COMM 226 Final UPDATED Actual Exam Questions and CORRECT Answers
2 views 0 purchase
Course
COMM 226
Institution
COMM 226
COMM 226 Final UPDATED Actual Exam
Questions and CORRECT Answers
What is Moore's Law? How do we interpret it? - CORRECT ANSWER- "The number of
transistors per square inch on an integrated chip doubles every 18 months"
The ratio of price to performance has fallen. The cost of data processing ...
COMM 226 Final UPDATED Actual Exam
Questions and CORRECT Answers
What is Moore's Law? How do we interpret it? - CORRECT ANSWER- ✔✔"The number of
transistors per square inch on an integrated chip doubles every 18 months"
The ratio of price to performance has fallen. The cost of data processing and communications
is zero. Computers are everywhere in business and are always needed.
What was once too expensive becomes a very real possibility.
What is the Information Age? - CORRECT ANSWER- ✔✔The production, distribution and
control of information are the primary drivers of the economy.
Two aspects:
-Global world is flat (a new IT opportunity in India can find capital and spread worldwide)
-Businesses must adapt quickly or be overtaken by those who do
How do I attain job security? - CORRECT ANSWER- ✔✔Develop non routine cognitive
skills
Develop the four empoyability skills:
-Abstract reasoning
-Systems thinking
-Collaboration
-Ability to experiment
Abstract Reasoning: - CORRECT ANSWER- ✔✔The ability to make and manipulate
models. Abstraction is a simplification of an object/idea/ciceot that can then be manipulated
with a logical or reasonable thought process.
Systems Thinking - CORRECT ANSWER- ✔✔The ability to see the whole, not just the
parts. It is the ability to model the components of a system to connect the inputs and outputs
into a sensible whole.
Processes are a part of systems. The output of one process is the input to another process.
,Collaboration - CORRECT ANSWER- ✔✔Requires delivering and accepting constructive
criticism in an efficient manner
Developing ideas with others
Experimentation - CORRECT ANSWER- ✔✔Being able to apply rigorous reasoned analysis
of ideas and develop them into something that has promise and worth. More successful when
done by someone who has prior experience (what works and what doesnt)
Fear of failor: major stumbling block
Management Information Systems (MIS) - CORRECT ANSWER- ✔✔Creating, monitoring
and adapting processes, information systems and information to help organizations achieve
their strategies.
Processes, Information Systems and Information - CORRECT ANSWER- ✔✔-Process is a
way of doing something
-Information systems are a collection of components that stores and retrieves data
-Information is meaningful insight to help employees do their jobs
Create, monitor and adapt - CORRECT ANSWER- ✔✔The processes, information systems
and information need to be created, monitored and adapted.
ex: process of acquiring new customers, computers/programs/databases
sales reports need to be monitored
Rapid pace of tech seduces companies who may want to create new information systems to
be "modern"
Why is this unwise? - CORRECT ANSWER- ✔✔It is a waste of both time and money
Processes, information systems, and information need to be created for the purpose of
achieving the organization's strategy. A strategic goal or objective needs to be served
What is Porter's five forces model? - CORRECT ANSWER- ✔✔The five competitive forces
determining industry profitability are:
1. Threat of Substitution (e-commerce)
2. Threat of new entrants (regional chains growing)
,3. Existing Rivals/Competition (target)
4. Bargaining power of suppliers (procter and gamble)
5. Bargaining power of customers (you and i)
Examples from Walmart
What are barriers to entry? Name two examples - CORRECT ANSWER- ✔✔Factors that
make it difficult for a new business to begin operating in an industry.
Ex: High customer switching costs, large financial investments, sale channels that are
inaccessible and government policies
Porter's four competitive strategies - CORRECT ANSWER- ✔✔1. cost-leadership: lowest
cost across the industry
2. differentiation: better product/service across the industry
3. cost-focus: lowest cost within an industry segment
4. focused-differentiation: better product/service within an industry segment
What is the key for companies using porter's strategies? - CORRECT ANSWER- ✔✔The key
is for companies to commit to ONE of the four competitive strategies.
Not wise to try and do more than one at the same time as they often conflict with each other.
Result of doing both: accomplishing neither
A competitive strategy must be distinctive and maintainable. You also need to do it better
than your competitors.
All processes, information systems, and information must be constructed to facilitate the
organization's.
Value: - CORRECT ANSWER- ✔✔Amount of money that a customer is willing to pay for a
resource, product, or service.
Margin: - CORRECT ANSWER- ✔✔Difference between the value an activity generates and
the cost of the activity
Value chain: - CORRECT ANSWER- ✔✔a network of value-creating activities
, Five Primary activities in the Value Chain - CORRECT ANSWER- ✔✔1. inbound logistics-
how the firm goes about sourcing raw materials for production
2. operations/manufacturing- how the firm converts the raw materials into final products
3. outbound logistics- how the firm transports and distributes the final products to the
marketplace
4. marketing and sales- how the firm communicates the value proposition to the marketplace
5. customer service- how the firm supports customers during and after the sale
Each stage accumulates costs and adds value to the product: net result is the total margin of
the chain which is the difference between the total value added and the total costs.
Support Activities in the Value Chain - CORRECT ANSWER- ✔✔Contribute or facilitate the
primary value chain activities
-Procurement: the process of finding vendors, setting up contractual arrangements and
negotiating prices
-Technology: very broad: R and D, developing new methods
-Human Resources: recruiting, compensation, evaluation and training full and part time
employees
-Firm Infrastructure: general management, finance, accounting, legal and government affairs
Linkages - CORRECT ANSWER- ✔✔Interactions across value activities
ex: Manufacturing systems use linkages to reduce inventory costs.
Sales forecasts to plan production
Uses product plan to schedule purchases
End result is Just In time inventory, reducing inventory sizes and costs
Business Process Design - CORRECT ANSWER- ✔✔Organizations should create new, more
efficient business processes that integrate the activities of all departments involved in a value
chain instead of automating or improving existing functional systems.
Theory: Organizations analyze their industry and choose a competitive strategy. Given that
strategy, they examine their value chain and design business processes that span value-
generating activities. Those processes determine the scope and requirements of each
organization's information systems. - CORRECT ANSWER- ✔✔
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
