Big Data Powerpoint

/in /by

This case was prepared by Ruth Gilleran, Senior Lecturer, Patricia J. Guinan, Associate Professor, and Salvatore Parise, Associate Professor, of Babson College. It was developed as a basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. It is not intended to serve as an endorsement, source of primary data or illustration of effective or ineffective management. Copyright © 2015 Babson College and licensed for publication to Harvard Business School Publishing. All rights reserved. No part of this publication can be reproduced, stored or transmitted in any form or by any means without prior written permission of Babson College.

 

BAB168/ NOVEMBER 2015

 

THE WEATHER COMPANY: CREATING CONSUMER APPS THAT LEVERAGE BIG DATA It was a gorgeous day in the fall of 2014 at the Atlanta headquarters of The Weather Company (TWC). In fact, with one glance at the oversized 10 on the OutSider mobile running app his team just released, Chris Huff, VP of Mobile and Consumer App Development, quickly confirmed it was a perfect day for a run. The 10 was the highest score on the soon-to-be- patented Run Weather Index (RWI). Touching the number displayed the six components comprising the RWI algorithm—wind speed, precipitation, temperature, humidity, cloud cover, and air quality. Weather was a key factor for runners, and the inclusion of TWC’s detailed and highly accurate weather forecasts provided the OutSider app with what the team hoped was a clear competitive advantage over myriad other running apps. In building this app, TWC was reacting to the mobile mind shift, particularly among the 15- to 30-year old consumer demographic. Impatient and glued to their smartphones, millennials had very high expectations for immediacy. They wanted to transmit or receive information from anywhere, at anytime. Forrester Research referred to these incidents as “mobile moments,” and searching for weather information was a perfect example. 1 In 2014, the dramatic shift to mobile devices caused The Weather Company, parent company of The Weather Channel, to face the biggest challenge in its 32-year history. Similar to the disruption created by the movement from printed to digital books or DVDs to streaming video, weather consumption was moving quickly from TV to the smartphone. Nielsen reported that the network averaged a five-year low of 211,000 daily viewers in 2013, down from 273,000 in

1 “Forrester Research Publishes New Book: ‘The Mobile Mind Shift’.” Professional Services Close-Up. Business Insights: Essentials, May 19, 2014, http://bi.galegroup.com.ezproxy.babson.edu/essentials/article/GALE%7CA368528939/48707a75e8111e213213ae 2efe6db51b?u=mlin_m_babson, accessed September 2015.

Do N

ot C

op y

or P

os t

This document is authorized for educator review use only by THOMAS SCHMIDT, Bridgewater State University until Apr 2019. Copying or posting is an infringement of copyright. [email protected] or 617.783.7860

 

 

The Weather Company: Creating Consumer Apps that Leverage Big Data BAB168 / NOVEMBER 2015

 

 

2

2012.2 Citing declining ratings and evidence of an increasing number of individuals more frequently using their smartphones to check the weather, DIRECTV blacked out TWC to DIRECTV’s 20 million subscribers, which represented one-fifth of TWC’s total audience.3 In a January 2014 email statement to SNL Kagan Media and Communications, DIRECTV Chief Content Office Dan York said, “Consumers understand there are now a variety of other ways to get weather coverage, free of reality show clutter and that TWC does not have an exclusive on weather coverage – the weather belongs to everyone.”4 A few months later, DIRECTV reinstated TWC because of consumer preferences, but the company clearly needed more innovative approaches to serving up its weather data. The OutSider app, TWC’s first lifestyle- related weather app, helped answer that call. As Huff laced up his running shoes and headed to the elevator, he imagined how he could make the weather data more valuable to TWC’s running customers by delivering information that both interested and benefitted them. According to Huff, “OutSider is much more than an app, it is a way to learn about how the weather affects a person’s body chemistry. Whether one runs four or twenty-four miles, all runners are affected by the weather. People understand it’s not the best time to run when the newscaster is saying it’s 90 and humid, be careful, stay indoors. However, when it’s 82 degrees, with 90% humidity, it can be just as dangerous outside.”5 In addition to the temperature, the sun, and the rain, air quality and pollen levels affected everyone greatly. With the app released, Huff pondered his next move. Should he continue to develop OutSider further and if so, what features should be added to make it a go-to running app? Consumers downloaded several apps, but they used few on a regular basis. Should he target other outdoor enthusiast segments? Or, should he persist down the learning path, studying the run analytics and marketing what Huff calls biometrics insights (see Exhibit 1 for definition) to other organizations? But right now, the RWI of 10 was all he could think about. The Weather Channel slogan, “It’s Amazing Out There,” could not be more apropos. Time for a run.

