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FIM 460 S20 Retail Information Systems 2020 FINAL EXAM

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FIM 460 S20 Retail Information Systems 2020 FINAL EXAM
Instructions: Please select two of the following questions to answer in essay format. The max allotted space for each question is 2 pages (single space, Times New Roman 12-point font). Provide as much detail as possible and illustrate any concepts or processes using examples from the food industry. This exam is open notes and book; however, you are to work individually. Turn in your write up to this exam on the D2L drop box.
Questions (select two questions from the following to answer):
1. In the on-going COVID19 pandemic, we are seeing many reports of supermarkets experiencing an increasing number of stock outs, but at the same time many farmers are having to dispose of crops or dump milk. Using concepts that you have learned in class and in your readings, please explain what is happening and why we are currently experiencing these types of activities at both the retail and supplier level.  (Tip: be sure to watch the suggested video I shared last week).
2. In class, we discussed the use of Blockchain technology in the food industry. Describe at least one use of Blockchains in food retail and explain the advantage that this type of technology can have in retailers developing a sustainable competitive advantage. Be sure to provide examples and to tie in your discussion to concepts covered in class and discussed in the readings.
3. Describe the steps of how consumers select merchandise and a retailer. Then describe how retailers attempt to influence each stage of selecting a retailer. Illustrate this process using examples from the food retail industry.

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Question 2
Blockchain is an invented technology that deals with the storage and sharing of information with a network of users in a computer-generated space. Bitcoin technology has shed some light on food technology, which aims to provide food certification and safety (Crosby & Michael, 71). The platform permits its users to check all transactions sequentially and in real-time. Retailers can use blockchain in assessing who their supplier has had operations and, thus, aid in preventing fraud. The majority of supply chains, healthcare services, financial, and government industries are exploring ways of integrating blockchain to interrupt and change the traditional models of business. Blockchain empowers the whole chain to be responsive in solving food issues such as food safety disasters. A significant organization such as Unilever and Nestle has considered blockchain for its efficiency, food safety, fraud-free, and data safety.
Many industries have already integrated the tool, especially the retailers who have witnessed significant benefits. For instance, blockchain enhances security as transactions are agreed before the agreement is written and signed. After the deal is agreed upon, it is encoded and then linked to the previous purchases (Crosby & Michael, 71). Also, the information in the blockchain is stored across a considerable network instead of a single server. The system of computers used in blockchain makes hacking difficult, and thus the transaction data cannot be compromised. In the food industry, protecting transaction data is essential, and an opportunity to transform how critical data and information are shared and preventing fraud and unauthorized access. Blockchain can be used by retailers and manufacturers to carry out fair and responsible transactions. If a company accepts to apply blockchain in its activities, it is signing up for a successful collaborative endeavor. This is because the huge part of the agreement involves facilitating trust between the involved parties, in private and public sectors with the government agencies, regulators, partners, the competitors, and even the industrial organizations. Also, the knowledge of blockchain enables organizations to identify and realize the value of new models in the business. The tool is essential in empowering partner organizations and private contributors.
Question 3
The consumer buying process refers to a process by which a consumer decides to purchase a product from the retail...
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