The primary objective of organizations is to _____________.

Group of answer choices

Create and capture value

None of the answers are correct

Produce goods or services

Produce a profit for its shareholders

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Question 3

5pts

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

Group of answer choices

True

False

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Question 4

5pts

True or False: The same people who create value are always the ones who capture and get to keep that value in competitive markets?

Group of answer choices

True

False

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Question 5

5pts

Which of the following is not an attribute that contributes to the value created?

Group of answer choices

Customization

Convenience

None of the attributes add value

All of these attributes add value

Status

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Question 6

5pts

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

Group of answer choices

True

False

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Question 7

5pts

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

Group of answer choices

True

False

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Question 8

5pts

Of the examples below, which firm is not capturing value?

Group of answer choices

A supplier who sells its parts or raw materials to a manufacturer for more than they cost to the supplier to produce

A manufacturer who produces a desirable good for less than the good sells at retail

All of the firms are capturing value.

A consumer who buys a good for less then the maximum amount they would've been willing to pay for it.

A manufacturer who sells its product to a retailer for less than it costs to produce.

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Question 9

5pts

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

Group of answer choices

True

False

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Question 10

5pts

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

Group of answer choices

True

False

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Question 11

5pts

According to the VIBE curriculum, what shouldentrepreneursfocus on when beginning a start-up?)

Group of answer choices

Making the coolest inventions regardless of who might want to buy them

Finding valuable problems and solving them, even if you have to pivot from your original solution

Creating solutions to all problems, regardless of whether the entrepreneur has interest in solving a particular problem or how many people the problem impacts

Sticking with their vision and following their passion, regardless of everything else

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Question 12

5pts

What is the difference between tangible and conceptual?

Group of answer choices

Tangible is a high level while conceptual is at a grounded level

They're the same thing in entrepreneurship

Tangible can be me figuring out how to use my skills and abilities to create value, while conceptual can be how we as a firm plan to create and capture value through economic willingness to pay or social impact.

Tangible can be reputation while conceptual can be equipment

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Question 13

5pts

You're rather observant and noticed person A at location A paid significantly more money for a 16 oz. soda than person B at location B.This difference can be explained through:

Group of answer choices

PESTLE

Willigness to Pay

Market value

Supply & Demand

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Question 14

5pts

A value chain can help identify

Group of answer choices

Other competitors in your domain of interest

All of the answers are correct

What role you your competitors play in the market

Where value is created within an organization

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Question 15

5pts

Fill in the blanks. Compared to a firm's __________ , consumers of their product have an even higher __________.

Group of answer choices

willingness to pay, price

market value, willingness to Pay

price, supply cost

supply cost, willingness to Pay

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Question 16

5pts

For purposes of this class "VIBE" means

Group of answer choices

Value creation, Innovation, Business, and Economics

Value creation, Impact, Business, and Economics

Value, Innovation, Block chain, and Entrepreneurship

Value, Impact, Business, and Entrepreneurship

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Question 17

5pts

True or False: A value proposition is a set of activities that an organization carries out to create value for its customers.

Group of answer choices

True

False

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Question 18

5pts

In the United States, commercial trucking services carry goods from place to place for businesses.Many customers are large, national businesses who look for the best value.Attributes that may influence their decision include

Group of answer choices

Drivers with a license

Reliable deliveries

Tall drivers

National drivers

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Question 19

5pts

Businesses innovate constantly to create new value for customers. Which of the following statements is true. Choose the best answer.

Group of answer choices

Businesses should know that if value is created, rewards will follow

Although value capture is important, businesses must focus on creating value first and trust that they will be able to capture that value once they succeed at creating value.

Businesses must also revisit how they capture value, otherwise they might not be adequately compensated

Businesses should focus on constantly seeking new ways to innovate as the market always compensates businesses for breakthroughs

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Question 20

5pts

The value created is defined as the difference between willingness to pay and the price of a good or service.

