bus 139 hw ch 03 answers 1 of 3

BUS 139 Homework Chapter 3 Answers

Name __________________________________________ Date _________________

(Name and date required only if submitted in hard copy format.)

Scoring Rubric
Each number or letter item: 0.4 points each.

1. Name and briefly explain the four levels of business social “responsibility”.

a. economic (one of the lowest), operate profitably

b. legal (one of the lowest), operate legally

c. ethical, treat people fairly and honestly

d. philanthropic / goodwill, more of an opportunity than a responsibility, do things

that will help the community, whether or not they may result in additional profit

2. Briefly explain

a. core competency – something an organization does well, ideally better than its
competitors

b. competitive advantage – driven by core competencies; for full effect must be

important to the consumers and difficult for competitors to duplicate

3. Name the five environmental factors as listed in the text.

a. economic

b. legal / regulatory

c. sociocultural

d. technological

e. competitive

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4. Name Porter’s Five Forces.

a. bargaining power of suppliers

b. bargaining power of customers

c. rivalry among existing competitors

d. threat of new entrants

e. threat of substitute products

5. Explain the difference between a goal and an objective.

A goal is fairly general, your team have a good volleyball season. An objective is specific,
your team win 80% of their league games the 2016 spring season. You can’t really tell if
you’ve met a goal or not. You can tell with an objective.

In general usage the terms goal and objective are used interchangeably. You can tell
whether it’s a goal or objective by how specific the desired end result is.

6. Provide an example of a general, high level goal. Then covert it to a specific objective.

a. Goal: Do well in school.

b. Objective: Get at least a 3.5 GPA spring semester of 2017 in BUS, ACC and ECO
courses.

7. Briefly explain

a. mission statement – the purpose of an organization, why it exists

b. strategic plan – a high level, long term plan for operating a business

c. business level goal – what you want your overall business to accomplish to
achieve your company mission

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d. function level goal – the performance desired of specific departments

e. strategy – plan of action that details how you will attain your function level goals

D Wilhelm 10-Jan-20