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Exam 1: Competing in the Information Age

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Question 31

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Data is useful for understanding individual sales,but to gain deeper insight into a business data needs to be turned into information.Which of the following offers an example of turning data into information?

A) Who are my best customers?
B) What is my best-selling product?
C) What is my worst-selling product?
D) All the answers are correct

E) B) and D)
F) B) and C)

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Question 32

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Porter's Five Forces Model outlines the process for a sales strategy.

A) True
B) False

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Question 33

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Which of the following is not a typical way that a company would duplicate a competitive advantage?

Which of the following is considered data?

Which of the following is considered information?

Which role within a company is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives?

Companies today are successful when they combine the power of the information age with traditional business methods.

What are costs that make customers reluctant to switch to another product or service?

When a company is the first to market with a competitive advantage,it gains a particular benefit known as competitive intelligence.

Product differentiation occurs when a company develops unique differences in its products or services with the intent to influence demand.

Describe the information age and the differences between data,information,business intelligence and knowledge.

An overview of systems thinking includes input,process,output and finances.

Describe Porter's Five Forces Model and explain each of the five forces.

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 two-year subscription a free Otter phone case,car charger,ear phones and speakers.In terms of Porter's five forces,what is Victory Wireless attempting to achieve with this marketing strategy?

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 to $15 a pill.Which force is ABC pharmaceutical using to increase its drug price?

When reviewing Porter's value chain analysis,which of the below provides customer support after the sale of goods and services?

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?

Supplier power is one of Porter's five forces,and it measures the suppliers' ability to influence the prices they charge for supplies (including materials,labour and services).

Explain systems thinking and how management information systems (MIS)enable business communications.

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?