ADMN 400 Final Exam Questions With 100% Correct Answers

ADMN 400 Final Exam Questions With 100% Correct Answers what is a business? - answeran organization that provides goods or services to earn a profit not-for-profit business - answerexist for a social purpose (i.e. environmental preservation, mental health, decreasing homelessness) what are the roles/impacts of business on society - answer1. Employment 2. Production of the goods and services that we want and need 3. Innovation of new goods/services that we don't know we want/need 4. OVERALL (profit and non-profit): influence an economy's standard of living (higher output=higher standard of living) Distinctive Competency - answercore skills and practices that increase the competitiveness of an organization and make it different from its competitors 2 categories of distinctive competencies - answer1. New niche in an established market 2. New market Product ecosystem (an emerging distinctive competency) - answera set of products that are used complementary to one another (ex: smart home devices) Corporate Social Responsibility - answerthe overall way in which a business attempts to balance its commitments to relevant groups and individuals in society (to its organizational stakeholders) while making decisions Who are organizational stakeholders? - answercustomers, employees, owners/investors, local (and global) community, suppliers What are ethics? - answerguding principles that determine whats GOOD vs BAD or RIGHT vs WRONG How does social responsibility relate to ethics? - answersocial responsibility is the practical application of ethical concerns for the benefit of society CSR determines what is allowable and what is not The Four Dimensions of CSR - answer The Friedman Doctrine (1970) - answerMain argument: A company has no social responsibility to the public or society; its only responsibility is to its shareholders The 5 P's of the Marketing Mix - answerProduct, Pricing, Place (Distribution), Promotion, People Target Marketing - answerparticular group of people or organizations on which one's marketing efforts are focused Market Segmentation - answerprocess of dividing a market into categories of customer types/segments with similar interests, wants, and needs Product Positioning - answerthe process of fixing, adapting, and communicating the nature of the product Competitive Advantage - answera set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition 3 Types of Competitive Advantage - answerCost - maintain profit margin at lower costs Product/Service Differentiation - includes brand names, image, product reliability, service quality, etc. Niche - Serving a specific segment of the population (and doing so really well) Identifying Market Segments - answerGeographic - where they live (neighborhoods, countries, etc.) Demographic - Age, income, gender, martial status, etc.