BUS 101 Exam #1 - Chapters 1-5 ACTUAL UPDATED Questions and CORRECT
Answers
Terms in this set (102)
tangible products goods (ex. shoes, vegetables, phones)
intangible products services (ex. health care, education)
mission statement powerful, short description of a business's purpose; broadly focused to ensure
endurance, and must be flexible
vision statement company's "road map"; points to future and where business is trying to go
stakeholders All the people who stand to gain or lose by the policies and activities of a
business
primary stakeholders owners, employees, customers
scarce too few goods & resources to satisfy the wants of all individuals
factors of production land, labor, capital, & entrepreneurial ability (all scarce; limited in supply)
opportunity cost benefit, profit, value of something that must be given up to acquire/achieve
something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost)
positive incentive increases the benefit of making a decision, making the choice more likely (ex.
lowering a price)
negative incentive an incentive that either increases costs or reduces benefits, making choice less
likely (ex. a tax)
marginal what will be added to what was there before (ex. marginal revenue is the
additional $$ made by producing one more unit of a good/service)
positive sum game trading a good or service; creates new wealth; buyer & seller are better off
framing the way a choice is posed to customer/decision-maker; can significantly affect
decisions and judgments.
SWOT analysis strengths, weaknesses, opportunities, threats
information technology systems, processes, & tools that enable organizations to collect, store, retrieve,
analyze, & share data/the info obtained from it
cookie file that a website you visit sends to your browser (collects info)
, big data describes customer purchasing habit data & their analysis; the amount of data they
contain & how quickly this data is gathered
cloud form of data storage & computing that is accessed via Internet
business analytics*** used to convert massive data amounts into info that can be used to meet
customer needs more fully; involves building analysis models + stimulants to
create scenarios, predict future states, & understand realities
cybersecurity*** actions organizations take to protect data + info from hackers (3 MILLION JOBS)
e-commerce selling products electronically online
telecommute work from home by accessing the internet
learning management systems online platforms that enable two-way communication; delivers content to
students, allow students to submit stuff + view grades
personal brand thinking of yourself as a brand
internet of things*** connections of a variety of devices to the Internet
virtual private network (VPN) encrypts any data that the user sends
voice over internet protocol technology to place phone calls using internet
offshoring locating production facilities in other countries
organizational culture system of shared assumptions, values, & beliefs that govern how people behave
within an organization
corporate strategy direction an organization takes with the objective of achieving business success
core competency source of firm's competitive advantage
concentration strategy focus on a single business and compete in a single industry
forward vertical integration selling products themselves (ex. Apple, chain of retail stores)
backward vertical integration manufacturing own products (ex. Rolex)
shirking maximizing personal gains
related diversification organizations expand into businesses related to their core business (ex.
manufacturer of computers may start making calculators)
unrelated diversification when firms acquire/merge with firms unrelated to their core competency, aka
conglomerate strategy (ex. General Electric acquiring companies in health,
finance, transportation, insurance, & media)
Answers
Terms in this set (102)
tangible products goods (ex. shoes, vegetables, phones)
intangible products services (ex. health care, education)
mission statement powerful, short description of a business's purpose; broadly focused to ensure
endurance, and must be flexible
vision statement company's "road map"; points to future and where business is trying to go
stakeholders All the people who stand to gain or lose by the policies and activities of a
business
primary stakeholders owners, employees, customers
scarce too few goods & resources to satisfy the wants of all individuals
factors of production land, labor, capital, & entrepreneurial ability (all scarce; limited in supply)
opportunity cost benefit, profit, value of something that must be given up to acquire/achieve
something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost)
positive incentive increases the benefit of making a decision, making the choice more likely (ex.
lowering a price)
negative incentive an incentive that either increases costs or reduces benefits, making choice less
likely (ex. a tax)
marginal what will be added to what was there before (ex. marginal revenue is the
additional $$ made by producing one more unit of a good/service)
positive sum game trading a good or service; creates new wealth; buyer & seller are better off
framing the way a choice is posed to customer/decision-maker; can significantly affect
decisions and judgments.
SWOT analysis strengths, weaknesses, opportunities, threats
information technology systems, processes, & tools that enable organizations to collect, store, retrieve,
analyze, & share data/the info obtained from it
cookie file that a website you visit sends to your browser (collects info)
, big data describes customer purchasing habit data & their analysis; the amount of data they
contain & how quickly this data is gathered
cloud form of data storage & computing that is accessed via Internet
business analytics*** used to convert massive data amounts into info that can be used to meet
customer needs more fully; involves building analysis models + stimulants to
create scenarios, predict future states, & understand realities
cybersecurity*** actions organizations take to protect data + info from hackers (3 MILLION JOBS)
e-commerce selling products electronically online
telecommute work from home by accessing the internet
learning management systems online platforms that enable two-way communication; delivers content to
students, allow students to submit stuff + view grades
personal brand thinking of yourself as a brand
internet of things*** connections of a variety of devices to the Internet
virtual private network (VPN) encrypts any data that the user sends
voice over internet protocol technology to place phone calls using internet
offshoring locating production facilities in other countries
organizational culture system of shared assumptions, values, & beliefs that govern how people behave
within an organization
corporate strategy direction an organization takes with the objective of achieving business success
core competency source of firm's competitive advantage
concentration strategy focus on a single business and compete in a single industry
forward vertical integration selling products themselves (ex. Apple, chain of retail stores)
backward vertical integration manufacturing own products (ex. Rolex)
shirking maximizing personal gains
related diversification organizations expand into businesses related to their core business (ex.
manufacturer of computers may start making calculators)
unrelated diversification when firms acquire/merge with firms unrelated to their core competency, aka
conglomerate strategy (ex. General Electric acquiring companies in health,
finance, transportation, insurance, & media)
