BCOR 2040 Final Review Questions and Answers (100% Pass)
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Course
BCOR
Institution
BCOR
BCOR 2040 Final Review Questions and
Answers (100% Pass)
What does VIBE stand for? - Answer️️ -Value Impact Business
Entrepreneurship
High level: conceptual (purpose of class) - Answer️️ -Primary objective of
organizations is to create and capture value, where value may be expressed
b...
BCOR 2040 Final Review Questions and
Answers (100% Pass)
What does VIBE stand for? - Answer✔️✔️-Value Impact Business
Entrepreneurship
High level: conceptual (purpose of class) - Answer✔️✔️-Primary 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) - Answer✔️✔️-Your 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 - Answer✔️✔️-the 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? - Answer✔️✔️-$600 ($500 worth of coat and
an extra $100 they didn't have to spend)
Value created - Answer✔️✔️-WTP - 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? -
Answer✔️✔️-$350 ( = $600 - $250)
Economic value is NOT the same as - Answer✔️✔️-market price & market
value
WTP drives - Answer✔️✔️-economic value
What is an industry? - Answer✔️✔️-A distinct group of productive or profit-
making enterprises
Systemic labor for creating value
What makes an industry or company attractive? - Answer✔️✔️-
Attractiveness is a function of value creation potential
Market research should be - Answer✔️✔️-an ongoing effort
3 key players in an industry or market - Answer✔️✔️-buyers, suppliers, and
rivals
3 types of battles fought by rivals - Answer✔️✔️-production, defense, and
expansion
How can innovators impact an existing industry? - Answer✔️✔️-Challenge
the status quo
Take value attributes from one industry into another
Exploit inefficiencies
Porter's Five Forces - Answer✔️✔️-Threat of New Entry
Buyer Power
Threat of Substitution
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