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BUS 303 SAYLOR EXAM (ACTUAL) 2024 QUESTIONS AND ANSWERS
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BUS 303 SAYLOR EXAM (ACTUAL) 2024 QUESTIONS AND ANSWERS
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BUS 303 SAYLOR EXAM (ACTUAL) Use what you have learned about Port er's Five Forces to describe industry competition and attractiveness within the movie rental market. - ANSWERS -the intensity of rivalry among existing competitors; the potential for new entrants to challenge incumbents; the threat posed by substitute produ cts or services; the power of buyers; and the power of suppliers. In terms of Porter's Five Forces, how has the Internet affected price transparency in the movie rental industry? - ANSWERS -Customers have more information than ever before. They are able to compare prices and determine the low -cost leader with minimal effort. The Internet has increased buyer power by increasing price transparency. Value chain - ANSWERS -The primary components are as follows: Inbound logistics: getting needed materials and o ther inputs into the firm from suppliers Operations: turning inputs into products or services Outbound logistics: delivering products or services to consumers, distribution centers, retailers, or other partners Marketing and sales: customer engagement, pricing, promotion, transaction Support: service, maintenance, and customer support The secondary components are: Firm infrastructure: functions that support the whole firm, including general management, planning, IS, and finance Human resource management: recruiting, hiring, training, and development Technology/research and development: new product and process design Procurement: sourcing and purchasing functions. Target Markets - ANSWERS -groups of customers they want to reach when they are developing their value propositions Strategic Planning - ANSWERS -Internal / External Environment -> Mission -> Objectives -> Value Proposition Situation Analysis - ANSWERS -A situation analysis involves analyzing both the external (macro and micro factors outside the organization) and the internal (company) environments. Internal Environment - ANSWERS -The firm's environment —such as its financial resources, technological resources, and the capabilities of its personnel and the ir performance External Environment - ANSWERS -Involves tracking conditions in the macro and micro marketplace that, although largely uncontrollable, affect the way an organization does business. Micro External Environment - ANSWERS -The micro environment includes competition, suppliers, marketing intermediaries (retailers, wholesalers), the public, the company, and customers. Macro External Environment - ANSWERS -The macro environment includes economic factors, demographic trends, cultural and social trend s, political and legal regulations, technological changes, and the price and availability of natural resources. Competitive Environment - ANSWERS -All organizations must consider their competition, whether it is direct or indirect competition vying for the consumer's dollar. Direct Competitors Sherman Act (1890) - ANSWERS -Prohibits U.S. firms from restraining trade by creating monopolies and cartels. Information System - ANSWE RS-An integrated and cooperating set of software directed information technologies supporting individual, group, organizational, or societal goals.The benefits of buying summaries with Stuvia:
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