BI 255 EXAM QUESTIONS AND ANSWERS
LATEST UPDATE
Enterprise systems
-ERP, SCM, and CRM are all examples of these
-An enterprise system is an application used in all the functions of a business and that
supports decision making throughout the organization
supply chain
-an integrated network of a company, its suppliers, distributors, customers, etc. used to
get goods to customers
-A supply chain is an integrated network consisting of an organization, its suppliers,
transportation companies, and brokers used to deliver goods and services to custom
supply chain management
-Supply chain management (SCM) is the process of working with suppliers and other
partners in the supply chain to improve procedure
EDI
-involves business partners performing business transactions such as orders through
virtual private networks or the Internet
-Electronic data interchange (EDI) enables business partners to send and receive
information on business transactions
Internet-enabled SCM
-enabled SCM improves information sharing throughout the sup-ply chain, which helps
reduce costs for information transmission and improves customer service. For instance,
many
companies use point-of-sale (POS) systems that scan what is being sold and collect this
data in real time. This information helps organizations decide what to reorder to
replenish stock, and it is sent via the Inter-net to suppliers so they can synchronize
production with actual sales.
-Transportation, order processing, inventory management, purchasing/procurement,
customer service, production scheduling
e-marketplaces
-a third-party exchange that provides a platform for business buyers and sellers to trade
online
online auction
-By using the Internet, an online auction brings traditional auctions to customers around
the globe and makes it possible to sell far more goods and services than at a traditional
auction.
reverse auction
-A reverse auction invites sellers to submit bids for products and services. In other
words, there is one buyer and many sellers: a one-to-many relationship. The buyer can
choose the seller that offers the service or product at the lowest price
Collaborative Planning
, -Collaborative planning, forecasting, and replenishment (CPFR) is used to coordinate
supply chain members through point-of-sale (POS) data sharing and joint planning.
Forecasting
-If there is a discrepancy between forecasts, members can get together and decide on
the correct quantity to order. One main obstacle to improv-ing supply chain performance
is companies not knowing enough about what customers want, which can lead to lost
sales and unsold inventory for retailers and manufacturers.
Replenishment (CPFR)
-involves a business sharing point-of-sale information with all members of a supply
chain so that there is better coordination and inventory and logistics costs can be saved
3D printing
-involves making a physical model or prototype of an object from a multiple-dimensional
digital model
drones
-A drone is a specialized robot that is designed to fly and perform certain automated
tasks. Drones come in various shapes and sizes, and they vary in sophistication—many
drones are used for recreation, but this is changing.
Internet of Things
-The Internet of Things (IoT) refers to the physical objects that are connected to the
Internet and, therefore, to all the other physical objects
customer relationship management
-Customer relationship management (CRM) consists of the processes a company uses
to track and organize its contacts with customers. It improves services offered to
customers and uses customer contact information for targeted marketing.
cross-selling
-involves getting customers to buy additional products
upselling
-Upselling is the practice of encouraging customers to purchase a comparable higher-
end product than the one in question
CRM applications
-Typically, CRM applications are implemented with one of two approaches: on-premises
CRM or Web-based CRM. Organizations with an established IT infrastructure often
choose an on-premises CRM, which is implemented much like any other IT system.
With Web-based CRM, the company accesses the application via a Web interface
instead of running the application on its own computers and pays to use CRM software
as a service (SaaS), which is similar to Web-hosting services.
-These systems emphasize tracking contacts with customers, understanding customers
better, improving customer service, and having better information for target marketing
-Salesforce automation—Assists with such tasks as controlling inventory, processing
orders, tracking customer interactions, and analyzing sales forecasts and performance.
It also assists with collecting, storing, and managing sales contacts and leads.
-eCRM or Web-based CRM—Allows Web-based customer interaction and is used to
automate e-mail, call logs, Web site analytics, and campaign management. Companies
use campaign management to customize marketing campaigns, such as designing a
marketing campaign tailored to customers in Southern California or customers in the 18-
35 age bracket.
