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MIS 301 Exam II Study Guide questions
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Online Analytical Processing (OLAP) - correct answer ✔✔A method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special database called a data cube. Awareness, evaluation, purchase, delivery, after sales - correct answer ✔✔What is the correct order of channel phases? data mart - correct answer ✔✔A database or databases focused on addressing the concerns of a specific problem (e.g., increasing customer retention, improving product quality) or business unit (e.g., marketing, engineering). data cube - correct answer ✔✔A special database used to store data in OLAP reporting. Inventory Turnover Ratio - correct answer ✔✔The ratio of a company's annual sales to its inventory. loyalty card - correct answer ✔✔Systems that provide rewards and usage incentives, typically in exchange for a method that provides a more detailed tracking and recording of customer activity. In addition to enhancing data collection, loyalty cards can represent a significant switching cost. dashboards - correct answer ✔✔A heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics. legacy system - correct answer ✔✔Older information systems that are often incompatible with other systems, technologies, and ways of conducting business. Incompatible legacy systems can be a major roadblock to turning data into information, and they can inhibit firm agility, holding back operational and strategic initiatives.
Genetic Algorithms (GAs) - correct answer ✔✔model building techniques where computers examine many potential solutions to a problem, iteratively modifying various mathematical models, and comparing the mutated models to search for a best alternative data mining - correct answer ✔✔The process of using computers to identify hidden patterns in, and to build models from, large data sets. Omnichannel - correct answer ✔✔Providing customers with a unified experience across customer channels, which may include online, mobile, catalog, phone, and retail. Pricing, recommendations, and incentives should reflect a data-driven, accurate, single view of the customer. neural networks - correct answer ✔✔An AI system that examines data and hunts down and exposes patterns, in order to build models to exploit findings. information - correct answer ✔✔Data presented in a context so that it can answer a question or support decision making. knowledge - correct answer ✔✔insight derived from experience and expertise Big Data - correct answer ✔✔A general term used to describe massive amount of data available to today's managers. Analytics - correct answer ✔✔A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions. canned reports - correct answer ✔✔Reports that provide regular summaries of information in a predetermined format. row or record - correct answer ✔✔A row in a database table. Records represent a single instance of whatever the table keeps track of (e.g., student, faculty, course title). (column) (field) - correct answer ✔✔A column in a database table. Columns represent each category of data contained in a record (e.g., first name, last name, ID number, date of birth).
Database Administrator (DBA) - correct answer ✔✔Job title focused on directing, performing, or overseeing activities associated with a database or set of databases. These may include (but not necessarily be limited to): database design, creation, implementation, maintenance, backup and recovery, policy setting and enforcement, and security. data aggregators - correct answer ✔✔Firms that collect and resell data. ad hoc reporting tools - correct answer ✔✔Tools that put users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters. over-engineer - correct answer ✔✔Build a model with so many variables that the solution arrived at might only work on the subset of data you've used to create it. Database Management System (DBMS) - correct answer ✔✔Sometimes called "database software"; software for creating, maintaining, and manipulating data. conclusion - correct answer ✔✔which is not a design thinking stage? a. invent b. test c. prototyping d. conclusion target a wide audience - correct answer ✔✔what did proctor & gamble not do? A. create new advertisements B. develop new products C. target a wide audience D. prototype products based on geography
low risk of success - correct answer ✔✔What is not a risk of design thinking? A. conflict with existing products B. low risk of success C. integration throughout entire business ecosystem D. conflict with traditional strategy making build an innovative team of leaders - correct answer ✔✔What was one strategy Rodriguez-Pastor did to transform Interbank? A. build an innovative team of leaders B. outsource talent from top colleges C. model his company off of foreign banks D. implement employee benefits that rivaled other companies implement an affordable insurance program for low to middle class citizens - correct answer ✔✔What did Rodriguez-Pastor not do? A. collaborate with leading institutes to develop new programs B. enter the education industry by creating awards and creating his own school C. stimulate local economies by purchasing goods from its supermarkets D. implement an affordable insurance program for low to middle class citizens Build rapport, evoke stories, explore emotions, question statements - correct answer ✔✔What is the correct path for interview for empathy? A. Question statements, evoke stories, explore emotions, thank & wrap-up B. Explore emotions, evoke stories, question statements, thank & wrap-up C. Build rapport, evoke stories, explore emotions, question statements D. Build rapport, explore emotions, evoke stories, question statements
A. HR because it required the least modification B. SIS because SIS systems were considered to be the "holy grail" of ERP modules C. HR because the best system on the market offered an entire 50% of functionality D. SIS to mitigate risk.SIS because it would be inexpensive.HR because it required the least modification false - correct answer ✔✔According to the San Diego Case, school districts reported a high level of satisfaction and success with enterprise systems. True/False Multiple software, increase - correct answer ✔✔The ____ ERP system would guarantee that the district had almost all of the functionality that it wanted. This would ____ the complexity and cost of implementation. A. HR, mitigate B. "Best-of-breed", decrease C. San Diego City School District, mitigate D. Multiple software, increase Productivity Improvements and Software benefits - correct answer ✔✔Even though it was very difficult to quantify, ____ would result from the added functionality that the new system would offer. Productivity Improvements and Software benefits Issue Escalation Soft benefits Productivity improvements false - correct answer ✔✔Implementing an ERP system works best for organizations looking to ensure decision-making is highly centralized.
