DSS Chapter 1 – Flashcards
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data
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raw facts that describe the characteristic of an event (height, name, and hair color)
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information
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data converted into a meaningful and useful context (% of marketing majors who are female, number of students who pass the course).
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business intelligence
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Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
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decision making
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selecting the best solution from two or more alternatives
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Amazon
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Not a technology company; primary business focus is selling books
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Zappos
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Not a technology company; primary business focus is selling shoes
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Netflix
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Not a technology company; primary business focus is renting videos
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Rows of Data
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Raw facts that describe the characteristics of an event or object
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knowledge
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Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources
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knowledge workers
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Individual valued for their ability to interpret and analyze information
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information system
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Components & resources necessary to deliver information and functions to the organization
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Business Strategy
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A leadership plan that achieves a specific set of goals or objectives such as Developing new products or services Entering new markets Increasing customer loyalty Attracting new customers Increasing sales
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competitive advantage
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A product or service that an organization's customers place a greater value on than similar offerings from a competitor
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first mover advantage
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Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
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competitive intelligence
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The process of gathering information about the competitive environment to improve the company's ability to succeed
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buyer power
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The ability of buyers to affect the price of an item
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switching costs
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Manipulating costs that make customers reluctant to switch to another product
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loyalty programs
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Rewards customers based on the amount of business they do with a particular organization
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supplier power
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assessed by the suppliers' ability to directly impact the price they are charging for supplies (including materials, labor, and services)-Utilities, Microsoft
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supply chain
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consists of all parties involved in the procurement of a product or raw material
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threat of substitutes
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High when there are many alternatives to a product or service and low when there are few alternatives (Create a competitive advantage through switching costs)
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entry barrier
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a product or service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive
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business process
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a standardized set of activities that accomplish a specific task(processing an order
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value chain
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analysis is a tool for determining how to create the greatest possible value for customers
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product differentation
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Amazon.com uses a customer profiling system whenever a customer visits its website. Using this system, Amazon can offer products tailored to that particular customer's profile and buying pattern. What is Amazon using to achieve this competitive advantage?
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accounting
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The department within a company that records, measures, and reports monetary transactions is called
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What is productivity?
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The rate at which goods and services are produced based upon total output given total inputs
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Acquiring new technology products and services
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The banking industry has implemented several competitive advantages including ATM's, online bill pay services, and electronic statements. Of course, these competitive advantages were quickly duplicated by any competitor that wanted to remain in the banking industry. These were all examples of ___________ competitive advantages.
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goods
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Material items or products that customers will buy to satisfy a want or need.
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Walmart
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Which of the following demonstrates a company that has implemented a low cost, broad market strategy?
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Craig Newmark is customer number 15467.
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Cheryl Steffan is the operations manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of a piece of data Cheryl would be using to successfully perform her job?
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Large market versus uniqueness.
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Which of the below is similar to focused strategy versus broad strategy?
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Compare the costs of supplies including energy over the last five years to determine the best-selling product by month.
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Cheryl Steffan is the operations manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of the type of information Cheryl would be using to successfully perform her job?
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employee data
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Which of the following represents the types of data commonly found in the human resource department?
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A light indicating that the oven has reached the preheated temperature.
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If you were thinking about an oven as a system which of the following represents the feedback?
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competitive intelligence
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Which of the following is not considered a core driver of the information age?
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Best-selling product changes when Tony the best baker is working.
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Cheryl Steffan is the operations manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of knowledge that Cheryl would be using to successfully perform her job?
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threat of new entrants
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Which one of Porter's Five Forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?
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narrow market, high cost
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Jennifer Bloom is writing a paper and she must determine which of Porter's three generic strategies The Museum Company has implemented. Jennifer finds out that The Museum Company offers specialty products found only in museums around the world to affluent customers. What would Jennifer determine The Museum Company is using as its generic strategy?
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An international hotel chain purchasing milk.
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Which of the following offers an example where Porter's Five Forces are mostly weak and competition is low?
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FACT. Data. Information. Knowledge.
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Which of the following is not a core driver of the information age?
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Which of the following represents the types of data commonly found in the sales department?
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transactional data
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Cheryl Steffan is the operations manager for Nature's Bread Company, which specializes in providing natural products for health conscious individuals. Cheryl is responsible for compiling, analyzing, and evaluating daily sales numbers to determine the company's profitability and forecast production for the next day. Which of the following is an example of a piece of data Cheryl would be using to successfully perform her job?
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Craig Newmark is customer number 15467.
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Which of the following provides an example of data? Who is customer number 12345XX? What is my best-selling product? Who are my best customers? What is my worst-selling product?
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Who is customer number 12345XX?
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As companies move from data to knowledge they will start to include more and more variables for analysis resulting in better, more precise support for which of the following?
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decision making and problem solving
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MIS can add value to both primary and support activities within a business. Which of the following is not an example of a company adding value by the use of MIS in a support activity? The University of Forks creates a program to automatically order office supplies such as pens and pads of paper for its employees. Scottrade Corp. creating an online system for employees to track paychecks, benefits, wellness rewards program, and other employee benefit items. Netflix creating a business strategy for the video rental market that delivers videos via the mail. The human resources department creates a tracking system to efficiently reward employees based on their performance.
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Netflix creating a business strategy for the video rental market that delivers videos via the mail.
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Imagine you are creating a new product to sell in an up-and-coming market. Which of the below statements indicates that it would be easy for you as the new entrants to compete in this market? All of these depending on the time of year. The threat of new entrants force is high in the up-and-coming market. The threat of new entrants force is low in the up-and-coming market. The threat of new entrants force is impossible to define in the up-and-coming market.
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The threat of new entrants force is low in the up-and-coming market.
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Which of the following offers an example where Porter's Five Forces are mostly strong and competition is high?
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a dog walking business
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When analyzing the book store industry, some of today's businesses compete with different business strategies and cost strategies. Which of the following is using a broad market competitive scope along with a low cost strategy?
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Amazon
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Which of the following represents the types of data commonly found in the accounting department?
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monetary data
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Which of the following is considered a core driver of the information age?
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data
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Assume you are in the business of producing and selling hamburgers. If you could produce more hamburgers with the same input what would happen to your productivity and profits assuming the price of your hamburgers remains the same?
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increase in productivity and profit
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Kevin Campbell is an incoming freshman at your college. Kevin is frustrated by the cost of books, tuition, and expenses and he also needs to purchase a rather expensive laptop. In an effort to save money, Kevin beings a Facebook group finding other college students who need to purchase laptops. Soon, Kevin's Facebook group has close to 100,000 students. Kevin decides to collectively approach different computer companies to see if his group qualifies for a special discount. What business strategy is Kevin using to purchase laptops?
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increasing buyer power
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If a supplier has high power what can it do to influence its industry?
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Charge higher prices. Shift costs to industry participants. Limit quality or services.
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Which of the following represents a reason why competitive advantages are typically temporary?
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The competitor will hire away your key employees. The competitor quickly seeks ways to duplicate your business operations. The competitor will purchase new technology.
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Your boss, Ty Jacob, has asked you to analyze the music industry using Porter's Five Forces model. Which of the following represents supplier power in the music industry?
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Established record labels like EMI, Sony, Universal.
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When a company is the first to market with a competitive advantage, this is called a first-mover advantage. All of the following companies were first-movers except
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microsoft-bing search engine
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Which of the following provides an example of information? What is my worst-selling product? Who is customer number 12345XX? What is product number 12345XX? What customer number is Bob Smith?
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What is my worst-selling product?
