BUSI 1301 - The Final Exam Study Guide - Fall 2023
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Final Exam - Study Guide Fall 2023 - BUSI 1301
Study Guide Directions o
Know the Meaning of each
Term
and Concept Below
. Highly Recommend
Using the Textbook, Class Assignments or Lecture PowerPoints
to help you Study. o
If You have any Questions
, please don’t Hesitate to Contact Me.
Chapter 1 - Exploring the World of Business and Economics
o
What is the Textbook Definition of a business?
o
What are the 3 Components of a Business? o
What is gross domestic product (GDP)
Chapter 5 - Small Business, Entrepreneurship, and Franchises
o
What is Primary Reason why many new businesses fail?
o
What is a Business Plan?
Chapter 6 - Understanding the Management Process
o
What is an organization's most valuable resource? o
What are the 4 - Functions of Management? o
What is a SWOT Analysis?
o
What is Leadership Greatest ability?
Chapter 9 - Attracting and Retaining the Best Employees
What are the three phases of Human resources management (HRM)?
1
Test #4- Study Guide | BUSI 1301 – Spring 2023
Final Exam - Study Guide Fall 2023 - BUSI 1301
Chapter 10
- Motivating and Satisfying Employees and Teams
o
What is motivation?
Chapter 11
- Building Customer Relationships Through Effective Marketing
o
What is marketing?
Chapter 13 - Distributing and Promoting Products
o
What is a distribution channel?
o
What is supply-chain management?
o
What are wholesalers?
o
What is a Middleman (or marketing intermediary)?
o
What is a retailer? Who is the largest retailer by sales in the U.S.? o
What is inventory management? o
What is warehousing? o
What is direct marketing?
o
What is integrated marketing communication (IMC)? o
What are the Four elements of the promotion mix? o
What is Personal Selling?
o
What is Advertising? o
What is the first step in developing an advertising campaign? o
What are examples of an advertising
media? o
What is sales promotion? And know the examples of each sales promotion Technique?
o
What is public relation? 2
Test #4- Study Guide | BUSI 1301 – Spring 2023
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Related Questions
5. Direct-to-consumer
businesses have had
mixed success. That is, while the model
has succeeded in some categories, it has
not worked in others. Can you identify
reasons why? Which product categories
may be more suited for direct-to-consumer
business model?
arrow_forward
Add more to this paragraph
Amazon Business's economic impact on businesses is notable. Through Amazon Business, small and medium-sized businesses have access to a vast customer base, which can help them expand their market reach. Economically, Amazon has played a significant role in shaping the e-commerce industry and has contributed to economic growth.Additionally, Amazon offers competitive prices and excellent customer service, which can help businesses save costs and improve their efficiency. However, Amazon's dominance in the e-commerce sector has led to the displacement of traditional retailers, affecting their economic viability. This has led to concerns about the concentration of market power and the potential negative impact on small businesses, which could negatively affect the economic pillar of sustainability. Additionally there are also concerns about Amazon's market monopolisation and the impact this may have on smaller businesses. Therefore, responsible management…
arrow_forward
Using the three characteristics of a perfectly competitive market (p. 400), analyze the market in which your company (or a company of your choice) operates. Address each characteristic. Does it meet these requirements? If so, how? If not, why not?
Hint: Keep in mind the title of the Discuss question. That should be a clue to how you will answer about your firm.
Discuss with your classmates the characteristics of their businesses that you find interesting.
arrow_forward
why the new business models associated with the dot-com era were, in fact, existing models in an online context. Business models and revenue models have not changed?
arrow_forward
I have to come up with my own company I have a company called Paws and Delights Cafe which is an animal pet-friendly cafe. I have to write and include the following in my business plan
The following parts of the business plan are due: Parts 4, 5, 6. 15 points-5 points for each of the three parts.
Part 4 Definition of the market
What to Include: Industry Description and Outlook – Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry. You can research industry information by going to the library's database: Business Insights Essentials and selecting industry from the top of the page and then search for the industry your business is in, such as retail, restaurant etc.
Information About Your Target Market – Identify your target market and provide a profile of your targeted clients. Narrow your target market to a…
arrow_forward
Identify and describe a local or online store you often shop at. Include a picture if you like.
Describe two ways the store uses behavioral economics to encourage you to spend more time, return frequently, and spend more money there. Cite at least one theory discussed in this course for each strategy identified.
If you were a consultant for this store, suggest one way they could increase sales using behavioral economics concepts discussed in this course. (Optional: Suggest it to the owner. How do they respond?)
