BCOR 2040: Midterm Questions and Answers 100% Pass

BCOR 2040: Midterm Questions and Answers 100% Pass Which of the following is a framework for evaluating environmental factors for companies? ✔✔PESTLE Who said " If a first idea is not absurd, there is no hope for it" ...

BCOR 2040: Midterm Questions and Answers 100% Pass Which of the following is a framework for evaluating environmental factors for companies? ✔✔PESTLE Who said " If a first idea is not absurd, there is no hope for it"? ✔✔Albert Einstein Choose the correct order for the creative process as taught in class ✔✔search, collision, decision, trial Committing significant resources to top concepts happens at what phase of the creative process? ✔✔Trial Bringing people and/or ideas together happens at what stage in the creative process? ✔✔Collision Evaluating ideas mot often happens at what stage in the creative process? ✔✔Decision Rank ordering best ideas happens at what stage in the creative process? ✔✔Decision What are the five forces? ✔✔Rivalry, Buyers, Suppliers, New entrants, substitutes Which of the options below does not fit the definition of a rivalry, as described in class? ✔✔Two law firms in the same town that specialize in different types of law Which of the following is not a supplier to a luggage manufacturer? ✔✔A retail store who sells the completed luggage Which of the following suppliers likely has the most power of their customers? ✔✔A fabric company who sells a proprietary fabric to many different clothing companies, and furniture manufacturers all over the world Which of the following is a role that directly impacts a firms relationships with its suppliers? ✔✔All of the answers are correct Chose an example of substitutes at it pertains to this course ✔✔When two companies accomplish the exact same goal, but do it a different way. What happens when WTP is larger than cost? ✔✔Capturing Value Attributes to value creation ✔✔Convenience, personalization, status Battles are ✔✔Product, expansion, production VIBE stands for ✔✔value, impact, business, entrepreneurship Total value created ✔✔WTP-Cost standard value chain ✔✔logistics, purchasing, manufacturing, distributing, service all threats high ✔✔lower average profits all threats low ✔✔higher average profits breakthroughs ✔✔profitable and hard to imitate Examples of primary resources ✔✔interviews, observations, surveys, pilot tests examples of secondary resources ✔✔desk research, digital resources, critical reading, library resources Q1 hypothesis ✔✔What will work and what won't? Q2 hypothesis ✔✔Can I narrow the problem I am solving? Q3 hypothesis ✔✔Can I be specific about a customer or stakeholder demographic? Mindset ✔✔a frame through which you see and experience the world and interpret situations/ bias towards a way Entrepreneurial Mindset ✔✔finding and creating value Nature ✔✔innovation can't be forced. some people are just creative Nurture ✔✔innovation can be systematic and analytical. anyone can be creative value in operations ✔✔source the raw materials, oversee production, control costs and quality value in marketing ✔✔build awareness of the benefits value in sales and business development ✔✔build relationships with stores and distributors, outgoing and negotiating. value in accounting/ administration ✔✔keep track of everything in the organization value in talent management ✔✔search for great talent and develop and support activities to retain talent value in IT ✔✔support products and services with technological components Capabilities ✔✔procedures and processes businesses use to create value VRIO ✔✔Value, Rarity, Imitability, Organization Value is more desired by ✔✔intrinsic and market value rarity is more desired by ✔✔if its uncommon (naturally or time consuming) Imitability is more desired by ✔✔difficult or impossible to imitate organization is more desired by ✔✔if they have specific connections 3 sources of value ✔✔scale, execution, insight/foresight value proposition ✔✔a providers specific promise to its targets of the benefits it will provide and what it expects in return low cost ✔✔large cost savings --> small decrease in WTP differentiation ✔✔increase in WTP --> small increase in cost duel advantage ✔✔slightly lower cost --> slightly higher WTP economic value ✔✔measure of the benefit provided by a good or service to an economic agent market value ✔✔price at which something can be sold operational effectiveness ✔✔creating, producing, selling, and delivering a product better than rivals scope ✔✔what a company does/ doesn't do primary activities ✔✔logistics, operations, marketing / sales, service support activities ✔✔infrastructure, procurement, HR management, tech A five letter word that commonly makes a product or service to inimitable ✔✔Brand which of the following is the definition of capability as taught in class? ✔✔what you do with what you have which is an example of a company and key resource or capability that the company uses to create value? ✔✔all of the answers are correct (novartis, marriot hotels) which of the following is an example of an intangible resource? ✔✔a rare and valuable skillset that you or another employee has