False/True All of the above are problems school districts face during implementation. - correct answer ✔✔Which of the following is NOT a problem school districts face when implementing an ERP system? A. School district personnel tend to lack knowledge regarding ERP systems and IT B. Compared to other industries, education managers spend disproportionately low on IT funding C. Districts often underinvest in consultants when implementing the ERP system D. Changing leadership cripples districts' efforts to modernize during the lengthy process of implementation E. All of the above are problems school districts face during implementation. false - correct answer ✔✔Once the ERP system would be implemented, SDCS would be relieved of any ongoing costs since the only costs associated with an ERP system are one-time installation costs. True/False true - correct answer ✔✔The "best-of-the-breed" approach is not recommended for educational institutions due to high risk, numerous problems, and low probability of success that comes with integrating multiple software packages. False/True Decentralized Decision-Making - correct answer ✔✔Which of the following is NOT a risk regarding ERP installation? A. Organizational Change B. Wide-Scale Deployment C. IT Experience D. Issue Escalation E. Decentralized Decision-Making
D. marginal cost E. scale advantage shelf space - correct answer ✔✔At traditional brick and mortar retailers, _____ is the biggest constraint limiting a firm's ability to offer customers what they want when they want it. A. disintermediation B. shelf space C. shipping costs D. video piracy E. distribution rights word-of-mouth publicity generated by its users - correct answer ✔✔During Netflix's high-growth period, the DVD-by-mail business enjoyed lower marketing costs due to the: A. introduction of its online streaming model B. improved advertising campaigns for its services C. high switching costs for its users D. switch from a per-disc rental fee to a flat rate scheme E. word-of-mouth publicity generated by its users leverage the cost of an investment across increasing units of production - correct answer ✔✔When firms enjoy economies of scale they: A. have a wider employee base than their competitors B. leverage investment costs to decrease their subscriber acquisition costs C. leverage the cost of an investment across increasing units of production D. have a greater share of liquid assets than rivals E. have bigger production facilities than their competitors
fixed costs - correct answer ✔✔Costs that do not vary according to production volume are called _____. A. total costs B. fixed costs C. marginal costs D. switching costs E. variable costs true - correct answer ✔✔Amazon's three pillars are large selection, customer experience, and lower prices. True/False true - correct answer ✔✔Amazon has always sold directly to consumers. True/False false - correct answer ✔✔Amazon's inefficiency at managing cash places it at disadvantage to most brick-and-mortar retailers. True/False true - correct answer ✔✔An account payable is a bill that says when payment is due sometime in the future. True/False false - correct answer ✔✔Strong brands are not influenced by customer experience. True/False Gauges customer response for Option A versus Option B - correct answer ✔✔What is an A/B Test? A. Gauges customer response for Option A versus Option B B. A unique tracking string in a web browser C. Embedding data in software
false - correct answer ✔✔Rent the Runway leverages technology for efficiency but outsources dry- cleaning to a network of trusted firms that are nearest to customers to save money, quicken shipping, and support local stores. True/False true - correct answer ✔✔At Rent the Runway, friend referrals show a significantly higher conversion rate than other marketing methods. True False An initial offering that allows entrepreneurs and developers to collect feedback and validate assumptions that underlie a business idea. - correct answer ✔✔What is an MVP? a. The final product offering developed after running high-tech tests that will be released on the market after screening. b. An initial offering that allows entrepreneurs and developers to collect feedback and validate assumptions that underlie a business idea. c. The best selling product of a firm's product line. d. The desired product that a firm works towards creating as data reveals the product will maximize revenues. false - correct answer ✔✔Rent the Runway is primarily focused on logistics regarding product delivery, not product returns. True/False a and b only - correct answer ✔✔Which of the following are true regarding customer lifetime value? It is difficult to estimate the costs of retaining a customer. CLV is often considered the net present value of future profits from a customer relationship. Acquisition costs should be equal to the estimated customer lifetime value. A and B only. All of the above.
