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BCOR 2040 Final Review Questions and Answers (100% Pass)
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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...

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  • August 27, 2024
  • 18
  • 2024/2025
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  • bcor 2040 final review questions and answers 100

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©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM


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)




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,©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM

Value Chain - Answer✔️✔️-Product Design

Logistics, Purchasing, Manufacturing, Distribution, and Service

Marketing & Sales

Porter's Value Chain - Answer✔️✔️-inbound logistics, operations, outbound
logistics, marketing and sales, service

Economic Value - Answer✔️✔️-Is a measure of the benefit provided by a
good or service to an economic agent.

Actual or perceived benefit

Market Value - Answer✔️✔️-the price at which something can be sold or the
price that buyers are willing to pay for something.

Price or WTP

Economic value characteristics - Answer✔️✔️-Assumes there is a specific
consumer, buyer, or user

Measurement of benefit derived from a good or service to an individual or
a company

Market value characteristics - Answer✔️✔️-Assumes there are many
anonymous buyers/sellers

Based on supply and demand and is the price or amount that someone is
willing to pay in the market




2

, ©SOPHIABENNET@2024/2025 Monday, August 19, 2024 10:32 PM

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


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