Exam Qs

Question 1

What is a great TEFL model for ethics questions in BST?

Answer 1

Transparency - would people mind others knowing what they’re up to?

Effect - what is the effect?

Fairness - would parties deem it fair?

Legal - is it legal? Always say, take legal advice for anything relevant really

Remember to establish the facts!!

Question 2

What is the definition of strategy?

Answer 2

Direction and scope of an organisation over the long term which achieves advantage for the organisation through its configuration of resources within a changing environment to meet the needs of markets and to fulfil stakeholder expectations.

Question 3

How should you approach ethics questions in BST?

Answer 3

Facts? Substantiate

What are the key ethical issues

Is there a legal issue - if there is, can’t do it

Ethical language - harm, misleading, conflict of interest, duty of care, vulnerable people, reputation

Dilemma

Recommendation

Question 4

What is big data according to McKinsey Global Institute?

Answer 4

It is a term that describes datasets whose size is beyond the ability of typical database software to capture, store, manage and analyse.

Question 5

How can big data and data analytics hep organisations to compete?

Answer 5

• enhanced performance
• market segmentation and customisation
• improved decision making
• new products or services

Question 6

What are the four Vs of big data?

Answer 6

Volume
Velocity
Variety
Value/veracity

Question 7

What are four generic ways you can manage risk?

Answer 7

• transfer
• avoid
• reduce
• accept

Question 8

How can you reduce cyber security risks?

Answer 8

Training

Hiring trustworthy staff

Physical access controls

Systems access controls

Systems development and maintenance

Regular updates and patches

High quality anti virus

Regular back ups

Regular audits by IT specialists especially outside ones

Question 9

How should you go about making a marketing strategy for a new market?

Answer 9

Segmentation - chooses bases for market segmentation and the characteristics of those segments

Targeting - evaluate which segments to target

Positioning - develop a detailed marketing mix for each segment targeted

Question 10

How do you do value chain questions?

Answer 10

You think - what does the customer value and then go back through the value chain to see how the company gives him that value

Question 11

What is sustainability?

Answer 11

Short term actions which preserve long term benefits so as not to impede the need of future generations