BCOR 2304 Study Guide QUESTIONS AND CORRECT
ANSWERS (VERIFIED AND WELL DETAILED
ANSWERS) LATEST UPDATE 2024/2025
Restrictions imposed by the government, such as export quotas on certain products, are a part
of the _______ environment of the PESTEL framework.
ecological
sociocultural
economic
political - ✔✔political
EZ Electronics Inc., Neo Digital Inc., and Techno Products Corp. are all companies that
manufacture and sell consumer electronics. They procure their component parts from a similar
set of suppliers in China and sell the final product to customers with similar needs. Thus, the
three companies together are a part of a(n)
plant.
occupational group.
industry.
focus group. - ✔✔industry
Which of the following statements about the five forces in the U.S. airline industry is true?
The combination of the competitive forces leads to collusion among existing airlines.
The competitive forces taken together are quite unfavorable for generating a profit potential in
the airline industry.
Entry barriers in the airline industry are relatively high because of the high costs involved.
Substitutes are not readily available since customers cannot use other means of transport. -
✔✔The competitive forces taken together are quite unfavorable for generating a profit
potential in the airline industry.
,Which of the following firms most likely has the lowest bargaining power as a buyer?
a government agency that buys large quantities of cement from a private supplier
a fast food chain that has multiple suppliers for processed meat
an automobile company that can backwardly integrate to produce its own component parts
a cell phone company that requires highly customized software for its phones - ✔✔a cell
phone company that requires highly customized software for its phones
A consolidated industry turns into a fragmented industry when
firms reduce competition within the industry through mergers and acquisitions.
restrictive government policies are introduced in the industry.
technological advances lead to industry convergence.
network effects enjoyed by incumbent firms within the industry become stronger. -
✔✔restrictive government policies are introduced in the industry.
When resources are limited, the entrepreneur can offer a lawyer stock in exchange for legal
services.
False
True - ✔✔True
The most commonly issued type of patent is the plant patent.
True
False - ✔✔False
A utility patent grants the owner protection from anyone else making, using, and/or selling the
identified invention and generally reflects protection of new, useful, and unobvious processes.
False
True - ✔✔True
, To apply for a trademark:
the mark must actually have been used on goods.
intent to use the mark is required.
the mark must have been used on goods that are already traded.
the mark must be copyrighted. - ✔✔intent to use the mark is required.
Which of the following is a contract that grants the owner protection, based on the appearance
of an object?
Disclosure document
Utility patent
Design patent
Plant patent - ✔✔Design patent
Which of the following will most likely be considered as an automobile company's core
competency?
the company's ability to follow federal laws just like its competitors
the company's ability to manufacture cars at a cost that is average in the industry
the company's ability to start distributing its cars in areas where a competitor is the market
leader
the company's ability to make its cars more fuel efficient than most of its competitors -
✔✔the company's ability to make its cars more fuel efficient than most of its competitors
Which of the following is an example of a firm's capabilities?
routine activities performed in the firm, like physical delivery of products
specific tasks involved in the invoicing of customers
skills involved in training and managing a workforce
assets such as plant and machinery owned by the firm - ✔✔skills involved in training and
managing a workforce
ANSWERS (VERIFIED AND WELL DETAILED
ANSWERS) LATEST UPDATE 2024/2025
Restrictions imposed by the government, such as export quotas on certain products, are a part
of the _______ environment of the PESTEL framework.
ecological
sociocultural
economic
political - ✔✔political
EZ Electronics Inc., Neo Digital Inc., and Techno Products Corp. are all companies that
manufacture and sell consumer electronics. They procure their component parts from a similar
set of suppliers in China and sell the final product to customers with similar needs. Thus, the
three companies together are a part of a(n)
plant.
occupational group.
industry.
focus group. - ✔✔industry
Which of the following statements about the five forces in the U.S. airline industry is true?
The combination of the competitive forces leads to collusion among existing airlines.
The competitive forces taken together are quite unfavorable for generating a profit potential in
the airline industry.
Entry barriers in the airline industry are relatively high because of the high costs involved.
Substitutes are not readily available since customers cannot use other means of transport. -
✔✔The competitive forces taken together are quite unfavorable for generating a profit
potential in the airline industry.
,Which of the following firms most likely has the lowest bargaining power as a buyer?
a government agency that buys large quantities of cement from a private supplier
a fast food chain that has multiple suppliers for processed meat
an automobile company that can backwardly integrate to produce its own component parts
a cell phone company that requires highly customized software for its phones - ✔✔a cell
phone company that requires highly customized software for its phones
A consolidated industry turns into a fragmented industry when
firms reduce competition within the industry through mergers and acquisitions.
restrictive government policies are introduced in the industry.
technological advances lead to industry convergence.
network effects enjoyed by incumbent firms within the industry become stronger. -
✔✔restrictive government policies are introduced in the industry.
When resources are limited, the entrepreneur can offer a lawyer stock in exchange for legal
services.
False
True - ✔✔True
The most commonly issued type of patent is the plant patent.
True
False - ✔✔False
A utility patent grants the owner protection from anyone else making, using, and/or selling the
identified invention and generally reflects protection of new, useful, and unobvious processes.
False
True - ✔✔True
, To apply for a trademark:
the mark must actually have been used on goods.
intent to use the mark is required.
the mark must have been used on goods that are already traded.
the mark must be copyrighted. - ✔✔intent to use the mark is required.
Which of the following is a contract that grants the owner protection, based on the appearance
of an object?
Disclosure document
Utility patent
Design patent
Plant patent - ✔✔Design patent
Which of the following will most likely be considered as an automobile company's core
competency?
the company's ability to follow federal laws just like its competitors
the company's ability to manufacture cars at a cost that is average in the industry
the company's ability to start distributing its cars in areas where a competitor is the market
leader
the company's ability to make its cars more fuel efficient than most of its competitors -
✔✔the company's ability to make its cars more fuel efficient than most of its competitors
Which of the following is an example of a firm's capabilities?
routine activities performed in the firm, like physical delivery of products
specific tasks involved in the invoicing of customers
skills involved in training and managing a workforce
assets such as plant and machinery owned by the firm - ✔✔skills involved in training and
managing a workforce
