Question 1

Discuss some ways in which management information systems can benefit a company.

Accepted Answer

The answer of Discuss some ways in which management information...

Question 2

R&D employees and managers perform all of the following tasks EXCEPT

Accepted Answer

Researching resource availability is typically a task performed by supply chain or procurement departments rather than R&D employees and managers.

Question 3

Discuss three major R&D approaches for implementing strategies.

Accepted Answer

The answer of Discuss three major R&D approaches for implementing...

Question 4

Which statement is NOT true?

Accepted Answer

Computer vulnerability has not been completely eradicated, and it is still possible for cyber attacks and data breaches to occur. It is important for firms to implement strong security measures and regularly update their systems to minimize these risks.

Question 5

Discuss guidelines used to determine whether a firm should conduct R&D internally or externally.

Accepted Answer

The answer of Discuss guidelines used to determine whether a...

Question 6

R&D issues include emphasis on product or process improvements.

Accepted Answer

R&D (Research and Development) involves both product and process improvements, making option A true.

Question 7

If the rate of market growth and technical progress is rapid, then in-house R&D is the preferred solution.

Accepted Answer

If the rate of market growth and technical progress is rapid, it may be more efficient and cost-effective to rely on external sources for R&D rather than invest in in-house R&D. This allows the company to access a greater pool of expertise and resources without the added costs of maintaining an in-house team.

Question 8

According to research, the most successful new product companies use a research and development strategy that ties internal strengths to external opportunities and is linked with objectives.

Accepted Answer

Research has shown that successful new product companies use a research and development strategy that leverages their internal strengths to take advantage of external opportunities, while being tied to specific objectives.

Question 9

A major effort in R&D may be risky if technology is changing rapidly and the market is growing slowly.

Accepted Answer

If technology is changing rapidly, there is a risk that the R&D effort may become obsolete before it is completed or implemented. Additionally, if the market is growing slowly, there may not be enough demand for the new technology, making the investment in R&D less profitable. Therefore, a major effort in R&D may be risky in these circumstances.

Question 10

Increased costs are a disadvantage of a good information system.

Accepted Answer

The answer of Increased costs are a disadvantage of a...

Question 11

Which of the following is NOT a current development or trend?

Accepted Answer

The efforts to repeal federal laws preventing businesses from using GPS devices to monitor employees is not a current development or trend.

Question 12

A current trend in R&D management involves the lifting of the veil of secrecy whereby firms, even major competitors, are joining forces to develop new products.

Accepted Answer

This statement is true. Collaborative R&D is becoming more common as firms recognize the benefits of sharing expertise and resources to develop innovative products more efficiently and effectively.

Question 13

Information technology has made it is possible for many firms to have employees who work at home or anywhere, anytime.

Accepted Answer

Information technology has enabled remote work, making it possible for employees to work from home or anywhere and anytime. Tools such as video conferencing, instant messaging, and cloud computing have made it possible for employees to stay connected and work collaboratively from anywhere.

Question 14

One major R&D approach is to be an innovative imitator of successful products.

Accepted Answer

Being an innovative imitator involves studying successful products or ideas and improving upon them with unique and original ideas. This approach is commonly used in industries such as technology and fashion where companies strive to create their own versions of popular products.

Question 15

The process of strategic management is facilitated immensely in firms that have an effective information system.

Accepted Answer

An effective information system can provide important data and insights that can aid in the decision-making process, which is a critical component of strategic management.

Question 16

The current attitude of U.S. firms toward research and development is best described by which of the following?

Accepted Answer

The statement "The veil of secrecy is being lifted, resulting in more collaboration" suggests that firms are becoming more open and collaborative in their approach to research and development. This implies a shift away from the previously held belief that keeping research and development secret was the key to success, and instead suggests that firms are recognizing the benefits of partnering with others to advance their research goals.

Question 17

Information collection, retrieval, and storage can be used to create competitive advantages in ways such as

Accepted Answer

All of the above choices can be facilitated by effective information collection, retrieval, and storage. Cross-selling to customers can be enhanced by accurate customer data and purchase history, monitoring suppliers can be improved by tracking their performance and history, keeping managers and employees informed relies on timely and accessible information, and coordinating activities among divisions requires clear communication and sharing of information. Therefore, all of these options can provide competitive advantages when supported by effective information management.

Quiz 8: Implementing Strategies: Marketing, Financeaccounting, Rd, and Mis Issues