a and b only - correct answer ✔✔How does Rent the Runway utilize data analytics? a. To learn about the lifetime of the materials, the necessary amount of slack inventory due to late returns, and expectations on turn-around time. b. To determine the best-timed schedule for updates and ensure that only the small centrally managed analytics team receives data to protect information from other businesses for competitive advantage. c. To determine which email campaigns are most effective, refine feedback on customers' satisfaction, and improve the firm's approach through A/B testing results. d. A and B only. e. A and C only. false - correct answer ✔✔Rent the Runway is the fashion equivalent of Netflix's new video on-demand service. True/False E-commerce culture as opposed to brick-and-mortar shopping. - correct answer ✔✔What does Run the Runway's CEO claim is the key driving force of the firm's business? a. E-commerce culture as opposed to brick-and-mortar shopping. b. A pressure on women on social media to not repeat outfits. c. Designers who are willing to sacrifice initial sales for an outlet where potential customers sample their clothes. d. Providing unique items that are not sold anywhere else. true - correct answer ✔✔One challenge that Rent the Runway Unlimited faces, is that it requires women to rethink their relationship with clothing ownership. True/False all of the above - correct answer ✔✔Which of the following are unique features or challenges for Rent the Runway?
(a, c, d, f) - correct answer ✔✔Which of the following concepts that we have discussed in class does Jennifer Hyman, a Harvard Business School MBA grad and a CEO of a major company, mention? a. Outbound logistics b. Two-sided markets c. Metrics (KPI) d. Vertical integration e. Gamification f. Inbound logistics (logistics) (technology) (a, f) - correct answer ✔✔What areas of Rent the Runway did Jennifer Hyman expect to outsource that ended up being the core competency of the firm and in which 90% of the company works? a. Logistics b. Fashion c. Marketing d. Advertising e. Luxury procurement f. Technology g. Sales benefits for employees - correct answer ✔✔What was the inequity that Jennifer Hyman said that she was part of perpetuating related to? A. firing decisions B. benefits for employees C. promotion decisions D. hiring decisions
no - correct answer ✔✔The very best ideas and the very best entrepreneurs come from those who have had experienced success. Yes/No all of the above - correct answer ✔✔Hyman is passionate about which of the following? A. personally making the choice to speak up so that the world can change for the positive B. diversifying who can become an entrepreneur C. removing inequity in business by using critical thinking and common sense D. supporting women entrepreneurs E. all of the above all of the above - correct answer ✔✔Hyman's career advice to others includes which of the following? A. pursue your dreams for your family life and career life B. just go for it C. free your mind from the fear of failure D. be confident like jennifer tends to be E. avoid catastrophizing scenarios F. believe in your inner resilience G. all of the above usage - correct answer ✔✔In her role as a leader, what is the metric that Hyman monitors that is essentially Rent the Runway's KPI? A. profit margin B. awareness building C. product choice
E. channels customer-supplier relationships that ensure the seller offers desirable products - correct answer ✔✔Which of these is not one of the four types of key partnerships? A. strategic alliances between non-competitors B. coopetition: strategic partnerships between competitors C. customer-supplier relationships that ensure the seller offers desirable products D. joint ventures to develop new businesses E. buyer-supplier relationships to assure reliable supplies co-creation - correct answer ✔✔Youtube is an example of a firm exhibiting what type of customer relationship? A. dedicated personal assistance B. personal assistance C. self-service D. co-creation E. automated self-service false - correct answer ✔✔Successful companies' cost structures are always value-driven rather than cost driven. true/false false - correct answer ✔✔Negotiation, yield management, real time market, and auctions are characteristics of fixed menu pricing. true/false accessibility - correct answer ✔✔Joshua has decided to rent out one of his many $2 million Bugattis for a few hours at a time. Joshua has done this because many of his friends have wanted to drive a Bugatti,
but they could not afford to purchase an entirely new one for $2 million. Since his friends now only have to pay an hourly fee to drive a Bugatti, what Value Proposition is Joshua offering? A. "Getting the job done" B. Customization C. Newness D. Performance E. Accessibility true - correct answer ✔✔Partner channels lead to lower margins, but they allow an organization to expand its reach and benefit from partner strengths. true/false all of the above - correct answer ✔✔Which of the following are ways to generate revenue streams? A. usage fee B. licensing C. asset sale D. advertising E. all of the above true - correct answer ✔✔Key resources can be owned or leased by the company or acquired from key partners. true/false false - correct answer ✔✔According to a Harvard professor, disruptive technologies come to market with a set of performance attributes that existing customers value very much and overtime these attributes improve to the point that they can invade established markets. True/False true - correct answer ✔✔Disruptive technologies do not need to perform better than incumbents, they just need to perform well enough to appeal to the customers of incumbents.
