BUS101 Saylor Exam with 100% Correct
Answers
Business contract theory - answera business is a community of participants organized
around a common purpose. Contract theorists see the enterprise being run by employees and
managers as a kind of representative democracy.
Business as Property - ans...
BUS101 Saylor Exam with 100% Correct Answers Business contract theory - answer✔✔a business is a community of participants organized around a common purpose. Contract theorists see the enterprise being run by employees and managers as a kind of representative democracy. Business as Property - answer✔✔The owner can do whatever he wants Functional Authority - answer✔✔For ex: The authority exerted by an HR manager as coordinator of personnel activities. where managers hav e formal power over a specific subset of activities. For instance, the Production Manager may have the line authority to decide whether and when a new machine is needed but the Controller demands that a Capital Expenditure Proposal is submitted first, show ing that the investment will have a yield of at least x%; Types of Departmentalization - answer✔✔functional, product, customer, geographic, matrix Functional - by common skills and work tasks Divisional - common product, program, or geographical location Matrix - combination of functional and divisional Team - to accomplish specific tasks Network - departments are independent, providing functions for a central core breaker Market Segmentation - answer✔✔Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs Market testing strategies - answer✔✔Concept testing, which evaluates reactions to a film idea and is fairly rare, Positioning studios, which analyze a script for marketing opportunities, Focus groups, which probe viewers' opinions about a film in small groups prior to release, Test screenings, which involve th e previewing of films prior to theatrical release, Tracking studies, which gauge (often by telephone polling) an audience's awareness of a film on a weekly basis prior to and during theatrical release, Advertising testing, which measures responses to mar keting materials such as trailers and television advertisements, Exit surveys, which measure audience reactions after seeing the film in the cinema. Normal vs Economic Profit - answer✔✔Normal profit represents the total opportunity costs (both explicit an d implicit) of a venture to an investor, whereas economic profit is the difference between a firm's total revenue and all costs (including normal profit). Game theory Evolutionary stable strategy - answer✔✔ profit maximization chart - answer✔✔ Double Bott om Line - answer✔✔seeks to extend the conventional bottom line, that measures fiscal performance — financial profit or loss — by adding a second bottom line to measure their performance in terms of positive social impact Stakeholder Theorists - answer✔✔belie ve that people who have legitimate interests in a business also ought to have voice in how the business is run. However, stakeholder theorists take contract theory a step further, maintaining that people outside of the business enterprise ought to have a s ay in how the business operates. Thus, for example, consumers, even community members who could be affected by what the business does (for example, by the pollutants of a factory) ought to have some control over the business. economic value - answer✔✔worth of a good or service as determined by the market consumer surplus - answer✔✔the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
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