BSM 100 Final Exam TMU Questions and Answers

BSM 100 Final Exam TMU Questions and Answers What is the first problem entrepreneurs face? -Answer-The gap in the market What 4 things make a successful business? -Answer-Team, Marketing, Finances, Operations Examples of a businesses external environment -Answer-Suppliers, Consumers, Political and Economic Issues What are three ways to make meaning in your product/service -Answer-Increase the quality of life, Right a wrong- fix a problem in the world, Preventing the end of something good Business -Answer-any activity that provides goods and services to earn a profit Define an Entrepreneur -Answer-people 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 -Answer-a debate about whether human behaviour is determined by a person's genes or the environment. What are the risks entrepreneurs face? -Answer-They 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? -Answer-The financial reward that comes from starting and running a business; the money that a business earns in sales- minus all expenses Role of Business -Answer-Value-> Profit->Wealth->Standard of Living->Quality of Life Entrepreneurship vs. Employment -Answer-Employees 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 -Answer-The benefits are more than the cost What are 4 qualities associated with opportunity? -Answer-VAULT- Value, Attractive, Unlimited Links, Timely Value proposition -Answer-the set of benefits or values that a company promises to deliver to customers to satisfy their needs market research -Answer-The 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 -Answer-Define Problem, Design Research Project, Collect Data, Analyze Data, Take Action Primary vs Secondary Data -Answer-primary - 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 -Answer-Age, race, income Invisible characteristics -Answer-Values, attitudes, beliefs Six Elements of Business External Environment -Answer-The Economic Environment, Legal environment, Competitive Environment, Technological Environment, Social Environment, The Global Environment Crowdsourcing -Answer-using expertise of people to solve a business problem Social Media marketing can... -Answer-make or break an organization unsurpassed value -Answer-Value is the gap between benefit and price, The cheapest product does not mean the best value, The key to value is quality