The Weather Company TWC represented the most well-known name in the weather business. Three divisions comprised the company: TV, digital, which included website and mobile, and professional services which sold data services, software, and hardware to TV stations, retailers, airlines, and energy traders. During his keynote address at the 2014 annual Association of Business Information and Media Companies, The Weather Company COO, Chris Walters, remarked, “digital and specialized business information products, not television, are two of the biggest drivers of growth for The Weather Company, parent of The Weather Channel. Today, b-to-b products represent 10 percent of revenue. In the next three years, that percentage will double,

2 J. J. McCorvey, “A Storm Brews Over Weather,” Fast Company, February 2014, http://www.fastcompany.com/3023354/weather-channel-a-storm-brews-over-weather, accessed July 2014. 3 Rodney Ho, “Big Storm Brewing for Weather TV: Weather Channel Fight with DirectTV just One Challenge. Network Convinced Snow Proves its Worth,” The Atlanta Journal – Constitution, February 02, 2014, http://search.proquest.com.ezproxy.babson.edu/docview/1493337386?accountid=36796, accessed July 2014. 4 Sarah Barry James, “Weather Channel Stuck in Eye of Carriage Fee Storm,” SNL Kagan Media & Communications Report, January 14, 2014, http://www.snl.com/InteractiveX/Article.aspx?cdid=A-26532718- 13608, accessed November 2014. 5 Chris Huff, telephone interview by author Ruth Gilleran, Wellesley, MA, August 21, 2014. Do

N ot

C op

y or

P os

t

This document is authorized for educator review use only by THOMAS SCHMIDT, Bridgewater State University until Apr 2019. Copying or posting is an infringement of copyright. [email protected] or 617.783.7860

 

 

The Weather Company: Creating Consumer Apps that Leverage Big Data BAB168 / NOVEMBER 2015

 

 

3

thanks to big data and the ability to integrate into customer workflows.”6 One year earlier in January of 2013, Digital Division President Cameron Clayton stated, “The Weather Co.’s revenue from non-TV sources is now ‘not far away’ from being half of total revenue.” 7 Launched over 30 years ago in 1982 as the first 24-hour network devoted to weather programming, The Weather Channel’s 2013 audience totaled more than 100 million viewers and the network generated $350 million in annual income.8 Its popular weather website, weather.com, boasted 8 million daily visitors and was the go-to website in 2013 for obtaining weather information.9 In fact, the website commanded an impressive 51 percent of the market share, followed by AccuWeather with just 14 percent (see Exhibit 2 for the top weather brands). TWC’s weather data came not only from the National Weather Service, which owned the radar system in the United States, but also from data TWC gathered on its own and from data supplied by 100,000 private individuals with their own weather stations. Aided by sophisticated computer models within TWC’s forecasting engine, over 200 meteorologists analyzed this data and generated highly accurate weather forecasts. The recent growing granularity of data from an increased use of weather sensors allowed for greater accuracy in TWC’s weather forecast. 10 According to the Forecast Advisor website which graded the accuracy of U.S. weather forecasting outlets, in 2013 TWC “blew away its competition” which included the National Weather Service, Accuweather, and Custom Weather.11 TWC was owned by a consortium consisting of NBC Universal and the private equity firms The Blackstone Group and Bain Capital. In 2011, The Weather Channel Companies became The Weather Company, recognizing its diversity of products and services and its broad appeal to consumers and businesses.

TWC Revenue Streams Like most media sites, TWC employed an advertising-based revenue model. Consumer ads were displayed alongside TWC’s weather data, regardless of where the data was served up— on TV, its website, or its mobile app. TWC’s CEO David Kenny was no stranger to advertising. As a former CEO of Digitas, a global marketing and technology firm, he knew better than most how radical the coming changes were. As he explained in a New York Times interview,

