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BCOR 2040 Final Review Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 2040 Final Review Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 2040 Final ReviewWhat does VIBE stand for? - ANSValue Impact Business Entrepreneurship
High level: conceptual (purpose of class) - ANSPrimary 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) - ANSYour 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 - ANSthe 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? - ANS$600 ($500 worth of coat and an extra $100 they didn't have to spend)
Value created - ANSWTP - 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? - ANS$350 ( = $600 - $250)
Value Chain - ANSProduct Design
Logistics, Purchasing, Manufacturing, Distribution, and Service
Marketing & Sales
Porter's Value Chain - ANSinbound logistics, operations, outbound logistics, marketing and
sales, service
Economic Value - ANSIs a measure of the benefit provided by a good or service to an economic
agent.
Actual or perceived benefit
Market Value - ANSthe price at which something can be sold or the price that buyers are willing
to pay for something.
Price or WTP
Economic value characteristics - ANSAssumes 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 - ANSAssumes 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
Economic value is NOT the same as - ANSmarket price & market value
WTP drives - ANSeconomic value
What is an industry? - ANSA distinct group of productive or profit-making enterprises
Systemic labor for creating value
What makes an industry or company attractive? - ANSAttractiveness is a function of value
creation potential
Market research should be - ANSan ongoing effort
3 key players in an industry or market - ANSbuyers, suppliers, and rivals
3 types of battles fought by rivals - ANSproduction, defense, and expansion
How can innovators impact an existing industry? - ANSChallenge the status quo
Take value attributes from one industry into another
Exploit inefficiencies
Porter's Five Forces - ANSThreat of New Entry
Buyer Power
Threat of Substitution
Supplier Power
Competitive Rivalry
Threat of New Entry - ANSTime and cost of entry
Specialist knowledge
Economies of scale
Cost advantages
Technology protection
Barriers to entry
Buyer Power - ANSNumber of new customers
Size of each order
Competitor comparison
Price sensitivity
Ability to substitute
Cost of change
Threat of Substitution - ANSSubstitute performance
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