Group of answer choices

True

False

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Question 21

5pts

A value chain is a useful way to draw and describe the activities an organization engages in to create value. Each value chain is exactly the same, because every company must follow the same processes

Group of answer choices

False, because every firm creates value in its own distinctive way, with no common elements

False, because there are commonalities across all value chains, but there are also differences across industries and firms

True, because it is impossible to make profit (margin) unless you follow your industry's traditional processes

True, because no company is ever truly distinctive

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Question 22

5pts

A dog walking company is growing quickly in Park City.They want to make more money. What is the lowest risk option?

Group of answer choices

They should either get into dog grooming or walk more dogs, depending on what they enjoy more.

They should walk more dogs, using their existing brand.

They should get into robotics or drones or highly profitable and growing technical industry.

They should get into dog grooming, since it is really hard to find a groomer in Park City.

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Question 23

5pts

Please chose the answer that best represents a value chain as described in class

Group of answer choices

Customer>Firm>Supplier

Supplier>Supplier>Firm>Customer

Customer>Firm>Supplier>Raw Materials

Firm>Wholesaler>Customer>Supplier

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Question 24

5pts

Which of the following is an example of a non-economic good

Group of answer choices

Labor

Patent

Air

Money

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Question 25

5pts

Tresa wants to start a restaurant.Most restaurants fail.Should Tresa be worried?

Group of answer choices

If Tresa is careful not to incur too many costs, she will have plenty of profit.

If Tresa can sell delicious food at a higher price point than the cost of raw materials, labor, and overhead she should be able to survive.

If Tresa chooses to locate her restaurant in a large city, she will have access to a lot of hungry people and plenty of business.

If Tresa's restaurant makes delicious food, there is no way she can fail.

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Question 26

5pts

There is a common tension between increasing willingness to pay and decreasingcosts.

Group of answer choices

True

False

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Question 27

5pts

True or False: The division of value between the buyer's share of value captured and the firm's share of value captured is determined by the cost paid by the firm.

Group of answer choices

True

False

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Question 28

5pts

FiveForces is a framework used to evaluate industries.In this framework which of the following is true?Choose the best answer.

Group of answer choices

Rivarly is the least important force

In the middle of the framework are the new entrants in the industry

There are three ways that companies can enter the industry

Suppliers and buyers are very important

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Question 29

5pts

True or False: In the PESTLE framework, the letter S stands for Sustainable

Group of answer choices

True

False

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Question 30

5pts

True or False: In the diamond industry, the value chain is divided so that each part of the value chain create and captures the same amount a value throughout the process

Group of answer choices

True

False

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Question 31

5pts

People are excited to go to a Beyonce concert and see her perform in person. Which of the following is not an attribute that contributes to the value created from the online ticket purchase?

Group of answer choices

Feasibility

Convenience

Status

Anti-Fraud Functionality

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Question 32

5pts

TheVRIO assumption that some of the resources and capability differences among firms may be long lasting because it may be very costly for firms without certain resources and capabilities to develop or acquire them is known as

Group of answer choices

Valuable

Rarity

Organized to exploit

Inimitability

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Question 33

5pts

Which of the following is not one of the three key "means" expert entrepreneurs should start with?

Group of answer choices

How much money do I have?

Whom do I know?

Who am I?

What do I know?

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Question 34

5pts

What is a Mindset?

Group of answer choices

Others' view of the world

The way you go about your normal day when you have a lot on your mind

A way of telling whether you are more right brained or left brained

A bias towards a way of being or doing

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Question 35

5pts

True or False: According to the Bird-in-Hand Principle, most successful ventures have to abandon the opportunity they first perceived and be willing to change their vision in response to external feedback.

Group of answer choices

True

False

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Question 36

5pts

Which of the following is not a supplier to a luggage manufacturer?

Group of answer choices

A retail store who sells the luggage to a customer

All of the answers are correct

A local trade school who trains manufacturing employees

A wheel maker who sells to the luggage designer

The supplier of dyes who sells to the fabric maker

A zipper maker who sells to the luggage manufacturer

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Question 37

5pts

True or False: The PESTLE Analysis is a useful method to use in order to identify the internal factors that influence an organization.