6 Matt Kinsman,“ABM Annual Keynote: How The Weather Channel Saves and Makes Money for B-to-B Markets,” May 6, 2014, http://blog.siia.net/index.php/2014/05/abm-annual-keynote-how-the-weather-channel-saves-and- makes-money-for-b-to-b-markets/, accessed June 2015. 7 Todd Spangler, “Nearly Half of Weather Co.’s Revenue Comes From Digital Division,” Multichannel New, January 15, 2013, http://www.multichannel.com/news/mobile/nearly-half-weather-cos-revenue-comes-digital- division/306174, accessed June 2015. 8 J.J. McCorvey. 9 John Swansburg, “It’s Ugly Out there,” New York, Mar 10 2014, http://nymag.com/daily/intelligencer/2014/03/can-the-weather-channel-survive-its-competitiors.html, accessed July 2014. 10 Kim S. Nash, “Big Data from Above. CIO, May 24, 2013, http://www.cio.com/article/2385814/big-data/how-to- profit-from-the-ultimate-big-data-source-the-weather.html?nsdr=true&page=3, accessed July 2014. 11 Rueben Fischer-Baum and Dennis Mersereau, “What Parts of the Country Get the Worst Weather Predictions?” The Vane, May 2, 2014, http://thevane.gawker.com/what-parts-of-the-country-get-the-worst-weather-predict- 1568905474, accessed October 2014. Do

N ot

C op

y or

P os

t

This document is authorized for educator review use only by THOMAS SCHMIDT, Bridgewater State University until Apr 2019. Copying or posting is an infringement of copyright. [email protected] or 617.783.7860

 

 

The Weather Company: Creating Consumer Apps that Leverage Big Data BAB168 / NOVEMBER 2015

 

 

4

“platforms like his were working directly with companies to develop advertising campaigns, especially on mobile devices, essentially bypassing ad agencies.”12 A second revenue stream for TWC was the weather data and the expert analysis it marketed to corporate clients. The Professional Services arm of TWC helped its corporate clients profit from its weather forecasts by enabling them to anticipate the impact of weather on their bottom line. Blue chip customers included national retailers, global airliners, automobile manufacturers, emergency services, utilities, insurers, and media giants. Two clients, Home Depot and American Airlines, incorporated weather data into their buying decisions so they could more accurately predict what products or services would be needed when and where.13 Starting with the release of iOS8, Apple incorporated The Weather Channel data, replacing Yahoo Weather. At the 2014 International Consumer Electronics Show, General Motors announced plans to include The Weather Channel app within its OnStar concierge dashboard screen.14 With the current emphasis of mining big data to make more fact-based decisions, as well as the availability of modern tools to process this data, the company was betting its future on the Digital and Professional Services divisions. Both divisions were headed up by Cameron Clayton, President of Product and Technology.

Consumer Apps Ideation Process To address the dramatic shift to mobile, The Weather Company’s Digital Division was tasked with leveraging the company’s big data to obtain new customers, establish more binding relationships with existing ones, and increase advertising revenue. For a 30-year-old company with 1,300 employees, this new products group resembled a start-up. In the summer of 2012, Huff invited all company employees to a hackathon, a marathon session where software designers and programmers developed an application prototype in a condensed period of time. As Huff explained, “between the over 200 meteorologists, weather scientists, and technologists, there are a lot of engineering-minded folks walking the halls.” When the group gathered on day one, they were given deliberately broad instructions, “build some weather-related working software that our customers will love.”15 Specifically, Huff was targeting one super-user group—the outdoor enthusiasts. Some employees came with ideas they were hoping to implement, while others, for example programmers, were eager to construct a prototype. After forming teams and brainstorming, they spent the next day and a half developing the idea and building out the software. On day three, the teams were given three minutes to present their concept to a panel of judges consisting of the VP of Engineering, the VP of Product, the President of the Digital Products group, and an on-camera meteorologist. The judging criteria included whether the prototype solved a problem the company wanted to help solve, whether it was innovative, and whether it functioned. Several ideas emerged from the hackathon, but the one that garnered the most

12 Tanzina Vega, “Advertising mega merger driven by the rise of Big Data,” The Global Edition of the New York Times, July 30, 2013, p. 15. 13 Kim S. Nash. 14 Jeff Bennett, “Car Makers at Consumer Electronics show Tout Ways to Plug Autos into the Web; Moves Raise Worries among Highway Safety Regulators,” Wall Street Journal (Online) January 5, 2014, http://www.wsj.com/articles/SB10001424052702304887104579302880279339184, accessed July 2014. 15 Chris Huff, telephone interview by author Ruth Gilleran, Wellesley, MA, August 21, 2014. Do

N ot

 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

Personal Finance Today Redo

/in /by

Q 1, 2, and 4.

