Answer ALL questions from Section A (multiple choice) and TWO questions out of four from Section B

Transcription

1 UNIVERSITY OF EAST ANGLIA Norwich Business School Main Series UG Examination INTRODUCTION TO BUSINESS NBS-4007Y Time allowed: 2 hours Answer ALL questions from Section A (multiple choice) and TWO questions out of four from Section B All questions in Section A carry equal marks (Total 20%) All questions in Section B carry equal marks (Total 80%) Section A answers MUST be completed on the separate answer grid provided. Select one answer unless otherwise specified. Example below: EXAMPLE ONLY Question A B C D 1 2 NOTE - Only clearly identifiable answers will be marked Section B answers MUST be completed in the answer book provided ANSWERS for Section A and Section B MUST be attached together at the end of the exam with the tag provided Notes are not permitted in this examination Do not turn over until you are told to do so by the Invigilator NBS-4007Y Module Contact: Dr Dimitrios Dousios, NBS Copyright of the University of East Anglia Version 1

2 Page 2 SECTION A 1. What is part of the economic environment? a) Conditions and forces that affect the cost and availability of goods, services and labour. b) Population trends, social values and behaviours. c) Laws and regulations that restrain, support and protect businesses d) Forces resulting from the practical application of science to innovations, products and processes 2. What is NOT a factor of production? a) Entrepreneurship b) Natural resources c) Opportunity costs d) Knowledge 3. What is NOT a characteristic of an oligopoly? a) Small number of suppliers b) High barriers to entry c) Firms have control of pricing d) Prices are set by a government mandate 4. Stakeholders can defined as: a) The network of people who come into contact with a business b) All the organisations that work with a business c) All the suppliers, customers and employees of a business d) Any individual, group or organisation that is affected by or can affect the activities of a business 5. Exploring the strategic implications of global warming is best described as: a) An external environmental analysis b) Scenario planning c) Futures forecasting d) A PESTLE analysis 6. An analysis of the external environment enables a firm to identify: a) Strengths and Opportunities b) Strengths and Weaknesses c) Weaknesses and Threats d) Opportunities and Threats 7. Data warehousing is: a) The collection, storage and retrieval of data in electronic files b) The use of data related to consumer purchases c) The behavioural patterns of millions of users d) None of the above

3 Page 3 8. Data mining is: a) A form of Information System analysis b) A form of database management c) The application of electronic technologies for searching and reorganising pools of data to uncover useful information d) The retrieval of data in electronic format 9. Tobacco advertising is now virtually banned in all marketing communication forms in many countries around the world. This can be explained as an influence of: a) Technological environment b) Legal environment c) Economic environment d) Ecological environment 10. New technology results in new goods and services and it can also: a) Lower the quality of existing products b) Lower the available level of customer service c) Reduce prices through new production and distribution methods d) Bring back products that were considered obsolete 11. The role of a Government in a free-market system is NOT to: a) Protect stakeholders b) Regulate prices c) Foster competition d) Encourage innovation and economic development 12. Which of these would an operations manager NOT be responsible for? a) Safety and maintenance b) Sales and marketing c) Selecting suppliers d) Recruiting employees 13. The internet has resulted in a fundamental shift in: a) Greater consumer power and knowledge b) Greater competition c) Price competitiveness d) Strategic alliances and partnerships 14. Market is the process of identifying groups of customers with basically similar wants, needs, preferences or buying behaviours. a) Development b) Positioning c) Segmentation d) Targeting TURN OVER

4 Page Which of the following is NOT a recognised basis for segmenting markets? a) Socio-economic b) Demographic c) Competitive position d) Psychographic 16. The competitive environment refers to: a) The structure of the industry in which the firm competes b) The macro-environment in which the firm exists c) The micro-environment in which the firm exists d) Strategies of competing firms 17. Which type of organisational structure most closely describes Facebook? a) A divisional structure b) A networked structure c) A functional structure d) A flat structure 18. Which of Porter s generic competitive strategies is British Airways following? a) Differentiation b) Cost leadership c) Cost focus d) Hybrid 19. In the five forces model, what is the type of competitive activity that exists between organisations? a) The potential for entry into the industry b) The threat of substitute products c) The power of customers d) The level of rivalry 20. What is the term for the extent to which competition in one country is influenced by competition in other countries? a) International trade b) Global economics c) Global competition d) Globalisation

