Exam 1: What Is Strategy and Why Is It Important

Market and sell the product or service is considered a _________ value activity in the value chain.

An entry barrier is typically used to influence the rivalry among existing competitors.

Distinguish among data, information, and knowledge.

Supplier power is high when buyers have ________ choices of whom to buy from and low when their choices are many.

______ in the Porter's Five Forces Model is high when buyers have many choices of whom to buy from and low when their choices are few.

Supplier power is _______ when buyers have few choices of whom to buy from and low when their choices are many.

What can IT enable an organization to accomplish?

Who is responsible for ensuring the security of IT systems and developing strategies and IT safeguards against attacks from hackers and viruses?

It is the responsibility of the CIO to ensure effective communications between business and IT personnel.

All of the following are common tools used in industry to analyze and develop competitive advantages, except:

______________ power in the Porter's Five Forces Model is high when buyers have few choices of whom to buy from and low when their choices are many.

Which of the following represents the relationship between functional areas in a business?

A(n) ___________ chain consists of all parties involved, directly or indirectly, in the procurement of a product or raw material.

_________ value activities include firm infrastructure, human resource management, technology development, and procurement.

What is the function that plans for, develops, implements, and maintains IT hardware, software, and applications that people use to support the goals of an organization?

Which information culture allows employees across departments to search for information to better understand the future and align themselves with current trends and new directions?

A first mover advantage occurs when an organization can significantly impact its market share by being the first to market with a __________ advantage.

Which of the following companies uses the broad cost leadership strategy?

What does the Five Forces Model help determine the relative attractiveness of?

Buyer power, supplier power, threat of new entrants, threat of products or services, and rivalry among existing competitors are all included in Porter's Five Forces Model.