Q1 Mike and Mary Jane Lee have a yearly income of $65,000 and own a house worth $90,000, two cars worth a total of $20,000, and furniture worth $10,000. The house has a mortgage of $50,000, and the cars have outstanding loans of $2,000 each. Utility bills, totaling $150 for this month, have not been paid. Calculate or use Worksheet 4 to determine their net worth, and explain what it means. How would the Lees’ ages affect your assessment of their net worth?

Q2 Using the preceding information, calculate the debt ratio for the Lee household.

Q4: A rumor of “right sizing” at Ojai’s engineering firm has him and his wife, Kaya, concerned about their preparation for meeting financial emergencies. Help them calculate their net worth or complete Worksheet 4, and calculate and interpret the current ratio, given the following assets and liabilities:

Checking account $2,000
Savings account $4,000
Stocks $8,000
Utility bills $500
Credit card bills $1,000
Auto loan $2,600

 

Chapter 3: Questions from Develop Your Skills – Problems and Activities

 

Q 1, 3, 5, and 6

Q1: Your mother just won $250,000 for splitting a Nobel Prize with three coworkers. If she invests her prize money in a diversified equity portfolio returning 8 percent per year, approximately how long will it take her to become a millionaire, before accounting for taxes?

Q3: Paul Ramos just graduated from college and landed his first “real” job, which pays $23,000 a year. In 10 years, what will he need to earn to maintain the same purchasing power if inflation averages 3 percent?

Q5: Calculate the future value of $5,000 earning 10 percent after 1 year, assuming annual compounding. Now, calculate the future value of $5,000 earning 10 percent after 20 years.

Q6: Ahmed Mustafa just turned 22 and wants to have $10,283 saved in 8 years, by his 30th birthday. Assuming no additional deposits, if he currently has $6,000 in an intermediate-term bond fund earning a 5 percent yield, will he reach his goal? If not, what rate of return is required to meet his goal?

 

Problems and Activities: #1, 2, 8, and 9

 

Question 1: The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $68,000 for 2014. Determine their standard deduction, exemption, and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly.

 

Question 2: Consider three investors who need to partially liquidate investments to raise cash. In this case, all investments have been held for 3 or more years. Investor A waited for a $1,500 qualified dividend distribution from her mutual fund, and Investor B received $1,500 in interest income from a CD. However, because Investor C could not wait for a distribution, he decided to sell $1,500 of appreciated stock shares. Assuming no commissions, no sales charges, and no state income tax and a 25 percent federal marginal tax bracket, which investment will provide the greatest after-tax amount? Would your answer change if all investors were in the 15 percent marginal tax bracket?

 

Question 8: Given the following information, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal tax return?

 

Federal taxable income $47,900

Federal marginal income tax rate 25%

State taxable income $41,250

State marginal income tax rate 3%

Total sales tax paid $1,300

 

Question 9: Calculate the Lifetime Learning Credit available to a single filer earning $40,000 per year if she spent $8,500 on qualified education expenses during 2014.

 

Chapter 5:

 

Problems and Activities: #6, 7 and 8

 

Question 6: Calculate the percentage return on a 1-year Treasury bill with a face value of $10,000 if you pay $9,800 to purchase it and receive its full face value at maturity.

 

Question 7: Calculate the after-tax return of a 4.65 percent, 20-year, A-rated corporate bond for an investor in the 15 percent marginal tax bracket. Compare this yield to that of a 3.25 percent, 20-year, A-rated, tax-exempt municipal bond, and explain which alternative is better. Repeat the calculations and comparison for an investor in the 33 percent marginal tax bracket.

 

Question 8: Assuming a 1-year money market account investment at 1.5 percent (APY), a 2.5 percent inflation rate, a 28 percent marginal tax bracket, and a constant $50,000 balance, calculate the after-tax rate of return, the real rate of return, and the total monetary return. What are the implications of this result for cash management decisions?

Chapter 6: Problems and Activities

#6, #8

Question 6: With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her first full-time paycheck in August, she vowed to pay $240 each month toward paying down her $8,000 outstanding balance and to not use the card. The card has an annual interest rate of 18 percent. How long will it take Rachel to pay for her wardrobe? Should she shop for a new card? Why or why not?

