GENB 311- FINAL EXAM

One of three ways to grab your buyer's attention and open the door to more fruitful sales is to make your customer the _______. A typical journey for this ____ will include struggling with a problem, meeting a wise mentor, getting insights from the mentor, with newfound confidence they will face their problem, and then they will overcome their problem.

hero

One of the 37, Beam is a crowdfunding platform that enables new career opportunities for ______ men and women.

homeless

At Amazon, the aim is not only on satisfying the customers but to them in a way they can't or didn't see coming.

impress

To gather and process data into information and distribute it to people who need it, organization develop a(n) _____________.

information system

Operations managers manage the process that transforms ____________ into _________

inputs, outputs

This allows a foreign company to sell the products of a producer or to use its intellectual property in exchange for royalty fees.

international licensing agreement

What has played a significant role in reducing extreme poverty in the past?

international trade

One of 37, CNote is an impact platform delivering competitive returns by investing in women, minorities, and low-income communities across America.

investment

The operations management training (OMT) of Union Pacific Railroad is building tomorrow's

leaders

In the video with Eric Ries, he believes that lean start ups are trying to take ideas from in order to reduce cycle time, eliminate waste, reduce batch size and apply it to innovation.

lean manufacturing

A common mistake that businesses make when selling to Walmart to to only show them their .

least expensive, most basic offerings

According to Jeff Bezos, think ______ because a lot of your inventions and innovations won't work.

long-term

In The Role of Trade in Ending Poverty there are five recommended policy areas that governments and the international community should consider to make trade more pro-poor. The first is to?

lower trade costs

John runs a print shop that produces low-volume, high variety good according to customer specifications, what strategy is he most likely using?

make-to-order

Many business schools, according to Steve Blank, are realizing that new ventures need their own _______________, and face completely different issues than traditional businesses.

management tools

A ______ is a concept from lean startup that stresses the impact of learning in new product development

minimum viable product

According to Suresh Goklaney of Eureka Forbes, "No matter what you're selling, the key is understanding your customers' _____ well enough to tailor the presentation to them."

needs

According to the Storyboard video-startup success cab be engineered by following the right_____.

process

Operations managers keep their eyes on multiple areas within the company, assuring __________ and _________ while seeking to reduce costs.

productivity, efficiency

The technologies listed in the Disruptive Technologies article all have the ability to impact businesses by creating new and

products, services

According to the Rise of the Social Enterprise: A new Paradigm for Business being a "social enterprise" means going beyond a focus on ___________ and clearly understanding that we operate in an ecosystem, and all these relationships are equally important.

revenue and profit

According to Muhammad Yunus, the social business is to satisfy our _____ part of being human and owning a business (or two).

selfless

According to Peter, stats compiled by Entrepreneur indicate that leads who come from social media convert ________ times for frequently than leads who come through other channels.

seven

These solutions (among others) spell out in detail the societal benefits of a shift (short term to long term thinking) in the way corporate executive lead and invest according to Barton and Wiseman.

shared value and sustainable capitalism

At Whole Foods, they measure their success by how much value they create for all ____ of their most important stakeholders.

six

If we increase collaboration and internal integration and we increase engagement with external actors we have reached?

social enterprise

Jenny runs a business that seeks to maximize profits while maximizing benefits to society and the environment. The profits that her company makes are principally used to fund programs that help people and the environment. Jenny has a ____________________

social enterprise

The _________ address global problems such as poverty, unemployment, gender inequality, inadequate education and health facilities and polices, inefficient governance and so on.

social entrepreneurs

These individuals have innovative ideas to solve the world's most pressing social problems.

social entrepreneurs

The number 1 key to success according to Lluis Pareras is that social entrepreneurs look at both the _________ and _______ at the same time

social impact and money

Operations managers tend to have many skills, in a larger company, many operations managers will and focus within a particular department.

specialize

One of 20 techniques to improve your selling is to highlight the risk. This doesn't mean highlighting the risk of your product but rather the risk of staying with their current product. The idea is to frame their status quo in terms of what they ________ by not making a business change.

stand to loose

After analyzing data, we now have______

statistics

These are taxes on imports.

tariffs

Absolute advantage

the ability to produce a specific product more efficiently than any other nation; EX: Saudi Arabia produces crude oil, South Africa produces diamonds, Australia produces wool

Comparative advantage

the ability to produce a specific product more efficiently than any other product

Social Entrepreneurship

the process of pursuing innovative solutions to social problems

Why does Carlos Gil want you to have his Instagram, Twitter, and phone number?

to be connected

Steps in the Lean Startup (3)

1) Business Model Canvas, 2) Get out of the building 3) Agile development

Steps in the sales process (5)

1) Cultivate the opportunity 2) Assess the customer's receptivity 3) Challenge the customer's thinking 4) Build consensus 5) Close the deal

The ideal business model (4)

1) Long-term in time horizon 2) Main focus on satisfying customer need 3) All stakeholders "get it" 4) Owners are well-rewarded in their ROI

According to HBR, what percentage of start-ups fail?

75%

According to Daniel Pink 1 in 9 people are in sales, but in reality in 9 are really in sales.

9

Formula for "days on hand of inventory"

= (average amount of inventory / cost of good sold for the year) x 365 days

In this trend many medical images taken using MRI, CT scans, and X-rays will be diagnosed using

Al

Steps in the Sales Funnel (6)

Awareness Interest Evaluation Decision Purchase Account maintenance

John Mackey, chairman and CEO of Whole Foods Market, is a?

Both a businessman and free market libertarian

After Toni Sikes sold her business, began working for the company that had bought her business, she learned that this parent company was able to pay it's bills. She then went to the CEO to do what?

