MIS Quiz 2 - Queston 1 Queston The cos±s incurred when a...

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Question 1. Question : The costs incurred when a firm buys on the marketplace what it cannot make itself are referred to as Student Answer: switching costs. CORRECT transaction costs. procurement. agency costs. Instructor Explanation: p. 376 Points Received: 1 of 1 Comments: Question 2. Question : Disintermediation
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Student Answer: results from the speed of the Internet. CORRECT is defined as the elimination of layers in the distribution process. is a result of social networking. All of the above Instructor Explanation: p. 379 Points Received: 1 of 1 Comments: Question 3. Question : The four major types of competitive strategy are: Student Answer: low-cost leadership; substitute products and services; customers; and suppliers. CORRECT low-cost leadership; product differentiation; focus on market niche; and customer and supplier intimacy. new market entrants; substitute products and services; customers; and suppliers. low-cost leadership; new market entrants; product differentiation; and focus on market niche. Instructor Explanation: p. 96
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Points Received: 1 of 1 Comments: Question 4. Question : Information asymmetry exists when Student Answer: the network is overloaded. sellers and buyers have the same information. CORRECT one party in a transaction has more important information than the other. manufactures provide online data to customers. Instructor Explanation: p. 378 Points Received: 1 of 1 Comments:
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Question 5. Question : When a firm provides a specialized product or service for a narrow target market better than competitors, they are using a Student Answer: product differentiation strategy.
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