BCOR 2040 Quiz Questions

Which of the following is not an attribute that contributes to the value created? A. all of these attributes add value. B. Status C. Personalization D. Convenience

A. All of these attributes add value

Amazon's latest AR shopping tool fills your space with virtual furniture Room Decorator is Amazon's new augmented shopping tool. It allows users to see furniture and other home decor in your space at scale before they buy it, and save layouts to their Amazon accounts if they are not ready to make a purchase. The feature works with thousands of furniture products, including some third-party items and enables you to store photos of your home so you can use the feature remotely. What is a substitute for Amazon's Room Decor? A. An interior design consultant B. Amazon's Prime delivery service C. All of the answers are correct D. An app that helps you pick a paint color E. A furniture store like IKEA

A. An interior design consultant

Which segment do we want to focus on during our customer interviews? A. Early Adopters B. Early Majority C. Late Majority D. Laggards E. Innovators

A. Early Adopters

Give an example of a entrepreneurial mindset during COVID A. Let's start making masks for college students and sell them online for a profit B. We'll all get through this together C. The world is over reacting to this pandemic, more people die from the flu each year.

A. Let's start making masks for college students and sell them online for a profit

Who is Spotify Kids trying to solve a problem for? "Spotify's stand-alone app for kids allows parents to play music for their kids without affecting their own algorithmically generated playlists and recommendations. The beta is now debuting in the US, Canada, and France. Spotify Kids is COPPA compliant and ad-free. There are no algorithms to determine playlists. Playlists are created by experts in children's entertainment. Parental controls are built into the app and Spotify plans to expand controls over the app content. Podcasts for kids will also be available soon." A. Parents who are tired of Disney music in their playlists B. Shareholders who want Spotify to maximize profits C. For the greater good of humanity D. The developers who are working to create the optimal music suggestion algorithm

A. Parents who are tired of Disney music in their playlists

What are the four levels of commitment, in order, as they were taught in class? A. Participation, compliance, engagement, commitment B. Participation, commitment, engagement, compliance C. Partial, compliant, engaged, continuing D. Participation, complacent, engagement, compliance

A. Participation, compliance, engagement, commitment

Identifying analogs can help us because ____. A. everything is a remix of something else B. no two products are alike C. it's a fancy word that makes us sound smart D. they're hypothetical products

A. everything is a remix of something else

Of the examples below, which firm is capturing value? A. None of the answers are correct B. All of the answers are correct C. A consumer who buys a good for less than the maximum amount they would've been willing to pay for it D. A supplier who sells its parts or raw materials to a manufacturer for more than they cost to the supplier to produce E. A manufacturer who produces desirable good for less than the good sells at retail

B. All of the answers are correct

The customers for a luggage manufacturer include: A. travel boutiques who buy small amounts of product from the manufacturer and sell to customers B. All of the answers are correct C. Retail stores such as Target who buy large amounts form the manufacturer and sell to individual consumers D. Individual consumers who buy directly form the manufacturer online E. No answer

B. All of the answers are correct

A company is researching similar existing companies that share value-generating features and customers, are they identifying: A. PESTLE B. Analogs C. Antilogs D. All of the answers are correct E. Creative process

B. Analogs

Which of the options below does not fit the definition of a rivalry, as described in class? A. GM and Ford making similar trucks targeting the same consumer segment B. Two law firms in the same town that specialize in different types of law C. The travel departments of two different cities each trying to attract tourists to their ski resorts D. Apple and Samsumg in the smart phone segment E. Two law firms in the same town that specialize in the same type of law

B. Two law firms in the same town that specialize in different types of law

Give an example of a positive mindset during COVID A. Let's start making masks for college students and sell them online for a profit B. We'll all get through this together C. The world is over reacting to this pandemic, more people die from the flu each year.

B. We'll all get through this together

A value proposition does all the following except _______. A. Answer who is your target user or customer B. Answers what perceived value you provide to the customers better than any other C. All of the answers are correct D. Answers what explicit benefits you provide for your customers

C. All of the answers are correct

Which of the following are important factors when identifying your target customer? A. Are your customers traditionalists or trendsetters? B. What sort of income do they earn? C. All of the answers are correct D. What age is your customer?

C. All of the answers are correct

Bringing people and/or ideas together happens at what stage in the creative process? A. It can happen at any stage B. Search C. Collision D. Trial E. Decision

C. Collision

Give an example of a negative mindset during COVID A. Let's start making masks for college students and sell them online for a profit B. We'll all get through this together C. The world is over reacting to this pandemic, more people die from the flu each year.

