Exam 1: The Importance of MIS

Using the example of bike rentals,explain what type of competitive strategy the "best of breed" rental company uses and how it differs from the low-cost rental company.

Cost is what it takes to produce a product or service.

How does MIS relate to organizational strategy?

Supporting functions of the value chain add value indirectly,and hence do not incur costs.

Define management information systems.

What conditions create high competition from industry rivals?

State Moore's Law and describe its effects on the business environment.

An organization's goals and objectives are determined by its:

Because of Moore's Law,the cost of data processing,communications,and storage _________________.

Organizational strategy begins with an assessment of the fundamental characteristics and structure of an industry.

A ________ is defined as a network of value-creating activities.

________ is the ability to make and manipulate models.

Focusing on business processes is key to improving organizational effectiveness and efficiency.

Which activity of the value chain includes ordering and receiving raw materials for manufacturing?

If a firm's competitive strategy is to be a cost leader,then business activities need to be developed to provide essential functions at the lowest possible cost.

The increasing growth of technologies such as social media is an example of how Moore's Law can impact the business environment.

All processes,information systems,and information must be constructed to facilitate an organization's competitive strategy.

In the value chain,the primary activity of customer service is to assist customers in their use of the product,and thus maintain and enhance the product's value.

Future business professionals need to be able to access,evaluate,and apply emerging information technology to business.

Which of the following is NOT the most significant determinant of employment and salary today: