MIS 301 exam 1 review

IOT

internet of things. interconnected network through low-cost processors embedded into a wide array of products

IPO

Initial public stock offering. The first time a firm makes a share public through public stock exchange. "going public"

Sarbanes-Oxley Act

Sarbox or SOX. U.S. legislation enacted during accounting scandals of the early 2000s. Raises executive and board responsibility and ties criminal penalties to certain accounting and financial violations .Requires the CEO and CFO to certify that their firm's financial statements are accurate.

\#In the previous decade, tech firms have created profound shifts in the way firms\__________ and individuals and organizations \_____________
a) adapt;thrive
b)communicate;listen
c)advertise;communicate

advertise;communicate

strategic positioning

performing tasks differently than rivals, or performing the same tasks in a different way

straddling

When you attempt to occupy multiple positions, failing to efficiently match the benefits of a focused rival

fast follower problem

when a savy rival learn from a pioneers success and missteps and enter the market quickly with a comparable/superior product at a lower cost before the pioneer can dominate

commodity

a basic good that is interchanged thats nearly identical to other offerings. competition is based on price

sustainable competitive advantage

Financial performance that consistently outperforms industry averages.

inventory turns

the number of times inventory is sold or used during a given period, calculates how quickly products are selling. the higher the figure the better. inventory turnover, stock turns, or stock turnover.

resource-based view of competitive advantage

approach that if a firm is to maintain sustainable competitive advantage, it must control an exploitable resource, or resources. These resources must be
(1) valuable
(2) rare
(3) imperfectly imitable
(4) non substitutable.

augmented-reality

A technology that superimposes content, such as images and animation, on top of real-world images.

operational effectiveness

Performing the same tasks better than rivals perform them.

DWDM

dense wave division multiplexing. technology that increases the transmission capacity (and hence speed) of fiber-optic cable. Transmissions using fiber are accomplished by transmitting light inside "glass" cables. In DWDM, the light inside fiber is split into different wavelengths in a way similar to how a prism splits light into different colors

scale advantages

Advantages related to size.

value chain

The set of activities through which a product or service is created and delivered to customers.

**economies of scale**

**when costs can be spread across increasing units of production or in serving multiple customers. Businesses that have favorable economies of scale (like many Internet firms) are sometimes referred to as being highly scalable.**

**Brand**

**The symbolic embodiment of all the information connected with a product or service.**

**distribution channels**

**path through which products or services get to customers.**

**Non-Practicing Entities**

**firms make money by acquiring and asserting patents, rather than bringing products and services to market. patent trolls**

**APIs**

**Application programing interface. Programming hooks, or guidelines, published by firms that tell other programs how to get a service to perform a task such as send or receive data.** 

**viral marketing**

**Leveraging consumers to promote a product or service**

**Affiliates**

**Third parties that promote a product or service, typically in exchange for a cut of any sales.**

**network effects**

**When the value of a product or service increases as its number of users expands. Metcalfe’s Law, or network externalities.**

**switching cost**

**cost a consumer incurs when moving from one product to another. It can involve actual money spent (e.g., buying a new product) as well as investments in time, any data loss, and so forth.**

**imitation-resistant value chain**

**way of doing business that competitors struggle to replicate and that frequently involves technology in a key enabling role**

**Private**

**Buying up a publicly traded firm’s shares. Usually done when a firm has suffered financially and when a turnaround strategy will first yield losses that would further erode share price. Firms (often called private equity, buyout, LBO, or leveraged buyout firms) that take another company private hope to improve results so that the company can be sold to another firm or they can reissue shares on public markets.**

**information asymmetry**

**decision situation where one party has more or better information than its counterpart**

**price transparency**

**degree to which complete information is available**

**Porter’s five forces** \n

**Competitive Analysis. A framework considering the interplay between**

**(1) the intensity of rivalry among existing competitors**

**(2) the threat of new entrants**

**(3) the threat of substitute goods or services**

**(4) the bargaining power of buyers**

**(5) the bargaining power of suppliers.**

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**contract manufacturing**

**outsourcing production to third-party firms. Firms that use contract manufacturers don’t own the plants or directly employ the workers who produce the requested goods.**

**PDAs**

**Personal digital assistants, an early name for handheld mobile computing devices.**

**Logistics**

**Coordinating and enabling the flow of goods, people, information, and other resources among locations.**

1) inbound operations

2) operations

3) outbound logistics

4) marketing and sales

5) service

value chain

**(1) the intensity of rivalry among existing competitors**

**(2) the threat of new entrants**

**(3) the threat of substitute goods or services**

**(4) the bargaining power of buyers**

**(5) the bargaining power of suppliers.**

**Porter’s five forces**

**the intensity of rivalry among existing competitors**

**Porter’s five forces**

**the threat of new entrants**

**Porter’s five forces**

**the threat of substitute goods or services**

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**Porter’s five forces**

**the bargaining power of buyers**

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**Porter’s five forces**

**the bargaining power of suppliers.**

**Porter’s five forces**

inbound operations

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value chain

operations

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value chain

outbound logistics

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value chain

marketing and sales

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value chain

service

value chain

**POS**

**point-of-sale. Transaction processing systems that capture customer purchases. Cash registers and store checkout systems are examples of point-of-sale systems. These systems are critical for capturing sales data and are usually linked to inventory systems to subtract out any sold items.**

**ROI**

**return on investment. The amount earned from an expenditure.**

**Greige**

**Goods to be further customized based on designer/manager collaboration**

**RFID**

**Radio frequency identification. Small chip-based tags that wirelessly emit a unique identifying code for the item that they are attached to. Think of RFID systems as a next-generation bar code.**

**vertical integration**

**When a single firm owns several layers in its value chain.**

**IS**

**information system. integrated solution that combines five components:**

**hardware**

**software**

**data**

**procedures**

**people who interact with and are impacted by the system.**

**Omnichannel**

**approach to retail that offers consumers an integrated and complementary set of shop, sales, and return experiences (e.g., retail store, online, and sometimes even phone and catalog).**

**Operations**

**organizational activities that are required to produce goods or services. Operations activities can involve the development, execution, control, maintenance, and improvement of an organization’s service and manufacturing procedures.**

**Showrooming**

**the concept where customers browse at physical retailers, but purchase products from lower-cost online rivals**

**Moore’s Law**

**Chip performance per dollar doubles every eighteen months.**

**volatile memory**

**Storage (such as RAM chips) that is wiped clean when power is cut off from a device.**

**price elasticity**

**The rate at which the demand for a product or service fluctuates with price change. Goods and services that are highly price elastic (e.g., most consumer electronics) see demand spike as prices drop, whereas goods and services that are less price elastic are less responsive to price change (think heart surgery)**

__**Outsourcing**__

using any other firms who employ workers to produce goods

__**Offshoring**__

going outside the US for in-house job

__**Cloud computing**__

using internet server to store data (Google Drive)

__**SaaS**__

__**Software as a service.**__ access application/software via the Internet through third party

__**Slotting fees**__

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payments by suppliers for prime shelf space, which is common in traditional retail.

__**DWDM**__

__**Dense wave division multiplexing.**__ technology that increases the transmission capacity (and hence speed) of fiber-optic cable

__**Channel conflict**__

when retailers sense its suppliers are competing with it through a direct-sales effort (Chooses another supplier that sells a nearly identical product)

__**Information asymmetry**__

decision situation where one party has more or better information than its counterparty.

__**Fair Factories Clearinghouse**__

provides systems where apparel and other industries can share audit information on contract manufacturers

__**Churn rate**__

rate at which customers leave a product or service.

__**Long tail**__

an extremely large selection of content or products. Phenomenon where firms can make money by offering a near-limitless selection. Selection attracts customers, and offline firms can’t match the Internet

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__**Collaborative filtering**__

software that monitors trends among customers and uses this data to personalize an individual customer’s experience

__**Decision fatigue**__

where consumers avoid selection decisions with an overwhelming number of choices

__**First Sale Doctrine**__

US Supreme Court ruling stating that an individual who knowingly purchases a copy of a copyrighted work from the copyright holder receives the right to sell, display or otherwise dispose of that particular copy, notwithstanding the interests of the copyright owner. Applies only to the atoms of the physical disc, not to the bits needed in streaming

__**Transfer pricing**__

price paid when divisions of the same company transact with each other.

