BSM100 F2022 mid term Short Answers

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Toronto Metropolitan University *

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100

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Business

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Apr 3, 2024

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Uploaded by EarlRockRedPanda51

BSM100 F2022 Oct. 22, 2022, 10 -12 noon Midterm Exam Questions available and answers submitted Online in D2L course shell General Instructions: 1. This is an open book exam. However, we expect you will be able to provide answers to the questions primarily based on your readings from the course. Be sure to reference any information that is not your original thought. The format of the reference will not be graded but it must be clear what the source of information is. In the past I have found that students believe that when they have written word for word from another source (book or internet) in their exercise books/computer and then rewritten that same piece in the exam, it constitutes as their own work. It is plagiarism and an academic misconduct. Any communication with another student in the course or anyone else, including electronic assistants like Alexa, is academic misconduct. Ryerson's Policy 60 on academic integrity will be fully enforced. 2. Read the exam document carefully. It contains requirements for the length of the answers. 3. Make frequent backups of your answers as you work. Email your work to yourself, use Google docs, or upload preliminary submissions into D2L. We will only mark the last version. It is your responsibility to save your work and protect it from technical interruptions as you go along. 4. Questions about the exam questions or format will not be answered during the exam. If you believe they are unclear, spend more time thinking about the question. If you must, incorporate any assumptions you make about the question into your answer. 5. If you have an emergency that prevents you from completing the exam, I will respond to your email. 6. Your answers must be submitted into D2L to be marked. Submit to the 'Midterm exam submissions' folder under 'Assignments' in D2L. It cannot be marked if you email it to me. 7. Please ensure you name your file with your First Name and Last Name. 8. Your submission must only be in WORD format. Good luck!

Exam questions: There are three questions for a total of 45 marks. All three must be answered to complete the test. Answers may include point form where appropriate. Simply writing a couple of words is not point form. The maximum number of words, not including references, for the response to each question is 400. Sections of the answer beyond the 400 word limit will not be included in grading. Declaration and Acknowledgement In completing and submitting this exam, assignment, or quiz ("assessment"), I acknowledge and declare that: 1. The answers that I provide in this assessment will be entirely my own work, except where I have appropriately referenced the work of others. 2. Unless explicitly authorized by my instructor in writing, the instructions provided in the assessment, or an academic accommodation provided to me by Academic Accommodation Support, I understand that I am not permitted to collaborate or otherwise communicate with others during this assessment. 3. Similarly, unless explicitly authorized, I understand that during this assessment I am not permitted to use the internet (except to download and submit the assessment) and consult or use any physical, or digital resources and aids, including personal notes, textbooks, and course materials. 4. I acknowledge that I am subject to the university's policies, procedures, and guidelines. I understand that if I engage in academic misconduct during the course of this assessment, I may be subject to penalties, including those outlined in Policy 60 (TMU's Academic Integrity Policy). For assessments which are being proctored: 1. If the invigilator or instructor requires OneCard identification, the OneCard identification I will provide to confirm my identity is my own and accurate. 2. I understand that in order to administer this assessment, personal information may be collected, including, if the assessment is being proctored, my OneCard identification or a digital streaming and/or recording of me completing the assessment. I consent to the collection, use, and disclosure of my personal information for assessment, evaluative, and course management purposes and any other consistent purposes. 3. I will respect the privacy of all other students completing the assessment and will not collect, use, or disclose the personal information of any other student. I affirm the above information and wish to proceed with the assessment, YOU MUST WRITE YOUR NAME AND STUDENT NUMBER BELOW. Name: Presley Neal______________________________ Student Number: 501210458_________________________

A) Please explain what is a Business Model Canvas and what is Value Proposition (4). In terms of the Value Proposition map of Netflix, why was Netflix able to maintain its lead position despite challenging a large existing player (Blockbuster)? Please explain 4 points (8). What may be the disadvantages of using the Value Proposition Map by a start-up (3) Business model canvases are organizational templates that allow business, individuals, and entrepreneurs to map out and organize important factors of business. In making use of a business model canvas, one can dissect the costs, economic factors, risks, and demographics of a business plan in order to gauge success. Often mentioned together, Value Proposition offers a similar but generalized overview of brand, product, and experience. Just as the name states, Value proposition focuses on the economic value in order to share expectations with customers that are interested in the product. In accordance to the value proposition map of Netflix, its success can be heavily attributed to the constant accessibility of the service. Due to this, Netflix has something several competitors and blockbuster don’t offer. The leading position is often tied to accessibility, pricing, quality and content. The use of Value Proposition maps may pose threats to start-ups. Often times, new businesses using value proposition maps do not have enough experience or data to properly explain and fill the map. Therefore making the intended simplification of the map more confusing and in turn confusing potential customers.

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B) Bryan Adams has an idea to start a new business manufacturing and selling shoelaces with embedded sensors that detect motion and temperature. Based on what has been covered about opportunity identification and development thus far in BSM100, what advice would you give Bryan for developing the idea? (10) Imagine Bryan is setting up his business during a recession, what should he keep in mind? (5) In reference to opportunity identification and development, Bryan should first be knowledgeable of the risks of starting a new business and be willing to face necessary challenges on the road to success. When creating his business, Bryan should plan what kind of business he wants to run as well as who he wants to sell to. By familiarizing himself with the current economy and comparing his product to competitors, Bryan can gauge his success rates in addition to learning more about business economy. I would advise Bryan to seek out an expert and focus the factors of production and how his product falls in line with each of the 5. If Bryan were to start his business during a recession, he should keep in mind the potential financial disadvantages and have funds set aside before beginning as well as a contingency plan. Bryan should also have a marketing plan prepared due to the challenges of gaining attention and customers during recession.

C) When studying the External environment of a firm, what is the effect of its Competitive and Social environment? (10). How was Netflix’s competitive environment different from when it faced Blockbuster to when it faced Amazon? (5) The Competitive and Social environment of a firm is essential to growing and maintaining success within the firm. By analyzing competing products and firms, one can discover the dos and don’ts of the market as well as learn how to set their product or service apart from the rest. The social environment surrounding a firm contributes a multitude of information used to market, alter and improve a business. By paying attention to the social environment, a firm can familiarize itself with customer demographics, price trends, and common market decisions. Netflix’s competitive environment was different in facing Blockbuster because Netflix had things that block buster did not where as Amazon offered services that Netflix did not. Despite this, the two arguable had their own major marketing points which boiled down to competition in pricing, accessibility and demand for certain services.

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BSM100 F2022 mid term Short Answers

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