Critique your past spending decisions at this store. Suggest a decision-making process that could guide you to spend more wisely there in the future.
arrow_forward
MANA 3325 ENTREPRENEURSHIP - Successful Launching New Ventures 5th edition
Chapter 3: Feasibility Analysis and Chapter 4: Developing a Business Model
Question 1: Describe the purpose of feasibility analysis. When should a feasibility analysis be conducted relative to opportunity recognition and the development of a business plan?
arrow_forward
Economics
What are the strengths and weaknesses of this small business idea?
My business name is Front-Line Childcare. It will be an extended-hour child care program for children of first responders and healthcare workers. My business concept will be in the industry of childcare, but it will focus on providing childcare for front line workers such as doctors, nurses, firefighters, and other front line workers. These harding working individuals whose job is to give back to the community is my target market audience. My business concept will also give back to this group by providing affordable childcare for their children.
arrow_forward
1.Describe how a company’s mission statement and objectives affect the way management plans its business portfolio.
2.What does the economic environment consist of as far as marketers are concerned, and why is it so important for them?
3.Who are the Gen Zers, and why will they become interesting to marketers in the future?
arrow_forward
Is there a risk in implementing a business-to-consumer strategy? Explain.
arrow_forward
why the new business models associated with the dot-com era were, in fact, existing models in an online context. I do not agree Business models and revenue models have not changed
arrow_forward
Perform an analysis of the private healthcare industry in Malaysia using athe suitable strategic analysis tool
please use the best suitable strategic tool
answer in an easy format
word 2000
arrow_forward
is it easy to complete mba in marketing?
describe briefly
arrow_forward
Identify an existing business in the area that you believe would be an attractive franchising candidate. Provide 1.) a brief description of the business as well as a link to this business’ website or preferred social media platform;
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How can a company increase its market share, and what strategies are commonly employed to achieve this goal?"
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Homework 5:
Choose two among the following companies.
Describe which business models they use? (B2B, B2C,..)
Have the Internet and social media affected their business? How?
Which forms of online presence have they used?
Which digital marketing channels have they used?
have they used Social Media Marketing? How?
Хреng
v Booking.com
* Skechers
v Li Ning
* Holiday Inn
* Nike
v Vivo
v Bilibili
* DJi
v Pioneer
v Perfect Diary v Zara
* Guazi
* Maybelline
v Tesla
Haidilao
v Lynk&co
v Oreo
* M&M's
* Huawei
* Heinz
* KFC
* Pizza Hut
v Lancom
* NIO
* Ping An Insurance
* Chanel
v Louis Vuitton
V JI HOTEL
v Sephora
arrow_forward
Offer two (2) recommendations to improve eBay's business model.
arrow_forward
5
How has the 'gig economy' impacted variable and fixed costs for businesses. Illustrate with an example.
arrow_forward
please refer the below case link and solve the questons
https://www.scribd.com/document/360480894/Caso-The-Rise-and-Fall-of-BlackBerry
Porter’s 5 forces modelfactors
1. Bargaining Power with respect to New Entrants•Economies of Scale•Product Differentiation•Capital Requirements•Switching Costs•Access to Distribution Channels•Cost Disadvantages independent of Scale•Government Policy
2.Threat of New Substitutes•Availability of substitutesthat can perform same or similar functions•Potential returns of an industry in terms of profits•Ability of the company to charge higher prices
3.Bargaining Power vis-à-vis Competition: •Numerous or few equally balanced competitors•Slow industrial growth•High fixed or storage costs•Lack of product differentiation•Industry Capacity•Diversecompetitors•High strategic stakes
4.Bargaining power of Buyers (Customers)•Availability of Choice to Buyers•Large number of customers•Product is very important to customer•Dependency on distributors•Buyer information…
arrow_forward
Discuss the competitive forces in the industry in which Airbnb is competing and provide evidence from the supplied case study to support your answer.Hint: Use Porter’s 5 Forces model to guide your discussion. You are welcome to provide evidence from other sources to complete your discussion.
arrow_forward
Amazon typifies successful competition in the new economy far more than many firms. Some would say that Amazon invented the internet retailing business model that all other dot-coms are struggling to copy. Amazon understands the strategy of developing and maintaining customer loyalty, which is the key to success in retail e-business, and implements it effectively (Blocher et al., 2019).
Amazon has a loyal and growing customer base because of its reliable service and low cost. It has recently been cited as a major factor in the bankruptcies of other companies such as Circuit City (electronics retail company) and Borders (book and music retailer). Amazon also presents a competitive threat to Walmart, OfficeMax, and other retailers. The reason: Shoppers find the same product at lower prices and enjoy the convenience of online shopping. A recent study showed that, on average, a Walmart product is 19% more expensive than at Amazon. Amazon avoids the costs of maintaining retail facilities…
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1. How has the internet influenced the five forces with an industry?2. What are the two ways that can achieve cost and price advantages according to the paper? Which is better?3. Does the internet overturn the traditional way for doing business? What are some reasons given?
