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BUS 111 Final Exam 2024 QUESTIONS AND ANSWERS 100% CORRECT;Wilfrid Laurier University
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BUS 111 Final Exam 2024 QUESTIONS AND ANSWERS 100% CORRECT;Wilfrid Laurier University
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BUS 111 Final Exam 2024 QUESTIONS ANDANSWERS 100% CORRECT;Wilfrid Laurier
University
what are the 6 critical success factors? FNQIEC - ANSWER-
achieving financial performance, meeting customer needs,
building quality products and services, encouraging innovation
and creativity, gaining employee commitment, creating a
distinctive competitive advantage
what are the porter's five forces? - ANSWER-potential entrants,
buyers, substitutes, suppliers, rivalry among existing firms
what is the framework for diamond-e? - ANSWER-management
preferences, strategy, resources, organization, environment
Vision Statement - ANSWER-something that broadly defines
what company stands for
Mission Statement - ANSWER-Narrows down vision statement
and defines company's long term goals
,Strategy - ANSWER-Detailed plan of how company will
achieve it's target
What are ethics? - ANSWER-Beliefs an individual has about
what is right and wrong
What are business ethics? - ANSWER-Standards managers hold
that are based on individual ethics
What is corporate social responsibility? - ANSWER-
Responsibility that organizations have to all stakeholders
What is ethical dilemma? - ANSWER-Complex ethical situation
where managers must determine how to approach
What are the four approaches to CSR? - ANSWER-
Obstructionist stance, defensive stance, accommodative stance,
and proactive stance
What are stakeholders? - ANSWER-Those affected by an
organization's activites (owners, employees, customers, society,
environment)
,What are demographics? - ANSWER-Study of human
population
why do we study demographics? - ANSWER-To predict trends,
make predictions, understand changing business environment
How do we study demographics? - ANSWER-Group them into
cohorts, by birthdate and their similarity in life and demands
What are the three forms of intellectual property protection -
ANSWER-Trademarks, copyrights, patents
What are the 4 types of ownership? - ANSWER-Sole
proprietorship, partnership, corporation, co-operative
What is sole proprietorship? - ANSWER-One owner managed
business
What is a partnership? - ANSWER-Two or more owners
What is a corporation? - ANSWER-A separate legal entity
managed by board of directors
, what is a co-operative ownership? - ANSWER-Business created
to provide value to members. Profits redistributed to owners
what are the barriers to international trade? - ANSWER-Social
and cultural differences, economic differences, legal and
political differences
What are strategies to enter a foreign market? - ANSWER-
Foreign subsidiaries, alliances with local firms, branch offices,
local agents, licensing/royalties
What are bonds? - ANSWER-Debt that is issued by a business
or government
What are the different types of bonds? - ANSWER-Secured vs.
unsecured, registered bonds vs. bearer bonds, callable,
convertible, serial
What happens to the price of a bond when interest goes up? -
ANSWER-It goes down
Why are interest rates and bond prices inversely correlated? -
ANSWER-When interest goes up, investors would rather put
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