BCOR 2040 Final Review Questions and Answers (100% Pass)
5 views 0 purchase
Module
BCOR
Institution
BCOR
BCOR 2040 Final Review Questions and
Answers (100% Pass)
What does VIBE stand for? - Answer️️ -Value Impact Business
Entrepreneurship
High level: conceptual (purpose of class) - Answer️️ -Primary objective of
organizations is to create and capture value, where value may be expressed
b...
BCOR 2040 Final Review Questions and
Answers (100% Pass)
What does VIBE stand for? - Answer✔️✔️-Value Impact Business
Entrepreneurship
High level: conceptual (purpose of class) - Answer✔️✔️-Primary 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) - Answer✔️✔️-Your 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 - Answer✔️✔️-the 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? - Answer✔️✔️-$600 ($500 worth of coat and
an extra $100 they didn't have to spend)
Value created - Answer✔️✔️-WTP - 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? -
Answer✔️✔️-$350 ( = $600 - $250)
Economic value is NOT the same as - Answer✔️✔️-market price & market
value
WTP drives - Answer✔️✔️-economic value
What is an industry? - Answer✔️✔️-A distinct group of productive or profit-
making enterprises
Systemic labor for creating value
What makes an industry or company attractive? - Answer✔️✔️-
Attractiveness is a function of value creation potential
Market research should be - Answer✔️✔️-an ongoing effort
3 key players in an industry or market - Answer✔️✔️-buyers, suppliers, and
rivals
3 types of battles fought by rivals - Answer✔️✔️-production, defense, and
expansion
How can innovators impact an existing industry? - Answer✔️✔️-Challenge
the status quo
Take value attributes from one industry into another
Exploit inefficiencies
Porter's Five Forces - Answer✔️✔️-Threat of New Entry
Buyer Power
Threat of Substitution
3
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 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 SophiaBennett. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.15. You're not tied to anything after your purchase.