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1. Identity five elements that are important in assessing and comparing the attractiveness of alternative business opportunities in terms of their market potential.2. identify three elements that are important in assessing and comparing the attractiveness of 'alternative business opportunities in terms of their financial viability.
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What should be the focus of a company’s mission statement? *
Choices:
Acquire technology
Customers to serve
Products to sell
Economic responsibility
arrow_forward
Q7)
Discuss ways in which entrepreneurship is/can be encouraged more widely in South African schools.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Foundations of Business - Standalone book (MindTa...
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ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business (MindTap Course List)
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ISBN:9781337386920
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Related Questions
- 5. Direct-to-consumer businesses have had mixed success. That is, while the model has succeeded in some categories, it has not worked in others. Can you identify reasons why? Which product categories may be more suited for direct-to-consumer business model?arrow_forwardAdd more to this paragraph Amazon Business's economic impact on businesses is notable. Through Amazon Business, small and medium-sized businesses have access to a vast customer base, which can help them expand their market reach. Economically, Amazon has played a significant role in shaping the e-commerce industry and has contributed to economic growth.Additionally, Amazon offers competitive prices and excellent customer service, which can help businesses save costs and improve their efficiency. However, Amazon's dominance in the e-commerce sector has led to the displacement of traditional retailers, affecting their economic viability. This has led to concerns about the concentration of market power and the potential negative impact on small businesses, which could negatively affect the economic pillar of sustainability. Additionally there are also concerns about Amazon's market monopolisation and the impact this may have on smaller businesses. Therefore, responsible management…arrow_forwardUsing the three characteristics of a perfectly competitive market (p. 400), analyze the market in which your company (or a company of your choice) operates. Address each characteristic. Does it meet these requirements? If so, how? If not, why not? Hint: Keep in mind the title of the Discuss question. That should be a clue to how you will answer about your firm. Discuss with your classmates the characteristics of their businesses that you find interesting.arrow_forward
- why the new business models associated with the dot-com era were, in fact, existing models in an online context. Business models and revenue models have not changed?arrow_forwardI have to come up with my own company I have a company called Paws and Delights Cafe which is an animal pet-friendly cafe. I have to write and include the following in my business plan The following parts of the business plan are due: Parts 4, 5, 6. 15 points-5 points for each of the three parts. Part 4 Definition of the market What to Include: Industry Description and Outlook – Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry. You can research industry information by going to the library's database: Business Insights Essentials and selecting industry from the top of the page and then search for the industry your business is in, such as retail, restaurant etc. Information About Your Target Market – Identify your target market and provide a profile of your targeted clients. Narrow your target market to a…arrow_forwardIdentify and describe a local or online store you often shop at. Include a picture if you like. Describe two ways the store uses behavioral economics to encourage you to spend more time, return frequently, and spend more money there. Cite at least one theory discussed in this course for each strategy identified. If you were a consultant for this store, suggest one way they could increase sales using behavioral economics concepts discussed in this course. (Optional: Suggest it to the owner. How do they respond?) Critique your past spending decisions at this store. Suggest a decision-making process that could guide you to spend more wisely there in the future.arrow_forward
- MANA 3325 ENTREPRENEURSHIP - Successful Launching New Ventures 5th edition Chapter 3: Feasibility Analysis and Chapter 4: Developing a Business Model Question 1: Describe the purpose of feasibility analysis. When should a feasibility analysis be conducted relative to opportunity recognition and the development of a business plan?arrow_forwardEconomics What are the strengths and weaknesses of this small business idea? My business name is Front-Line Childcare. It will be an extended-hour child care program for children of first responders and healthcare workers. My business concept will be in the industry of childcare, but it will focus on providing childcare for front line workers such as doctors, nurses, firefighters, and other front line workers. These harding working individuals whose job is to give back to the community is my target market audience. My business concept will also give back to this group by providing affordable childcare for their children.arrow_forward1.Describe how a company’s mission statement and objectives affect the way management plans its business portfolio. 2.What does the economic environment consist of as far as marketers are concerned, and why is it so important for them? 3.Who are the Gen Zers, and why will they become interesting to marketers in the future?arrow_forward
- Is there a risk in implementing a business-to-consumer strategy? Explain.arrow_forwardwhy the new business models associated with the dot-com era were, in fact, existing models in an online context. I do not agree Business models and revenue models have not changedarrow_forwardPerform an analysis of the private healthcare industry in Malaysia using athe suitable strategic analysis tool please use the best suitable strategic tool answer in an easy format word 2000arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage LearningFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning