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MIS 301 Exam 1 Review - MIS 301 Exam 1 Review Class#1...

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MIS 301 Exam 1 Review Class #1: Introduction to MIS301 1. What is the major difference between an IT course and an IT management course such as MIS301? o An IT class may focus on the technical aspect of information technology while an IT management class will focus on the business implications of information technology. Class #2: Strategy and Competitive Advantage Strategy : a word of military origin; refers to a plan of action designed to achieve a particular goal. Porter’s Competitive Strategy : competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of values. Operational Effectiveness : performing the same tasks better than rivals can perform them Strategic Positioning : performing different tasks than rivals or the same task in different ways Straddling : attempts to occupy more than one position, while failing to match the benefits of a more efficient, singularly, focused rival, due to: a. inconsistent image or reputation b. incompatible activities c. limits on internal coordination & control Fast Follower Problem : The fast follower problem exists when savvy rivals watch a pioneer’s efforts, learn from their successes and missteps, then enter the market quickly with a comparable or superior product at a lower cost Porter’s Value Chain Model : The value chain is the “set of activities through which a product or service is created and delivered to customers.” The value chain breaks functions down into primary and support functions. Sustainable Competitive Advantage: the ability to consistently outperform industry peers. Resource Based-View : sees companies as different collections of physical and intangible resources. To maintain sustainable competitive advantage, a firm must control a set of exploitable resources that have 4 critical characteristics which include: a. Valuable b. Rare c. Imperfectly imitable (tough to imitate) d. non-substitutable Questions and Exercises : 1. How is operation effectiveness different from strategic positioning?
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o Operational effectiveness is performing the same tasks better than rivals can perform them, while strategic positioning is performing different tasks than rivals or the same task in different ways. 2. Why is it hard for companies to be successful when straddling different positions? o Technology is critical to the FreshDirect model, but it’s the collective impact of the firm’s differences when compared to rivals, this tech-enabled strategic positioning, that delivers success. Operating for more than half a decade, the firm has also built up a set of strategic assets that not only address specific needs of a market but are now extremely difficult for any upstart to compete against. Traditional grocers can’t fully copy the firm’s delivery business because this would leave them straddling two markets (low-margin storefront and high-margin delivery), unable to gain optimal benefits from either. Entry costs for would-be competitors are also high (the firm spent
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