BA 101 MIDTERM EXAMINATION SET 2026
COMPLETE QUESTIONS AND ANSWERS
◉ Risk.
Answer: The potential for loss or damage associated with uncertain
outcomes in business.
◉ Invention vs Innovation.
Answer: Invention requires feedback during development, while
innovation involves experimentation and collaboration to improve
upon existing ideas? ex: segway= invention, hoverboard= innovation
◉ First Mover vs Fast Follower.
Answer: A first mover is the first to introduce a product or service,
leading to potential advantages like early customer loyalty and
market share, but also carrying higher risks and costs for market
education and R&D. A fast follower enters the market after the first
mover, leveraging lessons learned from the initial company's
successes and failures, allowing for lower risk, reduced R&D costs,
and a more refined offering that meets identified customer needs-
ex: segway/hoverboard
◉ Management Process.
, Answer: A systematic approach to dealing with uncertainty and risk
in complex markets, involving planning, organizing, operating, and
controlling.
◉ Planning.
Answer: The process of understanding tasks and designing products
and processes to achieve business goals.
◉ Organizing.
Answer: The configuration of resources to effectively implement
plans and achieve objectives.
◉ Operating.
Answer: The execution of the planned activities to ensure that
business operations run smoothly.
◉ Controlling.
Answer: The measurement of results against the plan, allowing for
adjustments and improvements in performance.
◉ Areas of Management.
Answer: Different functional aspects of managing a business,
including marketing, production, finance, and administration.
COMPLETE QUESTIONS AND ANSWERS
◉ Risk.
Answer: The potential for loss or damage associated with uncertain
outcomes in business.
◉ Invention vs Innovation.
Answer: Invention requires feedback during development, while
innovation involves experimentation and collaboration to improve
upon existing ideas? ex: segway= invention, hoverboard= innovation
◉ First Mover vs Fast Follower.
Answer: A first mover is the first to introduce a product or service,
leading to potential advantages like early customer loyalty and
market share, but also carrying higher risks and costs for market
education and R&D. A fast follower enters the market after the first
mover, leveraging lessons learned from the initial company's
successes and failures, allowing for lower risk, reduced R&D costs,
and a more refined offering that meets identified customer needs-
ex: segway/hoverboard
◉ Management Process.
, Answer: A systematic approach to dealing with uncertainty and risk
in complex markets, involving planning, organizing, operating, and
controlling.
◉ Planning.
Answer: The process of understanding tasks and designing products
and processes to achieve business goals.
◉ Organizing.
Answer: The configuration of resources to effectively implement
plans and achieve objectives.
◉ Operating.
Answer: The execution of the planned activities to ensure that
business operations run smoothly.
◉ Controlling.
Answer: The measurement of results against the plan, allowing for
adjustments and improvements in performance.
◉ Areas of Management.
Answer: Different functional aspects of managing a business,
including marketing, production, finance, and administration.