Buy back her business

_______ challenges stem from differences in language, concepts of time and sociability, and communication styles.

Cultural

___________ is the ability to interact effectively with people of different cultures.

Cultural competence

This is an extension of MIS and is a computer based information system that helps in decision making at the top-level of an organization.

ESS

When looking at countries debt-to-GDP ratios, unemployment numbers, and consumer spending, which of the six key elements are you considering when looking to expand internationally?

Economic situation

What does ERP stand for?

Enterprise Resource Planning

Al is helping sales by delivering data into palpable insights, lightening the workload of a salesperson by automating various tasks, and the ability to improve sales

Forecasting

A ______ (named after the designer) is an easy-to-use graphical tool that helps operations managers determine the status of projects. This chart shows the tasks/activities involved, time frame, and completed work and work to be completed (usually color coordinated).

Gantt Chart

Types of mobilizers (7)

Go-getters Teachers Skeptics Guides Friends Climbers Blockers

If your computer has high-tech needs you may want to make sure that the buildings___________________ (electrical, AC, telecommunications services) can support those needs.

Infrastructure

What are the five codes of ethics according to Betterteam?

Integrity, objectivity, professional competence, confidentiality, professional behavior

Levels of market coverage (3)

Intensive Selective Exclusive

Attributes of a Business Model (9)

Key Partners Key Activities Key Resources Value Proposition Customer Relationships Channels Customer Segments Cost Structure Revenue Streams

These are especially developed to support planning, controlling, and decision-making functions of middle managers.

MIS

Big data can come from:

Medical records All of these (ANSWER) Business transactions systems Clickstream logs Social networks Customer databases

According to ______________ "there is one and only one social responsibility of business- to use its resources and engage in actives designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."

Milton Friedman

This is a collection of communication technology, computers, and persons to perform official tasks.

OAS

Although it might sound risky, more companies are realizing that it does not matter if sales professionals work directly for you or if they work outside the firm to sell your products or services. This is called?

Outsourcing

If we increase collaboration and internal integration and we increase engagement with external actors we have reached?

Social enterprise

A(n)_____________ is an agreement between two companies (or a company and a nation) to pool resources in order to achieve business goals that benefit both partners

Strategic alliance

Porter's 5 Forces

Suppliers Buyers Substitutes Potential entrants Rivalry of competitors

Startup risks (4)

Technology risk Market risk Economic profit risk Team risk

Which of the 12 potentially economically disruptive technologies is: Networks of low-cost sensors and actuators for data collection, monitoring, decision making, and process optimization.

The Internet of things

When considering different countries to start a business in, some countries you are able to start a business within a day or two, some take weeks. Some countries have one simple process while others might have five or more procedures. Which key element are you taking into consideration when learning about how long it will take to start your business?

The incorporation process

According to Milton Friedman, a corporate executive is primary responsibility is to whom?

The owners of the corporation

Who do Barton and Wiseman believe can lead the change from the short-term mind set to the long term?

The world's major asset owners

The steps that a company takes to ensure that its good and/or services are of sufficiently high quality to meet customers' needs is called?

Total quality management

Seven Types of Waste

Transport (unnecessary movement) Inventory Motion (excess movement of people/equipment) Waiting Over-production Over-processing Defects

Can you combine a Code of Conduct and Code of Ethics into one single document rather than two documents?

Yes, as it makes it easier for employees to recall important points

If a country is the most efficient at producing a certain product, it has a(n)____

absolute advantage

Part of the lean startup process, _________ development eliminates wasted time and resources by developing the products iteratively and incrementally

agile

After you identify a location, it is highly recommended to have an attorney help you with talking to the landlord (assuming your renting/leasing the space) about:

all of these

Who did Toni Sikes want to help with her business(es)?

artists

According to The Rise of the Social Enterprise: A new Paradigm for Business we've reached a point where "employee engagement" is almost a meaningless phrase if it does not embrace the need to "make work healthy" and help people bring their to work every day.

best selves

Your fitness tracker is gathering, storing it in the cloud, collecting, refining, aggregating, and analyzing what is often called________.

big data

When talking about Solution Sales, seven customer stakeholders profiles were identified. This profile focuses primarily on personal gain, will back projects that will raise their own profiles, and they expect to be rewarded when those projects succeed.

climbers

According to Greg Kahn, the best place to be is as your biggest competitor as you can be.

close to

According to The End of Solution Sales "Most reps rely on a customer to coach them through a sale; star reps __________ the customer."

coach

In industries where comparison shopping is popular, it might be good to make sure who is located nearby?

competing companies

Amazon recognizes that customers want less expensive products and delivery as fast as possible. In doing so, Amazon has created a model to try and provide these needs or wants. In other words, Amazon has put the focus on the .

customer

Jeff Bezos advises entrepreneurs to make themselves rather than competition-focused.

customer-focused

According to Kenneth Cukier the only way this planet is going to deal with its global challenges - to feed people, supply them with medical care, supply them with energy, electricity, and to make sure they're not burnt to a crisp because of global warming - is because of the effective use of .

data

Electronic collections of related data that can be accesses by various members of an organization is stored in a(n) __________.

database

If a country buys more than it sells, they have a trade ____________.

deficit

Social entrepreneurs are change agents and

disrupters

According to Andrew McAfee we're going to face two really thorny sets of challenges as we head deeper into the future, they are and .

economic, societal

Equal opportunity, discrimination and harassment, violence policy, substance abuse, gambling policy, privacy policy, misconduct explanation and policy are all part of

ethical codes

The real value of an idea itself is nothing (zero), the value comes from the of the idea.

execution

In the storyboard video, validated learning is the process of learning how to create a sustainable business by running______

experiments

In the Lean Startup Summary, once you find a sustainable product you then need to create sustainable by your new customers coming from your old customers?

growth