X100 EXAM 1 STUDY GUIDE
QUESTIONS AND ANSWERS
The.learning.styles.-.ans✔-
Visual:.different.formats,.space,.graphs,.charts,.diagrams,.maps,.interesting.layouts.and.pl
ans.
-Aural:.listening,.discussing,.talking,.questioning,.recalling
-Read/
Write:.lists,.notes,.handouts,.print,.and.text.in.all.its.formats.and.whether.on.screens.or.on.p
aper.
-
Kinesthetic:.senses,.practical.exercises,.experiences,.examples,.case.studies,.trial.and.er
ror.
What.is.a.learning.style?.-.ans✔A.learning.style.pertains.to.how.a.student.takes.informatio
n.in
Why.it.is.important.to.know.your.learning.style?.-.ans✔It.is.important.to.know.your.learning.
style.because.it.will.help.you.be.more.efficient.in.your.studies
Behaving.like.a.professional.-.ans✔-Make.good.impressions
-Focus.on.good.grooming
-Be.on.time
-Practice.considerate.behavior
-Practicing.good.email.and.text.etiquette
-Practice.good.cell.phone.manners
-Make.safe.posts.on.social.media
-Be.prepared
-Learn.local.customs
Writing.a.professional.and.professionally.courteous.message.-.ans✔When.writing.a.profes
sional.message,.make.sure.to.use.proper.etiquette..The.book.hammers.this.because.in.the
.business.word,.it.is.important.that.you.establish.credibility.to.those.around.you..For.examp
le,.Dr..Andrews.has.established.a.rule.for.when.we.email.or.talk.to.others.
"Hello.Everyone,"."Dear.Dr..Andrews,"."Best.Regards,"
, Business.Stakeholders.and.how.the.focus.on.unique.groups.of.stakeholders.has.changed.
over.the.decades.-.ans✔Business.leaders.nowadays.will.try.to.recognize.the.most.influenti
al.stakeholders.to.their.business.and.respond.to.their.needs.while.still.making.a.profit
Stakeholders.
(definition).-.ans✔A.stakeholder.is.all.the.people.who.stand.to.gain.or.lose.by.the.policies.a
nd.activities.of.a.business.
Stakeholders.can.include.investors,.employees,.customers,.suppliers,.etc.
Shareholders.(definition).-.ans✔A.shareholder.is.a.person.who.owns.shares.in.a.company
Someone.that.owns.stock.in.a.company.is.an.example.of.a.shareholder
What.stakeholders.expect.of.businesses.today.-.ans✔Stakeholders.expect.businesses.to.
respond.to.the.needs.of.communities.in.which.they.exist
Factors.of.production.-.ans✔Resources.used.to.create.wealth:.land,.labour,.capital.goods,.
entrepreneurship,.knowledge
Environmental.scanning.-.ans✔Involves.research.into,.and.monitoring.of,.different.environ
ments.that.affect.business
Monopolistic.
(definition.and.strategies).-.ans✔many.buyers.and.many.sellers,.similar.products.
(substitutes)
-Strategy:.Each.seller.seeks.to.find.ways.to.diff..it's.products.from.those.of.competitors.
Monopoly.
(definition.and.strategies).-.ans✔One.seller,.high.barriers.to.entry,.no.close.substitutes.
-
Strategy:.Sell.and.provide.good.services.w/
o.gouging.otherwise.buyers.will.complain.and.scrutiny.regarding."fairness".will.increase.
Oligopoly.
(definition.and.strategies).-.ans✔a.few.large.sellers.of.close.substitutes,.high.barriers.to.en
try,.actions.of.one.seller.can.affect.sales.and.prices.of.competitors..
-Strategy:.Distinguish.product.through.diff..attributes.and.match.prices.of.competitors.
Perfect.Competition.
(definition.and.strategies).-.ans✔Many.buyers.and.many.sellers.all.dealing.in.an.identical.p
roduct..Neither.producer.nor.user.has.any.market.power.and.both.must.accept.the.prevaili
ng.market.price.
-Strategy:.minimize.production.cost.to.be.able.to.offer.lowest.price.
