MBA 705 LSUS MCLAUGHLIN
EXAM STUDY QUESTIONS WITH
CORRECT ANSWERS
1. The segment of electronic commerce whereby businesses utilize the Internet
to solicit transactions from each other. - ANSWER Business-to-Business
(B2B):
2. The segment of electronic commerce whereby businesses utilize the Internet
to solicit transactions from consumers, also known as e-tailing. - ANSWER
Business-to-Consumer (B2C):
3. The segment of electronic commerce whereby businesses utilize the Internet
to solicit transactions from government entities. - ANSWER Business-to-
Government (B2G):
4. The simultaneous application of both electronic ("clicks") and traditional
("bricks") forms of commerce. - ANSWER Clicks and Bricks:
5. The tug of war between an industry's rivals and their suppliers is similar to
that between the rivals and their buyers. ( one or few companies, no
substitute products, not a major customer of the suppliers, etc) - ANSWER
bargaining power of SUPPLIERS
6. assumes the existence of a clear, recognizable industry. 2. model does not
take into account the fact that some firms can often take steps to modify the
industry structure, thereby increasing their prospects for profits. - ANSWER
some Limitations of Porter's Five Forces Model
,7. T/F A firm always operates in a single, distinct industry. - ANSWER F
8. T/F All industries follow the stages of the industry life cycle model. -
ANSWER F
9. T/F The likelihood that new firms will enter an industry is contingent on the
extent to which barriers to entry have been erected. - ANSWER T
10.A decline in a nation's GDP for two or more consecutive quarters is known
as __________. - ANSWER Recession
11.four categories of macro environmental forces - ANSWER (1) political-
legal, (2) economic, (3) social, and (4) technological
12.include such factors as the outcomes of elections, legislation, and judicial
court decisions, as well as the decisions rendered by various commissions
and agencies at every level of government - ANSWER Political-Legal
Forces
13.A process whereby firms are having a more difficult time distinguishing
their products and services from those of their rivals. - ANSWER
Commoditization:
14.The segment of electronic commerce whereby consumers utilize the Internet
to solicit transactions from businesses. - ANSWER Consumer-to-Business
(C2B):
15.The segment of e-commerce whereby consumers utilize the Internet to
solicit transactions from each other. - ANSWER Consumer-to-Consumer
(C2C):
,16.A society's generally accepted values, traditions, and patterns of behavior. -
ANSWER Culture:
17.Another term for B2C. - ANSWER E-tailing:
18.The decline in unit costs of a product or service that occurs as the absolute
volume of production increases. - ANSWER Economies of Scale:
19.The systematic collection and analysis of information about relevant macro
environmental trends. - ANSWER Environmental Scanning:
20.When one party has information that another does not. - ANSWER
Information Asymmetry:
21.When all parties to a transaction share the same information concerning that
transaction. - ANSWER Information Symmetry:
22.The ability to individualize product and service offerings to meet specific
buyer needs - ANSWER Mass Customization:
23.Transactions conducted in an entirely wireless environment, such as using a
smartphone to both purchase and download an airline ticket or piece of
music. - ANSWER Mobile Commerce (M-Commerce):
24.Contracting out a firm's noncore, non-revenue-producing activities to other
organizations primarily to reduce costs. - ANSWER Outsourcing:
, 25.Contractual relationships with enterprises outside the organization. -
ANSWER Partnerships:
26.The unconscious reference to one's own cultural values as a standard of
judgment. - ANSWER Self-Reference Criterion:
27.Concepts and beliefs that members of a society tend to hold in high esteem. -
ANSWER Societal Values:
28.T/F In many respects, social forces are the drivers of consumer markets. -
ANSWER True
29.T/F The expansion of a religion in an emerging country is an example of a
social force. - ANSWER True
30.T/F The unconscious reference to one's own cultural values as a standard of
judgment is known as cultural bias. - ANSWER False (this is self reference
criterion)
31.T/F Commoditization refers to the ability to individualize product and
service offerings to meet specific buyer needs. - ANSWER False
32.T/F Reading business publications can serve as a means of environmental
scanning. - ANSWER True
33.T/F Environmental scanning can be difficult for large firms because of the
availability of too much information. - ANSWER True
34.Which of the following is not an example of a social force?
