COB EXAM 1 QUESTIONS AND
ANSWERS 100% CORRECT
Value Chain - ANSWER-total number of tasks which need to be performed in order
to deliver
Direct Activity - ANSWER-directly involved in creating value for the buyer
Support/Secondary Activity - ANSWER-behind-the-scenes (overhead and
administrative costs); ex. firm infrastructure, human resource management,
technology development, procurement (purchasing)
First Step of the Decision process - ANSWER-define the problem or goal
The decision process - ANSWER-Problem recognition, information search,
alternative evaluation and selection, outlet selection and purchase, post purchase
processes
Cognitive Bias - ANSWER-A feature of human psychology that skews belief
formation.
Porters 5 forces - ANSWER-Porter's Five Forces is a framework for analyzing an
industry's competitive environment. It assesses the threat of new entrants, the
bargaining power of suppliers and buyers, the threat of substitutes, and the intensity
of rivalry among existing competitors. These forces help determine the level of
competition and profitability in a market, guiding companies in developing strategies
to maintain or improve their market position.
Bull Whip Effect - ANSWER-Changes at the end of supply chain will be amplified as
you move back up the chain
Structured Decision Making - ANSWER-predictable, can put a number to it, (college,
excel), quantifiable
Unstructured Decision Making - ANSWER-Occurs in situations in which no
procedures or rules exist to guide decision makers toward the correct choice
Systems Thinking - ANSWER-Considering whole systems in decision making
Abstract Reasoning - ANSWER-Envisioning something which does not exist to you
yet
monopoly - ANSWER-A market in which there are many buyers but only one seller.
3 Parts of a Monopoly - ANSWER-1. Natural in a market- regulatory
2. Intellectual property protection
3. Controls Resources
ANSWERS 100% CORRECT
Value Chain - ANSWER-total number of tasks which need to be performed in order
to deliver
Direct Activity - ANSWER-directly involved in creating value for the buyer
Support/Secondary Activity - ANSWER-behind-the-scenes (overhead and
administrative costs); ex. firm infrastructure, human resource management,
technology development, procurement (purchasing)
First Step of the Decision process - ANSWER-define the problem or goal
The decision process - ANSWER-Problem recognition, information search,
alternative evaluation and selection, outlet selection and purchase, post purchase
processes
Cognitive Bias - ANSWER-A feature of human psychology that skews belief
formation.
Porters 5 forces - ANSWER-Porter's Five Forces is a framework for analyzing an
industry's competitive environment. It assesses the threat of new entrants, the
bargaining power of suppliers and buyers, the threat of substitutes, and the intensity
of rivalry among existing competitors. These forces help determine the level of
competition and profitability in a market, guiding companies in developing strategies
to maintain or improve their market position.
Bull Whip Effect - ANSWER-Changes at the end of supply chain will be amplified as
you move back up the chain
Structured Decision Making - ANSWER-predictable, can put a number to it, (college,
excel), quantifiable
Unstructured Decision Making - ANSWER-Occurs in situations in which no
procedures or rules exist to guide decision makers toward the correct choice
Systems Thinking - ANSWER-Considering whole systems in decision making
Abstract Reasoning - ANSWER-Envisioning something which does not exist to you
yet
monopoly - ANSWER-A market in which there are many buyers but only one seller.
3 Parts of a Monopoly - ANSWER-1. Natural in a market- regulatory
2. Intellectual property protection
3. Controls Resources