Porter's.Five.Forces.Model.-.ans✔1..Threat.of.new.entrants
2..Threat.of.substitutes
3..Bargaining.power.of.suppliers
QUESTIONS AND ANSWERS
The.learning.styles.-.ans✔-
Visual:.different.formats,.space,.graphs,.charts,.diagrams,.maps,.interesting.layouts.and.pl
ans.
-Aural:.listening,.discussing,.talking,.questioning,.recalling
-Read/
Write:.lists,.notes,.handouts,.print,.and.text.in.all.its.formats.and.whether.on.screens.or.on.p
aper.
-
Kinesthetic:.senses,.practical.exercises,.experiences,.examples,.case.studies,.trial.and.er
ror.
What.is.a.learning.style?.-.ans✔A.learning.style.pertains.to.how.a.student.takes.informatio
n.in
Why.it.is.important.to.know.your.learning.style?.-.ans✔It.is.important.to.know.your.learning.
style.because.it.will.help.you.be.more.efficient.in.your.studies
Behaving.like.a.professional.-.ans✔-Make.good.impressions
-Focus.on.good.grooming
-Be.on.time
-Practice.considerate.behavior
-Practicing.good.email.and.text.etiquette
-Practice.good.cell.phone.manners
-Make.safe.posts.on.social.media
-Be.prepared
-Learn.local.customs
Writing.a.professional.and.professionally.courteous.message.-.ans✔When.writing.a.profes
sional.message,.make.sure.to.use.proper.etiquette..The.book.hammers.this.because.in.the
.business.word,.it.is.important.that.you.establish.credibility.to.those.around.you..For.examp
le,.Dr..Andrews.has.established.a.rule.for.when.we.email.or.talk.to.others.
"Hello.Everyone,"."Dear.Dr..Andrews,"."Best.Regards,"
, Business.Stakeholders.and.how.the.focus.on.unique.groups.of.stakeholders.has.changed.
over.the.decades.-.ans✔Business.leaders.nowadays.will.try.to.recognize.the.most.influenti
al.stakeholders.to.their.business.and.respond.to.their.needs.while.still.making.a.profit
Stakeholders.
(definition).-.ans✔A.stakeholder.is.all.the.people.who.stand.to.gain.or.lose.by.the.policies.a
nd.activities.of.a.business.
Stakeholders.can.include.investors,.employees,.customers,.suppliers,.etc.
Shareholders.(definition).-.ans✔A.shareholder.is.a.person.who.owns.shares.in.a.company
Someone.that.owns.stock.in.a.company.is.an.example.of.a.shareholder
What.stakeholders.expect.of.businesses.today.-.ans✔Stakeholders.expect.businesses.to.
respond.to.the.needs.of.communities.in.which.they.exist
Factors.of.production.-.ans✔Resources.used.to.create.wealth:.land,.labour,.capital.goods,.
entrepreneurship,.knowledge
Environmental.scanning.-.ans✔Involves.research.into,.and.monitoring.of,.different.environ
ments.that.affect.business
Monopolistic.
(definition.and.strategies).-.ans✔many.buyers.and.many.sellers,.similar.products.
(substitutes)
-Strategy:.Each.seller.seeks.to.find.ways.to.diff..it's.products.from.those.of.competitors.
Monopoly.
(definition.and.strategies).-.ans✔One.seller,.high.barriers.to.entry,.no.close.substitutes.
-
Strategy:.Sell.and.provide.good.services.w/
o.gouging.otherwise.buyers.will.complain.and.scrutiny.regarding."fairness".will.increase.
Oligopoly.
(definition.and.strategies).-.ans✔a.few.large.sellers.of.close.substitutes,.high.barriers.to.en
try,.actions.of.one.seller.can.affect.sales.and.prices.of.competitors..
-Strategy:.Distinguish.product.through.diff..attributes.and.match.prices.of.competitors.
Perfect.Competition.
(definition.and.strategies).-.ans✔Many.buyers.and.many.sellers.all.dealing.in.an.identical.p
roduct..Neither.producer.nor.user.has.any.market.power.and.both.must.accept.the.prevaili
ng.market.price.
-Strategy:.minimize.production.cost.to.be.able.to.offer.lowest.price.
Porter's.Five.Forces.Model.-.ans✔1..Threat.of.new.entrants
2..Threat.of.substitutes
3..Bargaining.power.of.suppliers
