25 multiple choice questions 3 points each
o 5 on Ch. 1-3
o Other 20 on everything since midterm
o No questions on ch.6
1 open ended/short answer 5 points
Pick 2 of 3 short answers 10 points
Guest lectures - fair game
Summer reading b
Chapter 9: Managing Diversity and Inclusion
o Involves, first such basic activities as recruiting, training,
promoting, and utilizing to full advantage individuals with
different backgrounds, beliefs, capabilities, and cultu
1.) Identify the major ones occurring in our culture. (e.g. health, education,
Which of these trends apply to your industry?
Which of the trends listed above affect your industry?
Today, Sociocultural trends can make or
SOM review game
WARM UP ROUND:
What is a trade barrier?
Something imposed by government that restricts imported goods.
Whats a specific environment?
What is a government import standard?
What is a subsidy?
Government loans, taxes, grants
The solar energy industry is relatively new. The idea started to
get popular around 1970s when the U.S. and certain European countries
went through the atrocious economic problems caused by the Oil Crisis. The
people who buy solar pane
Legal Political Trends
-Okay so, Legal and Political trends have a major impact on the
Solar Energy Industry.
-One Political trend would be the amount of government involvement
that occurs in achieving more alternative energy prod
External Environment (also Macro or General environment)
Domestic Business Environment
Global Business Environment
Chapter 13: Entering Foreign Markets
Basic Entry Decisions
o Which markets to enter
o When to enter
o On what scale to enter
Whicho Firms need to assess the long run profit potential of each market
o The most favorable markets Politically stable developed
SOM 354 Zhennan Wang
1. Which of the following is a reason why developing countries such as China and India may be
an attractive target for inward investment?
Rapid economic growth
Chapter 6: International Trade Theory
Free Trade- Refers to a situation where a government does not attempt to influence
what its citizens can buy from another country, or what they can produce and sell to
o Refers to the absence of barrie
SOM Essay Topics - Final
Target Market Selection:
Ex: starbucks vs. dunks
Categories of stock:
Blue Chip: Major, long-term corporations that have survived market ups and downs
SOM Midterm Review
Business Profit- the difference between a businesss revenue and its expenses,
costs and taxes.
External Environment (also Macro or General environment) -Everything
outside an organization's boundaries that migh
Som CHAPTER 15- Must know
Accounting- Comprehensive system for collecting, analyzing, and comprehending financial
Bookkeeping- Recording of financial transactions
Accounting information system (AIS)- Organized procedure for identifying, measur
Som CHAPTER 11- Must Know
Market Segmentation The process of dividing a market into categories of customer types, or
segments having similar wants and needs and who can be expected to show interest in the
Segmentation Methods (geographic, d
Som CHAPTER 17- Must know
Time Value of Money- principle that invested money grows over time by earning interest or
some other form of return
Compound Growth- compounding of interest overtime - with each additional time period,
interest returns accumulate
SOM CHAPTER 5- Must Know
Organization- Business firms that sell products and their services in order to generate profits for
Management- Process of planning, organizing, leading, and controlling an organizations
resources to achieve its goal
SOM Final Study Guide
Service operations are activities producing intangible and tangible products, such as
entertainment, transportation, and education.
Goods operations are activities producing tangible products, such as radios, newspapers,
Chapter 11 Vocab-Principles of Marketing
Marketing: activities, a set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
Chapter 3 Vocab [SOM]
Small Business Administration (SBA): government agency charged with assisting small
Small Business: independently owned business that has relatively little influence in its market.
Entrepreneur: businessperson who accepts
Business Chapter 4- Understanding the Global Context of Business [Important Vocab &
Concepts] Kyle Knox
Globalization- process by which the world economy is becoming a single interdependent
Import- product made or grown abroad but sold domesticall
Chapter 2- Understanding Business Ethics and Social Responsibility
Ethics: beliefs about what is right and wrong or good and bad in actions that affect others.
Ethical Behavior: behavior conforming to generally accepted social norms concerning beneficial
Chapter 5 Vocab SOM 122
Management: process of planning, organizing, leading, and controlling an organizations
resources to achieve its goals.
Planning: management process of determining what an organization needs to do and how best
to get it done.
Possible Essay Questions
1. PEST analysis:
a. Political-Legal Environment: reflects the relationship between
business and government, usually in the form of government
regulations of business.
i. Important because:
1. Legal system defines what an organiza
CHAPTER 1: The Contemporary Business World
Business- organizations that provide goods or services that are then sold to earn
Benefits of Businesses:
They employ most working people
Produce the goods & services we consume
Create new innovations
SOM 122 Final Review
Chapter 7: Operations
Utility Products ability to satisfy a want or need.
Service Operations activities producing intangible and tangible products, such as
entertainment, transportation, and education.
Goods Operation activities produ
Understand the meaning of marketing and the marketing concept
Describe the four Ps of marketing
Summarize the marketing research process
Show how marketers use environmental scanning to learn about the changing