BCOR 2040 Midterm 1 Exam Questions and Answers
What does VIBE stand for? - Answer️️ -Value, Impact, Business,
Entrepreneurship
willingness to pay - Answer️️ -the maximum amount that a buyer will
pay for a good or service
Value Chain - Answer️️ -a network of value-creating activitie...
What does VIBE stand for? - Answer✔️✔️-Value, Impact, Business,
Entrepreneurship
willingness to pay - Answer✔️✔️-the maximum amount that a buyer will
pay for a good or service
Value Chain - Answer✔️✔️-a network of value-creating activities (Supplier-
> Firm-> Customer)
Value Creation - Answer✔️✔️-The activities and processes that increase the
worth of a product or service.
Supplier Opportunity Cost (SOC) - Answer✔️✔️-The minimum amount of
money suppliers are willing to accept to provide the firm with the needed
resources.
economic value - Answer✔️✔️-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.
market price - Answer✔️✔️-The point where supply and demand are equal
(current price at which an asset or service can be bought or sold)
non-economic values - Answer✔️✔️-goods that do not have any price and
are unlimited in supply. Examples of non-economic goods are air, water,
sunshine, etc.
What are the primary activities in a value chain? - Answer✔️✔️-inbound
logistics, operations, outbound logistics, marketing and sales, service
What are the support activities in a value chain? - Answer✔️✔️-firm
infrastructure, human resource management, technology development,
and procurement
Domain of Interest - Answer✔️✔️-particular field of thought, activity, or
interest (sphere of knowledge)
What is an industry? - Answer✔️✔️-A distinct group of productive or profit-
making enterprises (Systematic labor especially for some useful purpose or
the creation of something of value)
What are examples of industries? - Answer✔️✔️-Education, entertainment,
consulting, oil and gas, automotive, banking, and luggage
What is a function of value creation potential? - Answer✔️✔️-Attractiveness
rivalry - Answer✔️✔️-Companies competing for the same market share
(rivals offer functionally equivalent solutions to consumer)
How do suppliers affect rivalry? - Answer✔️✔️-Suppliers provide inputs to
rivals in the same industry, and can raise or lower their prices depending
on how vital their inputs are to the industry
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