Final Exam Intro to Business UNH 2022 with complete

Final Exam Intro to Business UNH 2022 with complete solution

Information Technology (IT) ->>>includes equipment and techniques used to manage and process information

Databases ->>>The core of business information systems

Marketing ->>>can track new orders and determine what products are selling best

Sales ->>>can identify high volume customers or contact customers about new or related products

Operations ->>>can use order information to obtain inventory and schedule production of the ordered products

Finance ->>>can use sales data to prepare financial statements

Computer Networks ->>>- a group of two or more computer systems linked together by communications channels to share data and information

• beneficial because info sharing is fast and simple through file sharing, eliminating

duplication of effort

• "screen share" and collaboration

Enterprise Portals ->>>A type of intranet or internal website that provides proprietary corporate info to a defined user group, allow individuals or user groups to customize the portal home page to gather just the info the need for their particular job

• forms of portals ->>>business to employees

business to business business to consumer

Virtual Private Networks ->>>used for security and cost savings (most effective for companies with widespread offices compared to creating a network using purchased networking equipment and leasing expensive private lines

Management Information Systems ->>>methods and equipment that produce info about all aspects of a firm's operations

Main types of Management Information Systems ->>>→ Transaction Processing system → Management Support System → Decision Support system → Executive information system → expert system

Management Support System (MSS) ->>>Data warehouse: combines many databases across the whole company into one central database that supports management decision-making (may include data marts)

Decision Support System (DSS) ->>>helps managers make decisions using interactive computer models that describe real-world process

Executive Information System (EIS) ->>>similar to a DSS but customized for an individual executive. These systems provide specific information for strategic decisions.

Expert System ->>>gives managers advice similar to what they would get from a human consultant

Data driven Decision Making ->>>the process of making organizational decisions on actual data rather than intuition or observation alone

Generating useful information in the form of Key Performance Indicators ->>>purpose is to drive performance of your business, provide info on sales, marketing, finances, and productivity, enable you to make changes to the segments of the business that may be underperforming

Building smart goals to build your data strategy ->>>SMART: specific, measurable, attainable, realistic, time bound

long term goal (broad) ->>>5+ years

Intermediate goals ->>>1-5 years

Short term goals (specific) ->>>A goal that will be attained in less than one year

Operations Management ->>>chiefly concerned with planning, organizing and supervising in the contexts of production, manufacturing or the provision of services

- supply chain managements: get inputs and outputs "through the door"

• logistics: figure out what to do with the inputs to turn them into outputs "in house"

Production Planning (planning) ->>>when/how and where production will occur

Production control (managing/ management) ->>>controlling quality and costs, scheduling, and the day to day operations of running a facility

Includes the production process, a way a good or service is created. (3 types of

production: mass production, mass customization, customization

Improving Production and Operations (improvement) ->>>developing more efficient methods of producing firms goods or services

Quality control ->>>involves creating quality standards, producing goods that meet them, and measuring finished goods and services against them.

Promotional Goals ->>>1.Creating awareness 2.Getting consumers to try products 3.Providing information 4.Keeping loyal customers 5.Increasing the amount and frequency of use 6.Identifying target customers 7.Teaching the customer

Promotional mix ->>>the combination of traditional advertising, personal selling, sales promotion, public relations, social media, and e-commerce used to promote a product

cognitive baises ->>>systematic errors in thinking (weird)

notable baises ->>>confirmation, authority, self service and pro innovation

Investing ->>>the act of using money (i.e., capital) to generate returns in the form of interest, dividends, or through the appreciation of the investment product

Securities Markets ->>>investment certificates that represent either equity (ownership in the issuing organization) or debt (a loan to the issuer)

Primary market ->>>where new securities are sold to the public, usually with the help of investment bankers. (•In the primary market, the issuer of the security gets the proceeds from the transaction.)( •A security is sold in the primary market just once—when the corporation or government first issues it.)

Secondary market ->>>where old (already issued) securities are bought/sold/traded, among investors (think New York Stock Exchange)

Most common Investment Types ->>>CDs and U.S. Treasury debt

CDs ->>>a certificate of deposit is a federally insured savings account that has a fixed interest rate and fixed date of withdrawal

U.S Treasury Debt ->>>considered the safest form of investing, provide a steady income at a rate slightly higher than typical savings acc

Corporate bonds ->>>issued by businesses with a set interest rate and maturity date that investors buy as they become the lender

Other Investment Types ->>>Stocks- established firms they pay a regular return on the invested dollar on forms of individuals Corporate Bonds

Municipal debt Stocks from many of the large, well-established firms (e.g., Apple, Verizon, etc.) pay a regular return on the invested dollar in the form of dividends

Municipal bonds ->>>debt issued by communities throughout the US to help build infrastructures such as sewer projects, libraries, and airports. Their credit rating is based on the financial stability of the issuer.

Preferred stock ->>>usually has a dividend amount that is set at the time the stock is issued (which must be paid before the company can pay any dividends to common stockholders)

Dividends ->>>payments to stockholders from a corporation's profits (can be paid in cash or in stock) Stock dividends are payments in the form of more stock.

Retained earnings ->>>profits that have been reinvested in the business Used for growth within the firm

Intensive growth strategies ->>>Exploit opportunity in the current market

Integrative growth strategies ->>>Exploit growth within the industry as a whole

Diversification strategies ->>>Exploit opportunities outside the current market/industry

Global strategies ->>>Exploit opportunities in the international arena

Market Penetration ->>>- Increase sales through effective marketing strategies within the current target market

• Lower selling price (if possible)
• Expand distribution channels

Market Development ->>>- Expand sales through expanding geographic representation

• Franchising (think Dunkin Donuts)
• Licensing (think most software applications)
• Product Development

• Increase sales through new products/services

Vertical Integration Strategies ->>>Growing forward/backward within the distribution channel (i.e. purchase suppliers and buyers)

Horizontal Integration Strategies ->>>Buying up competitors within the current industry (i.e. purchase competitors)

Diversification ->>>- Investing in or acquiring products/businesses