TMU BSM 100 Final Exam Questions with 100% Correct Answers | Updated & Verified 2024

TMU BSM 100 Final Exam Questions with 100% Correct Answers | Updated & Verified 2024 What is the first problem entrepreneurs face? - answerThe gap in the market What 4 things make a successful business? - answerTeam, Marketing, Finances, Operations Examples of a businesses external environment - answerSuppliers, Consumers, Political and Economic Issues What are three ways to make meaning in your product/service - answerIncrease the quality of life, Right a wrong- fix a problem in the world, Preventing the end of something good Business - answerany activity that provides goods and services to earn a profit Define an Entrepreneur - answerpeople who have dreams, continue to do new things- filling a gap in the market in a different way, Aware of all the opportunities Define Nature vs. Nurture - answera debate about whether human behaviour is determined by a person's genes or the environment. What are the risks entrepreneurs face? - answerThey don't seek out risks they seek out opportunities- focus on the upside of the opportunity, Rewards and risks are related, Care more about how the product should come to the market What is profit? - answerThe financial reward that comes from starting and running a business; the money that a business earns in sales- minus all expenses Role of Business - answerValue-> Profit->Wealth->Standard of Living->Quality of Life Entrepreneurship vs. Employment - answerEmployees are not responsible for any risk to the business- and can leave anytime, but Entrepreneurs are relied on and utilize their creativity for the business Value - answerThe benefits are more than the cost What are 4 qualities associated with opportunity? - answerVAULT- Value, Attractive, Unlimited Links, Timely Value proposition - answerthe set of benefits or values that a company promises to deliver to customers to satisfy their needs market research - answerThe activity of gathering information about consumers' needs and preferences. The analysis of markets to assess opportunities, and finding information to make good decisions Market Research Process - answerDefine Problem, Design Research Project, Collect Data, Analyze Data, Take Action Primary vs Secondary Data - answerprimary - up to date, expensive, can be flawed secondary - Data that's already published and available to everyone, Want to go beyond what everyone else knows, Done by experts Visible Characteristics - answerAge, race, income Invisible characteristics - answerValues, attitudes, beliefs Six Elements of Business External Environment - answerThe Economic Environment, Legal environment, Competitive Environment, Technological Environment, Social Environment, The Global Environment Crowdsourcing - answerusing expertise of people to solve a business problem Social Media marketing can... - answermake or break an organization unsurpassed value - answerValue is the gap between benefit and price, The cheapest product does not mean the best value, The key to value is