BUS 303 SAYLOR EXAM (ACTUAL) 2024 QUESTIONS AND ANSWERS

BUS 303 SAYLOR EXAM (ACTUAL) Use what you have learned about Port er's Five Forces to describe industry competition and attractiveness within the movie rental market. - ANSWERS -the intensity of rivalry among existing competitors; the potential for new entrants to challenge incumbents; the threat posed by substitute produ cts or services; the power of buyers; and the power of suppliers. In terms of Porter's Five Forces, how has the Internet affected price transparency in the movie rental industry? - ANSWERS -Customers have more information than ever before. They are able to compare prices and determine the low -cost leader with minimal effort. The Internet has increased buyer power by increasing price transparency. Value chain - ANSWERS -The primary components are as follows: Inbound logistics: getting needed materials and o ther inputs into the firm from suppliers Operations: turning inputs into products or services Outbound logistics: delivering products or services to consumers, distribution centers, retailers, or other partners Marketing and sales: customer engagement, pricing, promotion, transaction Support: service, maintenance, and customer support The secondary components are: Firm infrastructure: functions that support the whole firm, including general management, planning, IS, and finance Human resource management: recruiting, hiring, training, and development Technology/research and development: new product and process design Procurement: sourcing and purchasing functions. Target Markets - ANSWERS -groups of customers they want to reach when they are developing their value propositions Strategic Planning - ANSWERS -Internal / External Environment -> Mission -> Objectives -> Value Proposition Situation Analysis - ANSWERS -A situation analysis involves analyzing both the external (macro and micro factors outside the organization) and the internal (company) environments. Internal Environment - ANSWERS -The firm's environment —such as its financial resources, technological resources, and the capabilities of its personnel and the ir performance External Environment - ANSWERS -Involves tracking conditions in the macro and micro marketplace that, although largely uncontrollable, affect the way an organization does business. Micro External Environment - ANSWERS -The micro environment includes competition, suppliers, marketing intermediaries (retailers, wholesalers), the public, the company, and customers. Macro External Environment - ANSWERS -The macro environment includes economic factors, demographic trends, cultural and social trend s, political and legal regulations, technological changes, and the price and availability of natural resources. Competitive Environment - ANSWERS -All organizations must consider their competition, whether it is direct or indirect competition vying for the consumer's dollar. Direct Competitors Sherman Act (1890) - ANSWERS -Prohibits U.S. firms from restraining trade by creating monopolies and cartels. Information System - ANSWE RS-An integrated and cooperating set of software directed information technologies supporting individual, group, organizational, or societal goals.