5 Page 5 SECTION B: Answer TWO questions from this section (This section constitutes 80% of the marks). 21. Define Business Analytics and discuss their role in creating competitive advantage. (40%) 22. Define Digital Marketing and discuss its differences to traditional marketing. (40%) 23. Discuss how Human Resource Management can make an impact on organisational performance. Provide examples to justify your answer. (40%) 24. What is an entrepreneurial firm and how it is different to a small business? Provide examples to illustrate this distinction. (40%) END OF PAPER

6 Module Code/Title NBS-4007Y / INTRODUCTION TO BUSINESS Year of programme 2017/18 Student registration number Date Section A answers MUST be completed on the answer grid. Please select one answer unless otherwise specified. Question A B C D

7 Page 1 Introduction to Business NBS-4007Y Generic Exam Feedback Students performed well in the exam with few failed scripts. The vast majority prepared well, with answers structured in a manner suggested in the exam preparation sessions (namely the revision lectures before and after the Easter break plus seminar 5). Multiple choice test performance (Section A) was similar with the Kahoot in-class sessions definitely helped. First class scripts wrote in a structured, coherent manner applying theory and linking theory to examples. 2:1 scripts addressed the main points as requested but lacked depth and sophistication expected from a 1 st class exam script. Weaker scripts were rather broad and descriptive. Failed scripts did not address the topic at all. Section B 1. Discuss how Human Resource Management can make an impact on organizational performance. Provide examples to justify your answer. A popular choice with some strong student performance observed. Good use of the lecture materials to answer this question was paramount. This was the question that required close links between presented theory and examples discussed in class. 2. Define Business Analytics and discuss their role in creating competitive advantage. Good student performance in this question. Definitions were clearly used at the beginning of the answer but the role of BA in competitive advantage was not very well articulated; Business Analytics enable deeper insights and discovery that will challenge business assumptions, offering significant potential to create business value and competitive advantage. Among many benefits, the use of data can help organizations to save funds, improve procurement efficiency, develop their marketing strategies, support business growth and help differentiate from competitors. 3. Define digital marketing and discuss its differences to traditional marketing. Varied student performance observed with question 3. Definitions were required but not provided or some just attempted to view digital marketing as e-marketing. Digital marketing refers to the marketing of products and services using digital channels to reach consumers. The objective of digital marketing is to build customer relationships so that the firm can achieve above-average returns. Digital marketing capitalizes on digital technologies and capabilities to create a more engaging customer experience compared to traditional mediums. Compared to traditional marketing, digital marketing can be more personalized, participatory, peer-to-peer and communal.

8 Page 2 4. What is an entrepreneurial firm and how it is different to a small business. Provide examples to illustrate this distinction. Most answers provided a sound description of the entrepreneurial firm in its underlying dimensions as discussed during the lecture. Miller (1983) defines entrepreneurship as a multidimensional concept encompassing the firm s actions relating to product-market and technological innovation, risk-taking, and pro-activeness. An entrepreneurial firm is one that engages in product market innovation, undertakes somewhat risky ventures, and is the first to come up with proactive innovations, beating competitors to the punch (Miller 1983 p.771). The fundamental difference between an entrepreneurial firm and a small business is growth orientation, commitment to innovation and competitive aggressiveness. Only excellent scripts discussed examples introduced in class (e.g. facebook, Tesla, EPOSNow). Marking Guide For All Questions: First (70%+): The answer includes a conclusive list of identified factors and discussion of them, as well as references to relevant theories, studies, and / or current debates. Finally, the use of applications business examples, relevant policies and / or references from newspapers, current affairs programmes etc. are also expected for a FIRST grade. 2.1 (60% - 69%): The answer includes a comprehensive list of identified factors and discussion of them, as well as some references to relevant theories, studies, and / or current debates. In addition, providing one or two business examples, relevant policies and / or references from newspapers, current affairs programmes etc. 2.2 (50% - 59%): The answer includes some identified factors and discussion of them, as well as few references to relevant theories, studies, and / or current debates. In addition, providing one business examples, relevant policies and / or references from newspapers, current affairs programmes etc. Third (40% - 49%): The identified factors and discussion is limited, very few references to relevant theories, studies, and / or current debates are provided and very few business examples, relevant policies and / or references from newspapers, current affairs programmes etc are given. Fail (0% - 39%): The identified factors and discussion are substantively or wholly missing, no references to relevant theories, studies, and / or current debates are provided and no business examples, relevant policies and / or references from newspapers, current affairs programmes etc are given. A failure to understand the question is progressively relevant as the mark declines.