BCOR Study guides, Class notes & Summaries

BCOR 350 Assignment 1 & 2 (2022/2023) (Verified Answers) Which of the following is NOT considered a competitive to OutBound? Answers: Target Macy's Nordstrom Sears All of the above are not competitors to OutBound All of the above are not competitors to OutBound Outbound's promotional strategy can be characterized as: Creating differentiation Base on the marketing plan, how is the target market described? Demographically

Organization A systematic arrangement of people to accomplish some specific purpose Why do we have organizations? -efficiency; to accomplish specific objectives -serve society -provide careers How do organizations accomplish their objectives? -Basic framework of management -Decision Making Basic Framework of Management -Planning -Organizing -Leading -Controlling Management The process of achieving goals, effectively and efficiently through, and with other people

Strategic Management integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors plan, ploy, pattern, position, perspective 5 P's of Strategy plan consciously intended course of action to deal with a situation ploy specific "maneuver" intended to outwit a competitor

What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives; prices can constantly adapt and update in response to new inf...

the main economic questions (rational economic problem) 1. What product am I making 2. who is going to make it 3. who gets the product scarcity is either... real or articficial hayek believed that knowledge is incomplete, prices are the signals, decision making must be decentralized Hayeks view on markets markets are a systematic process that allows us to pool knowledge hayek thinks economic problems arise due to ... change

How does culture influence communication? it provides a framework that shapes the messages you send and receive everyday High context cultures gather subtle information from facial expressions, vocal cues, and even silence in interpreting messages Low context cultures rely on language and meanings of words Individualistic cultures value their own interests more than the group Collectivist cultures

Which of the following is a framework for evaluating environmental factors for companies? PESTLE Who said " If a first idea is not absurd, there is no hope for it"? Albert Einstein Choose the correct order for the creative process as taught in class search, collision, decision, trial Committing significant resources to top concepts happens at what phase of the creative process? Trial Bringing people and/or ideas together happens at what stage in the creative process? Collision

Marketing definition Marketing is the activity or creating, communication, delivering, and exchanging offerings that have utility (value) for customers, and these exchanges benefit the organization, its stakeholders, and society at large What is marketing? facilitates exchanges between buyers and sellers to create value by using tools provided in the 4 P's Controllable factors in the marketing mix (4 P's) Product: good or service that satisfies a need (an idea can also be marketed) Pric...

Which category of analytics will knowledge workers use to perform their jobs? All answers are correct: Descriptive analytics techniques that describe past performance and history. Predictive analytics techniques that extract information from data and use it to predict future trends and identify behavioral patterns. Prescriptive analytics techniques that create models indicating the best decision to make or course of action to take. Which of the following refers to applications and technol...

BCOR 2205 Final Exam Review Already Passed Internet of Things (IoT) A world where interconnected, internet-enabled devices or "things" have the ability to collect and share data without human intervention. Data Raw facts that describe the characteristics of an event or object. Information Data converted into a meaningful and useful context. I.E. Best selling product, best customer Business Intelligence Information collected from multiple sources that analyze patterns, trends, and relat...