - -Cashiers are already seeing that big name brands like
McDonald's and Panera are employing kiosks for paying instead
-Financial advisorsTurbotax has cloud based offerings and a free SnapTax
app—you take a picture of your W2 and the app fills out your taxes for you
automatically
-Engineer and innovatorswith how fst paced technology evolves, there needs
to be more engineers and innovators who are willing to put in the time to
explore new experimental ideas
1.) How have the costs of entrepreneurship changed over the past decade?
What forces are behind these changes? What does this mean for the future of
entrepreneurship? - -anyone has the potential to build an impactful business.
Entrepreneurship has no minimum age requirement
-the ranks of technology are filled with young people, with several leading
firms and innovations launched by entrepreneurs who started while roughly
the age of the average college student
,Sustained competitive advantage - -Financial performance the consistently
outperforms industry averages
-new competitors and copycat products create a race to cut costs, cut prices,
and increase features that may benefit consumers but erode profits
-"How can I possibly compete when everyone can copy my technology and
the competition is just a click away?"
-need strategic positioning, not operational effectiveness
.) Define operational effectiveness and understand the limitations of
technology-based competition leveraging this principle. What are the dangers
of competing on operational effectiveness? - -Operational
effectivenessperforming the same tasks better than rivals perform them
-This can lead to "sameness" in products
-Leads to a commodity product a basic good that can be interchanged with
nearly identical offerings by others
-The more commoditized an offering, the more likely the competition will be
based on pricing
-this will pull down profits for all players that consumers see as basically
selling the same thing
-this risk is big in firms that rely on technology for competitiveness because
technology can be easily acquired and copied
-leads to the fast follower problem 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
-EX: Tivo—digital video recorder (DVR)—first dominated and seemed like it
would be the winner. They were plagued by fast followers that could offer a
lower price and more options
-operational effectiveness is still critical, though to invest in techniques to
improve quality, lower cost, and design efficient customer experiences. But, it
is not enough to sustain dominance
, Define strategic positioning and the importance of grounding competitive
advantage in this concept. - -Strategic positioningperforming different tasks
than rivals, or performing the same tasks in a different (more
effective/efficient) way
-technology can also play a critical role in creating and strengthening strategic
differences—advantages that rivals will struggle to match
-oftentimes, a firm with an effective strategic positioning can create an arsenal
of assets that reinforce one another, creating advantages that are particularly
difficult for rivals to successfully challenge
Understand the resource-based view of competitive advantage. - -The
strategic thinking approaching 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: valuable, rare,
imperfectly imitable, and nonsubstitutable
-having all four characteristics is key
-can help avoid the trap of carelessly entering markets simply because
growth is spotted
List the four characteristics of a resource that might possibly yield sustainable
competitive advantage. - 1.) Valuable
2.) Rare
3.) Imperfectly imitable
4.) Nonsubstitutable
-without rareness, you don't have anything unique
-you lose advantage if others can copy you or substitute your product for
something cheaper
Differentiation - -in order to break the commodity trap, firms leverage
technology to differentiate their goods and services
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