MIS 200 Midterm Test with All Correct Answers
Human resource ERP component - Answer-Tracks employee information including payroll, benefits, compensation, performance assessment, and assumes compliance with the legal requirements of multiple jurisdictions and tax authorities
Extended ERP compo...
MIS 200 Midterm Test with
All Correct Answers
Human resource ERP component - Answer-Tracks employee information including
payroll, benefits, compensation, performance assessment, and assumes compliance
with the legal requirements of multiple jurisdictions and tax authorities
Balanced scorecard - Answer-Enables organizations to clarify their vision and strategy
and translate them into action
Four perspectives of the balanced scorecard - Answer-Learning and growth, internal
business process, customer, financial
Costs of ERP - Answer-contain multiple complex components that are not only
expensive to purchase, but also expensive to implement (software, consulting fees,
process rework, customization, integration, testing/training)
Backbone of ebusiness - Answer-SCM, CRM, and ERP, Integration allows the
unlocking of information to make it available to any user, anywhere, anytime
Competitive advantage - Answer-A product or service that an organization's customers
place a greater value on than similar offerings from a competitor
First-mover advantage - Answer-Occurs when an organization can significantly impact
its market share by being first to market with a competitive
advantage
SWOT analysis - Answer-evaluates an organization's strengths, weaknesses,
opportunities, and threats to identify significant influences that work for or against
business strategies
Porter's Five Forces Model - Answer-evaluating industry attractiveness
buyer power - Answer-The ability of buyers to affect the price of an item
switching cost - Answer-Manipulating costs that make customers reluctant to
, switch to another product
loyalty program - Answer-Rewards customers based on the amount of business they do
with a particular organization
supplier power - Answer-The suppliers' ability to influence the prices they charge for
supplies
supply chain - Answer-Consists of all parties involved in the procurement of a product or
raw material
Threat of substitute products or services - Answer-High when there are many
alternatives to a product or service and low when there are few alternatives
threat of new entrants - Answer-High when it is easy for new competitors to enter a
market and low when there are significant entry barriers
entry barrier - Answer-A feature of a product or service that customers have come to
expect and entering competitors must offer the same for
survival
Rivalry among existing competitors - Answer-High when competition is fierce in a
market and low when competitors are more complacent
product differentiation - Answer-Occurs when a company develops unique differences in
its products or services with the intent to influence demand
business process - Answer-A standardized set of activities that accomplish a specific
task
value chain analysis - Answer-Views a firm as a series of business processes that each
add value to the product or service
inbound logistsics - Answer-Acquires raw materials and resources, and distributes
operations - Answer-Transforms raw materials or inputs into goods and services
outbound logistsics - Answer-Distributes goods and services to customers
marketing and sales - Answer-Promotes, prices, and sells products to customers
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