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BUS 201 comprehensive exam 155 Questions and Answers.

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BUS 201 comprehensive exam 155 Questions and Answers.

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  • August 2, 2024
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BUS 201 comprehensive exam 155 Questions
and Answers.
what are 5 factors of production -

✅natural resources, labor, capital, entrepreneurship and knowledge



what is capital as a factor of production -

✅machinery or equipment



what are the six steps in the supply chain -

✅1. raw material 2. processing 3.producers 4. wholesalers/ distributers 5. retailer 6. end consumer



what are buisness products -

✅products meant to run a buisness can be anything from Coffee machines to machines



what are the four different types of products -

✅unsought, convenience, shopping and specialty



What are unsought products? -

✅unplanned products like life insurance



What are convenience products? -

✅items that the consumer purchase with little thought like soda



What are shopping products? -

✅items that require more thought like a house



what are specialty products -

✅items that require lots of thought and research like a specialty sports car

,what are 6 types of buisness products -

✅installations, accessories, component parts and materials, raw materials, supplies, services



what is the difference between component parts and raw material in terms of buisness products -

✅component parts are material that have already gone through production like fabric where raw
material have gone through little to no production



what is the difference between accessories and supplies in terms of buisness products -

✅accessories hold more value like computers and supplies are things like pencils



what are 6 types of businesses -

✅sole proprietorship, partnership, corporations, cooperatives, joint venture and franchise



what is the difference between a public and private corporation -

✅public have many shareholders and private only have a few



what is a cooperative -

✅a buisness that is owned by members like vanity



What is a joint venture? -

✅2 or more companies join to complete a project



what five steps are necessary to incorporate a company -

✅Selecting the company's name,

Writing the articles of incorporation,

Paying required fees and taxes,

Holding an organizational meeting,

Adopting bylaws, electing directors, and passing the first operating resolutions



what are four management functions -

✅planning (identify problems), leading( allocate resources), organizing(organize plan),
controlling(identify and evaluate results)

, what are 4 characteristics of money -

✅scarcity, durability, portability, divisability



what is the difference between a new product and a line expansion -

✅A new product is an original idea for the company where a line extension is expanding on a
product like cherry pepsi



6 steps to establish new products -

✅1. set new product goals

2.Develop new ideas

3.Screen ideas and concepts

4.Develop the concept

5.est market

6.Introduce the product



what is the product manager in charge of -

✅Product manager is in charge completing a strategy to market a product



what are the four steps of a product lifestyle -

✅1.Introduction (establish)

2.Growth (advertise)

3.Maturity (modify to remain needed)

4.Decline (maintian sales)



in what step of the product lifestyle do products peak -

✅maturity



what are the 4 distribution channels and what do they do(marketing intermediaries) -

✅Agents and brokers(bring buyers and sellers together)

Industrial distributors(Independent wholesalers that sell to industrial users)

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