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MIS Midterm
Chapters 1-6
| Question/Term | Answer/Definition |
|---|---|
| IPO | Initial public stock offering, the first time a firm makes shares available via a public stock exchange, also known as ‘going public.’ |
| Internet of Things | A vision where low-cost sensors, processors, and communication are embedded into a wide array of products and our environment, allowing a vast network to collect data, analyze input, and automatically coordinate collective action. |
| Sarbanes-Oxley Act | The act raises executive and board responsibility and ties criminal penalties to certain accounting and financial violations |
| sustainable competitive advantage | Financial performance that consistently outperforms industry averages. |
| Operational effectiveness | Performing the same tasks better than rivals perform them |
| Commodity | A basic good that can be interchanged with nearly identical offerings by others |
| 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. |
| strategic positioning | performing different activities from those of rivals, or the same activities in a different way. |
| inventory turns | It is the number of times inventory is sold or used during a given period. |
| straddling | Attempts to occupy more than one position, while failing to match the benefits of a more efficient, singularly focused rival. |
| resource-based view of competitive advantage | If a firm is to maintain sustainable competitive advantage, it must control an resource, or set of resources, that have four critical characteristics. These resources must be valuable, rare, imperfectly imitable, and nonsubstitutable. |
| dense wave division multiplexing (DWDM) | A technology that increases the transmission capacity (and hence speed) of fiber-optic cable |
| imitation-resistant value chain | A way of doing business that competitors struggle to replicate and that frequently involves technology in a key enabling role. |
| value chain | The set of activities through which a product or service is created and delivered to customers. |
| inventory turnover ratio | The ratio of a company’s annual sales to its inventory. |
| private | 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. |
| brand | The symbolic embodiment of all the information connected with a product or service |
| viral marketing | Leveraging consumers to promote a product or service. |
| Scale advantages | Advantages related to a firm’s size |
| economies of scale | When costs can be spread across increasing units of production or in serving multiple customers. |
| Switching Costs | The cost a consumer incurs when moving from one product to another. |
| network effects/Metcalfe’s Law/network externalities | When the value of a product or service increases as its number of users expands. |
| distribution channels | The path through which products or services get to customers. |
| APIs (Application Programming Interfaces) | 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 |
| affiliates | Third parties that promote a product or service, typically in exchange for a cut of any sales. |
| Non-Practicing Entities (Patent trolls) | these firms make money by acquiring and asserting patents, rather than bringing products and services to market. |
| Porter’s five forces | (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, and (5) the bargaining power of suppliers |
| price transparency | The degree to which complete information is available. |
| information asymmetry | A decision situation where one party has more or better information than its counterparty. |
| Contract manufacturing | Outsourcing production to third-party firms |
| 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. |
| point-of-sale (POS) system | Transaction processing systems that capture customer purchases |
| return on investment (ROI) | The amount earned from an expenditure. |
| RFID | Small chip-based tags that wirelessly emit a unique identifying code for the item that they are attached to. |
| vertical integration | When a single firm owns several layers in its value chain. |
| operations | The organizational activities that are required to produce goods or services. |
| information system (IS) | An integrated solution that combines five components: hardware, software, data, procedures, and the people who interact with and are impacted by the system. |
| marginal costs | The costs associated with each additional unit produced. |
| collaborative filtering | A classification of software that monitors trends among customers and uses this data to personalize an individual customer’s experience. |
| fixed costs | Costs that do not vary according to production volume. |
| churn rate | The rate at which customers leave a product or service. |
| disintermediation | Removing an organization from a firm’s distribution channel. Disintermediation collapses the path between supplier and customer. |
| A/B test | A randomized group of experiments used to collect data and compare performance among two options studied (A and B). |
| bandwidth caps | A limit, imposed by the ISP, on the total amount of traffic that a given subscriber can consume |
| atoms to bits | The idea that many media products are sold in containers for bits |
| long tail | an extremely large selection of content or products. |
| silicon wafer | A thin, circular slice of material used to create semiconductor devices |
| volatile memory | Storage (such as RAM chips) that is wiped clean when power is cut off from a device. |
| flash memory | Nonvolatile, chip-based storage |
| grid computing | A type of computing that uses special software to enable several computers to work together on a common problem as if they were 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. |
| software as a service (SaaS) | A form of cloud computing where a firm subscribes to a third-party software and receives a service that is delivered online. |
| latency | delay, especially when discussing networking and data transfer speeds. Low-latency systems are faster systems. |
| fabs | Semiconductor fabrication facilities |
| semiconductor | A substance such as silicon dioxide used inside most computer chips that is capable of enabling as well as inhibiting the flow of electricity. |
| microprocessor | The part of the computer that executes the instructions of a computer program. |
| random-access memory (RAM) | The fast, chip-based volatile storage in a computing device. |
| Moore’s Law | Chip performance per dollar doubles every eighteen months. |
| massively parallel | Computers designed with many microprocessors that work together, simultaneously, to solve problems. |
| multicore microprocessors | Microprocessors with two or more (typically lower power) calculating processor cores on the same piece of silicon. |
| optical fiber line | A high-speed glass or plastic-lined networking cable used in telecommunications. |
| Supercomputers | Computers that are among the fastest of any in the world at the time of their introduction. |
| nonvolatile memory | Storage that retains data even when powered down |
| price elasticity | The rate at which the demand for a product or service fluctuates with price change. |
| e-waste | Discarded, often obsolete technology |
| solid state electronics | Semiconductor-based devices. |
| server farms | A massive network of computer servers running software to coordinate their collective use |
| cloud computing | Replacing computing resources with services provided over the Internet. |
| Bitcoin | An open-source, decentralized payment system that operates in a peer-to-peer environment, without bank or central authority. |
| First Sale Doctrine | a firm can distribute physical copies of legally acquired copyright-protected products. |
| windowing | Content is available to a given distribution channel for a specified time window |
| crowdsourcing | technique in which a firm states a problem it would like solved, the reward it will provide, and then makes this available to a broader community in the form of an open call |
| net neutrality | the principle that all Internet traffic should be treated equally and that ISPs should not discriminate, slow down access, or charge differentially by user, content, site, platform, application, type of attached equipment, or modes of communication |
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