Exam (elaborations)
BCOR 2040 Final Review Questions and Correct Answers 2024/2025 | Graded A+
- Course
- Institution
BCOR 2040 Final Review Questions and Correct Answers 2024/2025 | Graded A+
[Show more]
Seller
Follow
Content preview
BCOR 2040 Final ReviewWhat does VIBE stand for? - ANSValue Impact Business Entrepreneurship
High level: conceptual (purpose of class) - ANSPrimary objective of organizations is to create
and capture value, where value may be expressed by economic willingness to pay, social
impact, or other desirable outcomes
Grounded level: Tangible (purpose of class) - ANSYour own ability to create unique value
through academic and experiential path. Determine domain of interest and find a way to
integrate it with your professional or academic life
Willingness to Pay - ANSthe maximum amount that a buyer will pay for a good
If a customer is willing to pay $600 for a coat and the coat only costs $500, how much value did
they gain? - ANS$600 ($500 worth of coat and an extra $100 they didn't have to spend)
Value created - ANSWTP - cost of suppliers
If consumer WTP is $600 for a coat that costs $500 and it costs the suppliers $250 for the
materials for the coat, how much over all value was created? - ANS$350 ( = $600 - $250)
Value Chain - ANSProduct Design
Logistics, Purchasing, Manufacturing, Distribution, and Service
Marketing & Sales
Porter's Value Chain - ANSinbound logistics, operations, outbound logistics, marketing and
sales, service
Economic Value - ANSIs a measure of the benefit provided by a good or service to an economic
agent.
Actual or perceived benefit
Market Value - ANSthe price at which something can be sold or the price that buyers are willing
to pay for something.
Price or WTP
Economic value characteristics - ANSAssumes there is a specific consumer, buyer, or user
Measurement of benefit derived from a good or service to an individual or a company
Market value characteristics - ANSAssumes there are many anonymous buyers/sellers
, Based on supply and demand and is the price or amount that someone is willing to pay in the
market
Economic value is NOT the same as - ANSmarket price & market value
WTP drives - ANSeconomic value
What is an industry? - ANSA distinct group of productive or profit-making enterprises
Systemic labor for creating value
What makes an industry or company attractive? - ANSAttractiveness is a function of value
creation potential
Market research should be - ANSan ongoing effort
3 key players in an industry or market - ANSbuyers, suppliers, and rivals
3 types of battles fought by rivals - ANSproduction, defense, and expansion
How can innovators impact an existing industry? - ANSChallenge the status quo
Take value attributes from one industry into another
Exploit inefficiencies
Porter's Five Forces - ANSThreat of New Entry
Buyer Power
Threat of Substitution
Supplier Power
Competitive Rivalry
Threat of New Entry - ANSTime and cost of entry
Specialist knowledge
Economies of scale
Cost advantages
Technology protection
Barriers to entry
Buyer Power - ANSNumber of new customers
Size of each order
Competitor comparison
Price sensitivity
Ability to substitute
Cost of change
Threat of Substitution - ANSSubstitute performance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QualityPDF. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
74735 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
