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?
Established record labels like EMI, Sony, Universal.
When analyzing the bookstore 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?
Amazon.com.
What is a standardized set of activities that accomplishes a specific task?
Business process.
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 begins a Facebook group finding other colle
Increasing buyer power.
Your boss, Kerry Miller, has asked you to analyze the soft-drink industry using Porter's Five Forces Model. Which of the following represents a substitute product in the soft-drink industry?
Vitamin water, fruit juice, coffee.
Knowledge includes the skills, experience, and expertise coupled with information and _________ that creates a person's intellectual resources.
Intelligence.
Feedback is information that returns to its original transmitter and modifies the transmitter's actions. What would the original transmitter include?
Input, transform, output.
Which of the following does not offer a good example of a system?
A pencil.
Which of the following is considered data?
Quantity sold
Shawn McGill is on the executive board for ABC pharmaceuticals. The company produces the number-one-selling cancer-fighting drug on the market. Due to its incredible success, ABC Pharmaceuticals has decided to increase the cost of the drug from $8 a pill
Supplier power.
Michael Porter defined the Five Forces Model and the potential pressures that can hurt sales. Which of the following is one of the potential pressures that can hurt sales?
All of these are correct
Imagine you are creating a new product to sell in an up-and-coming market. Which of the following statements indicates that it would be easy for you as the new entrants to compete in this market?
The threat of new entrants force is high in the up-and-coming market.
The Victory Wireless store in Denver is currently offering a fabulous marketing strategy for potential new iPhone customers. Victory Wireless offers customers who purchase an iPhone with a 2-year subscription a free Otter phone case, car charger, ear phon
Decrease buyer power.
Steve Jobs and Apple created a big advantage in the technology industry with the introduction of the iPod, iPhone, and iPad. What are these all examples of?
All of these
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 comp
Best-selling product changes when Tony, the best baker, is working.
16
Niche market versus large market.
17
Outbound logistics.
Some industries' competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertson's in the United States experience fierce competition and offer similar marketing campaigns to compete. What is this an example of i
Rivalry among existing competitors.
Paula Logston is the owner and operator of a high-end online custom clothing company. Paula has never heard of Porter's Five Forces Model and she wants to understand why she would perform an analysis using it. If you were tasked with explaining Porter's F
To help Paula evaluate the attractiveness of the clothing industry.
When evaluating the value chain, all of the following are included in the primary value activities except:
MIS development.
What is the name of a company's internal MIS department?
All of these.
If you were thinking about a home theater system, which of the following represents the inputs?
The DVD player, DVD movie, speakers, TV, and electricity.
What is data converted into a meaningful and useful context?
Information.
Why do students need to study information technology?
Information technology is everywhere in business.
Which of the following is not considered a category within the primary value activities in a value chain analysis?
Firm infrastructure.
A system is a collection of parts that link together to ___________.
Achieve a common purpose.
Jeremy Bridges is an executive for Green Web Designs, where his primary role is to ensure the security of business systems and develop strategies to protect the company from online viruses and hackers. What is Jeremy's role within the company?
Chief security officer (CSO).
What includes all parties involved, directly or indirectly, in obtaining raw materials or a product?
Supply chain.
When reviewing Porter's value chain analysis, which of the following provides customer support after the sale of goods and services?
Service.
Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. Which of the following is not included as one of Porter's three generic strategies?
Supplier cost differentiation.
How are the majority of companies today typically organized?
By departments or functional areas.
Business intelligence is information collected from multiple sources. Which of the following provides an example of a source that would be included in business intelligence?
All of these.
If you were thinking about a washing machine as a system, which of the following represents the feedback?
The light indicating that the washer is off balance and has stopped.
In the center of Porter's Five Forces Model is competition. Which of the following represents the four outer boxes?
Buyer power, supplier power, threat of new entrants, and threat of substitute products or services.
The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed is the definition of ___________.
Competitive intelligence.
When buyer power is low, supplier power is typically ______.
High.
Your boss, Ty Jacob, has asked you to analyze the music industry using Porter's Five Forces Model. Which of the following represents buyer power in the music industry?
Walmart, Target, iTunes.
If you were thinking about a washing machine as a system, which of the following represents the process?
The wash and rinse cycle.
Which four elements are included in systems thinking?
Input, process, output, and feedback.
Which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers?
Value chain analysis.
The sales department needs to rely on information from operations to understand _________.
All of these.
Which of the following offers an example of a company operating in a narrow focused-market operating as the low-cost provider?
Payless Shoes.
Which of the following statements is true?
IT enables business success and innovation.
Which of the following is considered information?
Best selling item by month
If you were thinking about an oven as a system, which of the following represents the output?
The cooked food.
Your boss, Tom Repicci, has asked you to analyze the airline industry using Porter's three generic strategies. Which of the following companies are using a cost leadership strategy?
Southwest, Horizon, Frontier, JetBlue.
Updating business strategies is a continuous undertaking as internal and external environments ________.
Rapidly change.
All of the following are common tools used in industry to analyze and develop competitive advantages, except:
Competitive analysis model
A business strategy achieves a specific set of goals, which include __________.
Attracting new customers, developing new products or services.
Competitive intelligence is the process of gathering information about the competitive environment, including _________.
Competitors' plans.