BUSMHR 2292 Learning Assessment #1 Questions and Answers with complete solution
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Course
BUSMHR 2292 Learning Assessment
Institution
BUSMHR 2292 Learning Assessment
Sole Proprietorship - ️️Most common and simplest. Owned and managed by one
person. Can have full or part time employees. Often home based. Own all assets and
profits (or losses)/ assume complete responsibility for business liabilities and debts.
Single taxation (file earnings or losses on pe...
BUSMHR 2292 Learning Assessment #1
Sole Proprietorship - ✔️✔️Most common and simplest. Owned and managed by one
person. Can have full or part time employees. Often home based. Own all assets and
profits (or losses)/ assume complete responsibility for business liabilities and debts.
Single taxation (file earnings or losses on personal tax return). Comprise over 70% of all
the nation's businesses.
Weaknesses - ✔️✔️core competencies and company capabilities that are inferior to
the competition. Firms should strive to improve their capabilities in areas that are
important to and valuable to their customers and in areas in which they face a
significant disadvantage to their competition.
.
Opportunities - ✔️✔️summarizes favorable trends and developments in the external
environment which may lead to higher sales or profits or which may open doors to new
business opportunities. While the firm can't always affect these externalities, it can take
advantage of them to move the business forward
Threats - ✔️✔️summarizes unfavorable trends and developments in the external
environment which threaten sales or profit or preclude the firm from pursuing new
business opportunities. While the firm can't always affect these externalities, it can
change strategies to avoid the negative effects of them
Strengths - ✔️✔️describe the unique resources or circumstances that can be used to
take advantage of opportunities. Strengths are core competencies and company
capabilities that are superior to the competition
Economics - ✔️✔️the study of the production, distribution, and consumption of goods
and services. Resources may include: land, labor, capital, entrepreneurs, and
knowledge
Economic System - ✔️✔️The means by which countries and governments distribute
resources and trade goods and services.
Perfect competition - ✔️✔️Many consumers and sellers, standardized products, no one
is big enough to influence price and everyone accepts the going price.
Monopolistic Competition - ✔️✔️Many sellers sell differentiated products and have
limited control over pricing.
, SWOT analysis - ✔️✔️the pattern of decisions in a company that determines and
reveals its objectives, purposes, or goals, produces the principal policies and plans for
achieving those goals, and defines the range of business the company is to pursue.
Purpose: to understand how internal conditions contribute to your organization's
strengths and weaknesses and how external conditions exist as opportunities and
threats to your business model. The goal of a SWOT is not just to develop a laundry list
of data but to be able to cull down and pinpoint the most significant, pressing,
strategically important internal and external conditions facing your business
Oligopoly - ✔️✔️Several powerful players in the market with barriers to entry. They
have more control over price, yet must keep their competitors in mind.
Monopoly - ✔️✔️Single seller in the market, controls price.
Natural Monopoly - ✔️✔️Utilities
Legal Monopoly - ✔️✔️Patents
Planned economy - ✔️✔️a system in which the government decides how the factors of
production are used.
Market economy - ✔️✔️a system in which people decide how to utilize the factors of
production.
Mixed economic system - ✔️✔️a combination of both market and planned economic
systems.
Gross domestic product - ✔️✔️Sum of all production in an economy
Unemployment - ✔️✔️Has gone from 3-10% for the last many years
U 3 Unemployment - ✔️✔️How many people are unemployed
Apostle - ✔️✔️super loyal, super satisfied; will talk up the brand and only buy those
products
Loyalist - ✔️✔️people who are loyal to the brand, but maybe keep it to themselves
Mercenaries - ✔️✔️people who are just going after the best price
Hostages - ✔️✔️cable companies, not satisfied but can't leade
Defectors - ✔️✔️was happy with a brand, but left and went somewhere else
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