bus 139 hw ch 03 1 of 3

BUS 139 Homework Chapter 3

Name __Rachael Lyon__ Date __August 29th, 2016__

(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 Responsibility: To be profitable. The foundation on which all other

levels rest.

b. Legal Obligations: Obey the law. Law is society’s codification of right and
wrong. Play by the rules of the game.

c. Ethical Responsibility: Be ethnical. Obligation to do what is right, just, & fair.

Avoid harm.

d. Philanthropic Goodwill: Be a good corporate citizen. Contribute resources to

the community; improve quality of life.

2. Briefly explain

a. core competency: a defined capability or advantage that distinguishes an

enterprise from its competitors

b. competitive advantage: the facet of a business that it does better than all of its
competitors

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

a. Economic

b. Legal/Regulatory

c. Sociocultural

D Wilhelm 9-Jan-20
bus 139 hw ch 03 2 of 3

d. Technological

e. Competitive

4. Name Porter’s Five Forces.

a. Bargaining power of suppliers

b. Bargaining power of buyers

c. Competitive Rivalry

d. Threat of substitute products/services

e. Threat of New Entrants

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

-Goal- General results we would like to see
-Objective- Objectives are specific, well defined results we would like to see

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

a. Goal: being a good long distance runner

b. Objective: running a mile in 4:30 or less by November 30th

7. Briefly explain

a. mission statement: description of the reason why an organization exists

b. strategic plan: long-term planning tool used for viewing a business & the
environments in which it operates in broadest terms

c. business level goal: what you want your overall business to accomplish

D Wilhelm 9-Jan-20
bus 139 hw ch 03 3 of 3

d. function level goal: performance goals of a specific department

e. strategy: high-level plan of action that details how to attain function level goals

D Wilhelm 9-Jan-20