LATEST UPDATE
Enterprise systems
-ERP, SCM, and CRM are all examples of these
-An enterprise system is an application used in all the functions of a business and that
supports decision making throughout the organization
supply chain
-an integrated network of a company, its suppliers, distributors, customers, etc. used to
get goods to customers
-A supply chain is an integrated network consisting of an organization, its suppliers,
transportation companies, and brokers used to deliver goods and services to custom
supply chain management
-Supply chain management (SCM) is the process of working with suppliers and other
partners in the supply chain to improve procedure
EDI
-involves business partners performing business transactions such as orders through
virtual private networks or the Internet
-Electronic data interchange (EDI) enables business partners to send and receive
information on business transactions
Internet-enabled SCM
-enabled SCM improves information sharing throughout the sup-ply chain, which helps
reduce costs for information transmission and improves customer service. For instance,
many
companies use point-of-sale (POS) systems that scan what is being sold and collect this
data in real time. This information helps organizations decide what to reorder to
replenish stock, and it is sent via the Inter-net to suppliers so they can synchronize
production with actual sales.
-Transportation, order processing, inventory management, purchasing/procurement,
customer service, production scheduling
e-marketplaces
-a third-party exchange that provides a platform for business buyers and sellers to trade
online
online auction
-By using the Internet, an online auction brings traditional auctions to customers around
the globe and makes it possible to sell far more goods and services than at a traditional
auction.
reverse auction
-A reverse auction invites sellers to submit bids for products and services. In other
words, there is one buyer and many sellers: a one-to-many relationship. The buyer can
choose the seller that offers the service or product at the lowest price
Collaborative Planning
, -Collaborative planning, forecasting, and replenishment (CPFR) is used to coordinate
supply chain members through point-of-sale (POS) data sharing and joint planning.
Forecasting
-If there is a discrepancy between forecasts, members can get together and decide on
the correct quantity to order. One main obstacle to improv-ing supply chain performance
is companies not knowing enough about what customers want, which can lead to lost
sales and unsold inventory for retailers and manufacturers.
Replenishment (CPFR)
-involves a business sharing point-of-sale information with all members of a supply
chain so that there is better coordination and inventory and logistics costs can be saved
3D printing
-involves making a physical model or prototype of an object from a multiple-dimensional
digital model
drones
-A drone is a specialized robot that is designed to fly and perform certain automated
tasks. Drones come in various shapes and sizes, and they vary in sophistication—many
drones are used for recreation, but this is changing.
Internet of Things
-The Internet of Things (IoT) refers to the physical objects that are connected to the
Internet and, therefore, to all the other physical objects
customer relationship management
-Customer relationship management (CRM) consists of the processes a company uses
to track and organize its contacts with customers. It improves services offered to
customers and uses customer contact information for targeted marketing.
cross-selling
-involves getting customers to buy additional products
upselling
-Upselling is the practice of encouraging customers to purchase a comparable higher-
end product than the one in question
CRM applications
-Typically, CRM applications are implemented with one of two approaches: on-premises
CRM or Web-based CRM. Organizations with an established IT infrastructure often
choose an on-premises CRM, which is implemented much like any other IT system.
With Web-based CRM, the company accesses the application via a Web interface
instead of running the application on its own computers and pays to use CRM software
as a service (SaaS), which is similar to Web-hosting services.
-These systems emphasize tracking contacts with customers, understanding customers
better, improving customer service, and having better information for target marketing
-Salesforce automation—Assists with such tasks as controlling inventory, processing
orders, tracking customer interactions, and analyzing sales forecasts and performance.
It also assists with collecting, storing, and managing sales contacts and leads.
-eCRM or Web-based CRM—Allows Web-based customer interaction and is used to
automate e-mail, call logs, Web site analytics, and campaign management. Companies
use campaign management to customize marketing campaigns, such as designing a
marketing campaign tailored to customers in Southern California or customers in the 18-
35 age bracket.
