COB Test #1

Question 1

value chain

Answer 1

the various business activities and processes involved in creating a product or performing a service

Question 2

Primary activity

Answer 2

inbound logistics, operation outbound logistics, marketing + sales, and service

Question 3

Secondary activities

Answer 3

firm infrastructure, human resources management, and procurement

Question 4

secondary activities get

Answer 4

cut over primary activities

Question 5

decision process - first step

Answer 5

define the problem/goal

Question 6

cognitive bias

Answer 6

a systematic thought process cause by the tendency of the human brain to simplify information processing through a filter of personal experience

Question 7

rivarly

Answer 7

-# of competitors
-diversity in competition
-industry concentration
-industry growth
-quality differences
-brand loyalty
-barriers to exit
-switching costs

Question 8

supplier power

Answer 8

-number and size of suppliers
-uniqueness of each supplier’s product
-focal company’s ability to substitute

Question 9

threat of substitute

Answer 9

-number of substitute products available
-buyer propensity to substitute
-relative price performance of substitute
-perceived level of product differentiation
-switching costs

Question 10

threat of new entants

Answer 10

-barriers to entry
-economies of scale
-brand loyalty
-capital requirements
-cumulative experience
-government policies
-access to distribution channels
-switching costs

Question 11

bargaining power of buyers

Answer 11

-number of customers
-size of each customer order
-difference between competitors
-price sensitivity
-buyer’s ability to substitute
-buyers information availability
-switching costs

Question 12

bull-whip effect

Answer 12

when there is a change in demand, whatever change happens there, it is going to be amplified going back up the supply chain

Question 13

structured/unstructured decision making

Answer 13

predictable and quantifiable/experience based

Question 14

systems thinking

Answer 14

looks at connected wholes rather than separate parts

Question 15

abstract thinking

Answer 15

looks at connected wholes rather than separate parts

Question 16

perfect competition

Answer 16

the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers

Question 17

monopolistic competition

Answer 17

when many companies offer competing products or services that are similar, but not perfect, substitutes

Question 18

oligopoly

Answer 18

a state of limited competition, in which a market is shared by a small number of producers or sellers

Question 19

monopoly

Answer 19

a market structure that consists of only one seller or producer

Question 20

cost/price

Answer 20

firms aim to produce/sell products at cheaper price than competition

Question 21

differentiation

Answer 21

its all about making your products stand out from the competition

Question 22

product/process innovation

Answer 22

new/superior products and services; reduced costs in supply chain

Question 23

organizational effectiveness

Answer 23

developing an organization that can support product innovation through being effective and efficient

Question 24

customer focuse

Answer 24

deliver products and services in a manner which creates a real or imagined value for customers

Question 25

disintermediation/channel conflict

Answer 25

occurs when manufacturers (brands) disintermediate their channel partners such as distributors, retailers, dealers, and sales representatives, by selling their products directly to consumers through general marketing methods and/or over the Internet (eliminating the players)

Question 26

goal of marketers

Answer 26

create relationship/community

Question 27

collaboration purpose/characteristics of a good collaborator

Answer 27

accountability and communication

Question 28

constructive criticisim

Answer 28

a type of feedback that offers specific and actionable advice to help employees to improve

Question 29

concepts of project management and collaboration

Answer 29

team work

Question 30

time

Answer 30

time needed to complete project

Question 31

cost

Answer 31

total resources needed to complete project

Question 32

scope

Answer 32

requirements necessary for project

Question 33

BPM (business project managements)

Answer 33

done continously

Question 34

process efficency

Answer 34

ration of outputs to inputs

Question 35

process effectiveness

Answer 35

how well a process achieves organizational strategy

Question 36

improving processes

Answer 36

change process structure, change process resources, change both

Question 37

non-durable

Answer 37

immediate or almost immediate consumption; food, clothing, gasoline

Question 38

durable

Answer 38

3-5 year life cycle; cars, electronics, appliances

Question 39

capital

Answer 39

5+ year life cycle; house, investment property

Question 40

capital organizations

Answer 40

fixed, long-term assets used in the operation of the business; office buildings, warehouses, factories, heavy equipment, IT infrastructure

Question 41

for sale/resale

Answer 41

goods purchased or produced to be sold to customers; groceries in grocery store, clothing in target, automobiles in dealership

Question 42

MRO (maintenance, repair and operations)

Answer 42

goods and services are purchased to run and maintain their business; office supplies, company autos for employees, repairs to capital goods (limited)

Question 43

RFM

Answer 43

a type of customer segmentation and behavioral targeting to help businesses rank and segments customers based on the recency, frequency, and monetary value of a transaction