__**Windowing**__

anything that gives you a window of time to do something

__**Coopetition**__

situation where firms may both cooperate and compete with one another. Netflix on Amazon’s servers

__**Disintermediation**__

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removing an organization from a firm’s distribution channel.

Collapses the path between supplier and customer.

__**Bandwidth caps**__

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a limit, imposed by the ISP (e.g., a cable or telephone company) on the total amount of traffic that a given subscriber can consume

__**Crowdsourcing**__

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taking a job traditionally performed by a designated agent and contracting it out to an undefined generally large group of people in the form of an open call

__**Colocation facilities**__

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place where the gear from multiple firms can come together and where the peering of Internet traffic can take place.

__**Cord shavers**__

cable subscribers who drop premium cable channels

__**Flash (nonvolatile) memory**__

chip-based storage, often used in mobile phones, cameras, and MP3 players… called flash RAM, holds charge when power goes out. Flash memory, __**hard disk**__, or DVD storage… **slower** than RAM. *Solid state electronic*

__**Semiconductor**__

substance like silicon dioxide used inside most computer chips that is capable of enabling as well as inhibiting the flow of electricity (or just computer chips)

__**Solid state electronics**__

Semiconductor-based devices (chips). Fewer failures and require less energy since they have no moving parts. 

__**RAM**__, __**flash memory**__, and __**microprocessors**__… **NOT hard drives**

__**Fabs**__

semiconductor fabrication facilities; chip manufacturing factories

__**Silicon wafer**__

thin, circular slice of material to create semiconductor devices

__**Optical fiber line**__

high-speed glass or plastic-lined networking cable used in telecommunications

__**Microcontrollers**__

Special-purpose computing devices that don't have an operating system and can't do as much as general purpose computers or smartphones

__**Microprocessor**__

part of computer that executes the instructions of a computer program (the brain of the computer). *Solid state electronic*

__**Multicore microprocessors**__

with two or more (typically lower power) calculating processor cores on the same piece of silicon. Can run older software written for single-brain chips. Software executing on a multi-core system does **NOTrun faster by amultiple of the number of cores**

__**Latency**__

delay, especially when discussing networking and data transfer speeds. Low-latency systems are faster systems.

__**Massively parallel**__

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Computers designed with many microprocessors that work together, simultaneously, to solve problems.

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__**HPC or supercomputer**__

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massively-parallel computers specifically designed to deliver significantly more calculating power than conventional off-the-shelf computing technologies.

__**Grid computing**__

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uses special software to enable several computers to work together on a common problem, as if a massively parallel supercomputer

__**Cluster computing**__

Connecting server computers via software and networking so that their resources can be used to collectively solve computing tasks as one

__**Server farm**__

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massive network of computer servers running software to coordinate their collective use. Provide infrastructure backbone to SaaS and many large-scale Internet services

__**E-waste**__

Discarded, often obsolete technology; also known as electronic waste. There’s **more gold** in one pound of e-waste than in one pound of mined ore. Sending e-waste **abroad** can be ten times **cheaper** than dealing with it at home

__**VoIP**__

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the technology used in internet telephony (example of disruptive innovations)

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__**Innovator’s Dilemma**__

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name sometimes is ascribed to disruptive innovation theory. Disruptive tech gains smallest market of sustainable company, company stops competing in that market, then disruptive comes for next market and so on…

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__**“Creosote bush effect”**__

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Threatened managers act just like the bush-they'll pull high-quality engineers off emerging projects if a firm's top offerings need staff to grow

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__**ARM chips**__

Advanced RISC Machine. Once computational weaklings, are now fast enough to invade the established market for server chips. Far more power efficient (require less power to operate) than the chips Intel sells for PCs, laptops, and servers. (never designed for power efficiency; they evolved from markets where computers were always plugged in) **ARM** is the firm whose processor designs **power the majority of smartphones.** Unlike Intel-compatible rival AMD, ARM chips **can't run Intel software**, so all of a firm's old code would need to be rewritten to work on any ARM-powered servers, laptops, or desktops.

__**Liquid**__

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assets that can be easily turned into cash.