Group of answer choices

True

False

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Question 38

5pts

Which of the following are not examples of battles rivals fight?

Group of answer choices

Innovation

Expansion

Production

Defense

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Question 39

5pts

Which of the options below does not fit the definition of rivalry, as described in class

Group of answer choices

GM and Ford making similar trucks targeting the same consumer segment

The travel departments of two different cities each trying to attract tourists to their ski resort

True or False: According to the Bird-in-Hand Principle, most successful ventures have to abandon the opportunity they first perceived and be willing to change their vision in response to external feedback.

Group of answer choices

True

False

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Question 36

5pts

Which of the following is not a supplier to a luggage manufacturer?

Group of answer choices

A retail store who sells the luggage to a customer

All of the answers are correct

A local trade school who trains manufacturing employees

A wheel maker who sells to the luggage designer

The supplier of dyes who sells to the fabric maker

A zipper maker who sells to the luggage manufacturer

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Question 37

5pts

True or False: The PESTLE Analysis is a useful method to use in order to identify the internal factors that influence an organization.

Group of answer choices

True

False

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Question 38

5pts

Which of the following are not examples of battles rivals fight?

Group of answer choices

Innovation

Expansion

Production

Defense

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Question 39

5pts

Which of the options below does not fit the definition of rivalry, as described in class

Group of answer choices

GM and Ford making similar trucks targeting the same consumer segment

The travel departments of two different cities each trying to attract tourists to their ski resort

Apple and Samsung in the same smart phone segment

Two retail stores in the same town that specialize in different types of products

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Question 40

5pts

Which of the following suppliers likely has the most power over their customers

Group of answer choices

A company that makes electrical wire and is currently facing lots of international competition to supply to a local utility company

A fabric company who sells a proprietary fabric to many different clothing companies, luggage companies, furniture manufacturers all over the world

An auto parts manufacturer located near Detroit who has been selling primarily to Ford Motor company for over 50 years

None of the answers are correct

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Question 41

5pts

You would use a PESTLE Analysis for all of the following except:

Group of answer choices

Considering a new route to market (also called a new channel)

Launching a new product or service

Entering a new region or country

All of the answers are correct

Determining who to promote as the new Department Director

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Question 42

5pts

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

Group of answer choices

True

False

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Question 43

5pts

Moving forward happens at what phase of the creative process

Group of answer choices

Trial

Decision

Search

Collison

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Question 44

5pts

True or False: Resources are less desirable if they have specific connections or 'special powers' in one placewhere these connections or powers would be difficult or impossible to recreate elsewhere.

Group of answer choices

True

False

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Question 45

5pts

As described in class, environmental scanning includes all of the following except:

Group of answer choices

Looking for solutions

Looking for problems

All of the answers are correct

Looking for jobs to be done

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Question 46

5pts

Primary research includes which of the following?

Group of answer choices

Desk research

Digital resources

Critcal reading

Interviews

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Question 47

5pts

According to the article, Breakthrough Thinking from Inside the Box

Group of answer choices

All of the answers are correct

You should discover what is the biggest hassle about using or buying a product or service that people unnecessarily tolerate without knowing it

Make sure you work with people who can contribute by including individuals with a different mindset than you

Individuals are not thinking outside-the-box enough

You need to talk to at least 50 customers who can tell you if they need or want a product even if they haven't seen or imagined the product before

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Question 48

5pts

A value proposition should include all of the following except

Group of answer choices

A list of activities showing where value is added in the process

Summary statement of need or opportunity

Product or service provided

A statement of benefits

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Question 49

5pts

If an individual is considering purchasing a Toyota Camry or a Ferrari and decides that it worth paying the extra money for the prestige that is associated with driving the Ferrari the difference between the price and the willingness to pay is

Group of answer choices