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BCOR 2304 FINAL EXAM QUESTIONS AND ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ (NEWEST UPDATE) $14.99
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BCOR 2304 FINAL EXAM QUESTIONS AND ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ (NEWEST UPDATE)

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BCOR 2304 FINAL EXAM QUESTIONS AND ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ (NEWEST UPDATE) What is a good strategy? - Answer-Achieve the goals of the firm in the most efficient and effective way possible with specific and feasible options Why can companies in the same business have dif...

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  • January 5, 2025
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  • Questions & answers
  • BCOR 2304
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BCOR 2304 FINAL EXAM QUESTIONS AND
ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ (NEWEST UPDATE)

What is a good strategy? - Answer-Achieve the goals of the firm in the most efficient
and effective way possible with specific and feasible options

Why can companies in the same business have different outcomes? - Answer-the
environments the company is facing are different

Why is external analysis important? - Answer-to identify opportunities and threats within
the complex environments

What does PESTEL stand for? - Answer-Political
Economic
Social
Technological
Environmental
Legal

Political factors (PESTEL) - Answer-1. result from the processes and actions of
government bodies that can influence the decisions and behavior of firms
IE: tax policy, corruption

How do political factors effect business decision making? - Answer-Companies must be
aware of political risk when making long term investments
Stay away from investments when political risk is highly uncertain

What are Economic Factors (PESTEL) - Answer-1. Factors that affect the macro
economy
IE: Employment Rates, Interest Rates, Price Stability, Currency Exchange rates

How does economic factors affect business strategy? - Answer-Companies must be
aware of the influence of macroeconomic factors on the value of investments

What are the Social Factors (PESTEL) - Answer-1. Changing demographics, cultures,
religions and lifestules

, How do social factors affect business strategy? - Answer-Localization- adapting
products to specific demographic within a certain geographic location

What are technological factors in PESTEL - Answer-1. the existence of development of
technology to create new processes and products
ie> automation, blockchain

what are the implications of technology on business strategy? - Answer-Companies
should always be engaging in new technologies in pursuit of innovation

What are environmental factors in PESTEL? - Answer-1. involve broad environmental
issues that could potentially affect the companies business
ie: pollution, non renewable goods

How do environmental factors affect business strategy? - Answer-1. may effect
consumer demand
2. may affect supply chain
3. may affect employee perfromance

What are legal factors in the PESTEL framework? - Answer-1. regulations and laws
surrounding the company
ie; industry regulation, consumer rights and IP rights

how do legal factors affect business strategy? - Answer-obey the law or pay the cost of
not

What are the three weaknesses of PESTEL - Answer-1. tells us little about our
competitors, which significantly affect our decisions
2. Too many factors to consider, do not tell which is domionant
3. factors change over time

at what level does Porter's 5 forces analyze? - Answer-the industry level

What is an. industy? - Answer-A group of incumbent firms facing approximately the
same set of suppliers and buyers

How do companies within the same industry compete? - Answer-- by influencing
demand
- changes in the value of price or a firms product affect demand for competing firms
products

What is considered an opportunity under porters 5 forces? - Answer-A weak force, as it
allows existing firms in the industry to earn greater profits

A threat (Porter's 5 forces) - Answer-A strong force which limits the ability of firms in the
indsutry to earn greater profits

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