EXAM STUDY QUESTIONS WITH
CORRECT ANSWERS
1. The segment of electronic commerce whereby businesses utilize the Internet
to solicit transactions from each other. - ANSWER Business-to-Business
(B2B):
2. The segment of electronic commerce whereby businesses utilize the Internet
to solicit transactions from consumers, also known as e-tailing. - ANSWER
Business-to-Consumer (B2C):
3. The segment of electronic commerce whereby businesses utilize the Internet
to solicit transactions from government entities. - ANSWER Business-to-
Government (B2G):
4. The simultaneous application of both electronic ("clicks") and traditional
("bricks") forms of commerce. - ANSWER Clicks and Bricks:
5. The tug of war between an industry's rivals and their suppliers is similar to
that between the rivals and their buyers. ( one or few companies, no
substitute products, not a major customer of the suppliers, etc) - ANSWER
bargaining power of SUPPLIERS
6. assumes the existence of a clear, recognizable industry. 2. model does not
take into account the fact that some firms can often take steps to modify the
industry structure, thereby increasing their prospects for profits. - ANSWER
some Limitations of Porter's Five Forces Model
,7. T/F A firm always operates in a single, distinct industry. - ANSWER F
8. T/F All industries follow the stages of the industry life cycle model. -
ANSWER F
9. T/F The likelihood that new firms will enter an industry is contingent on the
extent to which barriers to entry have been erected. - ANSWER T
10.A decline in a nation's GDP for two or more consecutive quarters is known
as __________. - ANSWER Recession
11.four categories of macro environmental forces - ANSWER (1) political-
legal, (2) economic, (3) social, and (4) technological
12.include such factors as the outcomes of elections, legislation, and judicial
court decisions, as well as the decisions rendered by various commissions
and agencies at every level of government - ANSWER Political-Legal
Forces
13.A process whereby firms are having a more difficult time distinguishing
their products and services from those of their rivals. - ANSWER
Commoditization:
14.The segment of electronic commerce whereby consumers utilize the Internet
to solicit transactions from businesses. - ANSWER Consumer-to-Business
(C2B):
15.The segment of e-commerce whereby consumers utilize the Internet to
solicit transactions from each other. - ANSWER Consumer-to-Consumer
(C2C):
,16.A society's generally accepted values, traditions, and patterns of behavior. -
ANSWER Culture:
17.Another term for B2C. - ANSWER E-tailing:
18.The decline in unit costs of a product or service that occurs as the absolute
volume of production increases. - ANSWER Economies of Scale:
19.The systematic collection and analysis of information about relevant macro
environmental trends. - ANSWER Environmental Scanning:
20.When one party has information that another does not. - ANSWER
Information Asymmetry:
21.When all parties to a transaction share the same information concerning that
transaction. - ANSWER Information Symmetry:
22.The ability to individualize product and service offerings to meet specific
buyer needs - ANSWER Mass Customization:
23.Transactions conducted in an entirely wireless environment, such as using a
smartphone to both purchase and download an airline ticket or piece of
music. - ANSWER Mobile Commerce (M-Commerce):
24.Contracting out a firm's noncore, non-revenue-producing activities to other
organizations primarily to reduce costs. - ANSWER Outsourcing:
, 25.Contractual relationships with enterprises outside the organization. -
ANSWER Partnerships:
26.The unconscious reference to one's own cultural values as a standard of
judgment. - ANSWER Self-Reference Criterion:
27.Concepts and beliefs that members of a society tend to hold in high esteem. -
ANSWER Societal Values:
28.T/F In many respects, social forces are the drivers of consumer markets. -
ANSWER True
29.T/F The expansion of a religion in an emerging country is an example of a
social force. - ANSWER True
30.T/F The unconscious reference to one's own cultural values as a standard of
judgment is known as cultural bias. - ANSWER False (this is self reference
criterion)
31.T/F Commoditization refers to the ability to individualize product and
service offerings to meet specific buyer needs. - ANSWER False
32.T/F Reading business publications can serve as a means of environmental
scanning. - ANSWER True
33.T/F Environmental scanning can be difficult for large firms because of the
availability of too much information. - ANSWER True
34.Which of the following is not an example of a social force?