C. The world is over reacting to this pandemic, more people die from the flu each year.

BestBuy announced it would buy GreatCall for $800 million. GreatCall makes Jitterbug cell phones, that have the big buttons and bright screens, as well as medical alert devices that can detect falls and summon help. This suggests which target Market/demographics that BestBuy is trying to address: A. Generation Z B. Millennials C. Soccer moms D. Elderly

D. Elderly

Which of the following refers to the steps needed to get a team up and running? A. All of the answers are correct B. The group collaboration process C. The 4-step team development process (FSTDP) D. Forming, storming, norming, performing

D. Forming, storming, norming, performing

RACI stands for which of the following? A. Responsible, actionable, continuing, information B. Reasonable, accountable, consulted, informed C. Reasonable, actionable, continuing, information D. Responsible, accountable, consulted, informed

D. Responsible, accountable, consulted, informed

Please choose the answer that best represents a value chain as it was taught in class. A. Customer>firm>supplier>supplier B. Firm>wholesaler>customer>supplier C. All of these answers are good examples of a value chain D. Supplier>supplier>firm>customer

D. Supplier>supplier>firm>customer

Committing significant resources to top concepts happens at what phase of the creative process? A. It can happen at any stage B. Search C. Collision D. Trial E. Decision

D. Trial

A value proposition should include all the following except: A. summary statement of need or opportunity B. product or service provided C. statement of benefits D. it must also include a catchy slogan

D. it must also include a catchy slogan

Which of the following can be viewed as potential teammates? A. mentors B. Family C. Peers D. Direct Reports E. All of the answers are correct

E. All of the answers are correct

Which of the following is not an industry? A. Automotive B. Oil and Gas C. Fashion D. Travel E. All of the answers are industries

E. All of the answers are industries

Which of the following is not one of the Five Forces? A. Buyers B. All of the answers are correct C. Suppliers D. Rivalry E. Markets

E. Markets

Which of the following is a framework for evaluating environmental factors for companies? A. The Sierra Club Framework B. All of the answers are correct C. PESTOL D. The For-Profit Environmental Analysis Tool (F-PEAT) E. PESTLE

E. PESTLE

Choose an example of substitutes as it pertains to this course: A. When a manufacturer sells directly to its end consumers, rather than selling to a retailer B. A company that does the same things the same way as another company (Ex. Delta Airlines and United Airlines) C. When a manufacturer substitutes one supplier for another D. None of the answers are correct E. When two companies accomplish the same end goals, but do it a different way (Ex. Delta Airlines and Amtrak Trains) F. No Answer

E. When two companies accomplish the same end goals, but do it a different way (Ex. Delta Airlines and Amtrak Trains)

True or False: A value proposition gives information like website address, social media handles, and 'about us'

False

True or False: If value is created, you can always assume rewards will follow.

False

True or False: Many top performers work alone and it is always more efficient?

False

True or False: Supply is the number of people (quantity) willing to buy a product or service at a certain price.

False

True or False: The choice of what to do and what not to do is referred to as the company's operational effectiveness.

False

True or False: Willingness to pay is defined as the minimum price a buyer would pay for a firm's product?

False

True or False: According to the nurture perspective on creativity, innovation cannot be forced. Some people are creative and others are not.

False (that is nature)

True or False: A mindset is a frame through which you see and experience the world and interpret situations?

True

True or False: A value chain depicts the firm as a collection of value-creating activities, such as production, operations, marketing, distribution, and logistics.

True

True or False: A value chain helps analyze where value is created in an organization?

True

True or False: All organizations need to identify external factors within their environment that could have an impact on their operations. A useful tool for identifying these external factors is the PESTLE analysis, which can be used to help you consider political, economic, social, technological, legal, and environmental issues.

True

True or False: Demographics is the distribution of individuals in a society in term so age, sex, marital status, income, ethnicity, and other personal attributes that may determine buying patterns. Understanding this basic information about a population can help a firm determine whether its products or services will appeal to customers and how many potential customers for these products or service might have.

True

True or False: Firms attempt to maximize profits by charging different prices to each market segment based on their willingness to pay.

True

True or False: If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price.

True

True or False: One example of the 80/20 rule could be that 20% of my stock portfolio will yield 80% of my profits.

True

True or False: Societal/cultural change is one of the external forces that can impact existing rivalries within an industry?

True

True or False: When you are conducting an interview you are testing the language or story of how you plan to create value?

True