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BSM 100 Final Exam TMU, Questions and Answers Latest Updated
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BSM 100 Final Exam TMU
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BSM 100 Final Exam TMUWhat is the first problem entrepreneurs face? - answerThe gap in the market
What 4 things make a successful business? - answerTeam, Marketing, Finances, Operations
Examples of a businesses external environment - answerSuppliers, Consumers, Political and Economic Issues
What are three ways to make meaning in your product/service - answerIncrease the quality of life, Right a wrong- fix a problem in the world, Preventing the end of something
good
Business - answerany activity that provides goods and services to earn a profit
Define an Entrepreneur - answerpeople who have dreams, continue to do new things- filling a gap in the market in a different way, Aware of all the opportunities
Define Nature vs. Nurture - answera debate about whether human behaviour is determined by a person's genes or the environment.
What are the risks entrepreneurs face? - answerThey don't seek out risks they seek out opportunities- focus on the upside of the opportunity, Rewards and risks are related, Care more about how the product should come to the market
What is profit? - answerThe financial reward that comes from starting and running a business; the money that a business earns in sales- minus all expenses
Role of Business - answerValue-> Profit->Wealth->Standard of Living->Quality of Life
Entrepreneurship vs. Employment - answerEmployees are not responsible for any risk to the business- and can leave anytime, but Entrepreneurs are relied on
and utilize their creativity for the business
Value - answerThe benefits are more than the cost What are 4 qualities associated with opportunity? - answerVAULT- Value, Attractive, Unlimited Links, Timely
Value proposition - answerthe set of benefits or values that a company promises to deliver to customers to satisfy their needs
market research - answerThe activity of gathering information about consumers' needs and preferences. The analysis of markets to assess opportunities, and finding information to make good decisions
Market Research Process - answerDefine Problem, Design Research Project, Collect Data, Analyze Data, Take Action
Primary vs Secondary Data - answerprimary - up to date, expensive, can be flawed secondary - Data that's already published and available to everyone, Want to go beyond
what everyone else knows, Done by experts
Visible Characteristics - answerAge, race, income
Invisible characteristics - answerValues, attitudes, beliefs
Six Elements of Business External Environment - answerThe Economic Environment, Legal environment, Competitive Environment, Technological Environment, Social Environment, The Global Environment
Crowdsourcing - answerusing expertise of people to solve a business problem
Social Media marketing can... - answermake or break an organization
unsurpassed value - answerValue is the gap between benefit and price, The cheapest product does not mean the best value, The key to value is quality
Socialism - answerThe government controls many enterprises; higher taxes designed to
redistribute wealth
Communism Pros - answerRights to basic education, and access to basic health care
Communism Definition - answerPublic ownership of all enterprise; strong central government
The governments role in business? - answerThe government is the major player- an active role to support businesses and ensure economic growth
They set economic policies- protect the consumers, rules to make sure they get what they pay for
New business support - answerOffer lower taxes and loans for new businesses
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