 

Question 8: Javier is currently paying $1,200 in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account earning 8 percent over 10, 15, and 20 years?

 

Chapter 7: Problems and Activities

#1

Question 1: Rico needs approximately $2,500 to buy a new computer. A 2-year unsecured loan through the credit union is available for 12 percent interest. The current rate on his revolving home equity line is 8.75 percent, although he is reluctant to use it. Rico is in the 15 percent federal tax bracket and the 5.75 percent state tax bracket. Which loan should he choose? Why? Regardless of the loan chosen, Rico wants to pay off the loan in 24 months. Calculate the payments for him, assuming both loans use the simple interest calculation method.

 

Chapter 8: Problems and Activities

#1, #5

Question 1: Determine the total first-year cost of car ownership for Milagros. She just purchased a vehicle valued for $15,000 with the following costs:

 

· Auto Loan: Amount—$15,000, Duration—4 years, APR—6.65 percent

· Property Taxes: 2 percent of vehicle value/year

· Sales Taxes: 3 percent of the sales price

· Title and Tags: $40/year

· Maintenance and Usage Costs: $1,500/year

· Insurance: $2,000/year

 

Question 5: Calculate the monthly payments on a 30-year fixed-rate mortgage at 5 percent for $100,000. How much interest is paid over the life of the loan?

 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

Foundations of Business Law and the Legal Environment by Mann Roberts (Book)

/in /by

Question 1 2 pts

A holding is the court’s complete answer to an issue that is critical to deciding the case and thus gives guidance to the meaning of the case as a precedent for future cases.

  True
  False

 

 

Question 2 2 pts

What is legal is not necessarily ethical and what is ethical is not necessarily legal.

  True
  False

 

Question 3 2 pts

Under the FOIA, it is not legally required by the agencies to notify a company whose data they are about to disclose.

  True
  False

 

 

Question 4 2 pts

Assault is unauthorized and harmful or offensive physical contact with another person that causes injury.

  True
  False

 

 

Question 5 2 pts

A contract induced by improper threats or undue influence is void.

  True
  False

 

Question 6 4.5 pts

According to which school of thought is law the command of a sovereign?

  a. Positive-law school of legal thought
  b. Natural-law school of legal thought

 

  c. Legal realist school of thought
  d. Critical legal studies school of thought

 

 

 

 

Question 7 4.5 pts

According to contract law _____.

  a. harming others is considered unethical
  b. private ownership of property is socially useful

 

  c. anarchy is caused if people are not restrained by law
  d. promise-breaking is seen as unethical

 

 

 

Question 8 4.5 pts

According to utilitarianism, _____.

  a. results, not rules, are emphasized
  b. ethical action arises from doing one’s duty

 

  c. duties are defined by rational thought
  d. emphasis is on what is the fair way to distribute goods among a group of people

 

 

Question 9 4.5 pts

According to the stakeholder theory, _____.

  a. having gone along with legal duties, the corporation can ignore any other social obligations
  b. a corporation’s social responsibilities are limited to staying within the law only

 

  c. all the stakeholders to a corporate decision deserve some kind of moral consideration
  d. a socially responsible corporation is likely to consider the impact of its decision on the shareholders only

 

 

Question 10 4.5 pts

State and local courts must honor both federal law and the laws of the other states. Which of the following is true?

  a. State courts must honor federal law all the time.
  b. Under the full faith and credit clause, each state court is obligated to respect the final judgments of courts in other states.

 

  c. A contract dispute resolved by an Arkansas court can be relitigated in North Dakota when the plaintiff wants to collect on the Arkansas judgment in North Dakota.
  d. State courts do not have to consider the laws of other states in deciding cases involving issues when drivers from two different states collide in a third state.

 

 

 

Question 11 4.5 pts

Which of the following is stated by Article I, Section 8, which sets forth the powers of the federal legislature?

  a. The Congress shall have power to regulate commerce with foreign nations
  b. The United States would have different duties, imposts and excises for each state

 

  c. The president should be the commander in chief of the armed forces
  d.  Individual rights must be preserved against activities of the federal government.

 

 

Question 12 4.5 pts

An individual or a company may challenge agency action where such action is _____:

  a. in accordance with the agency’s scope of authority
  b. in accordance with the U.S. Constitution or the Administrative Procedure Act

 

  c. unwarranted by the facts
  d. in accordance with the substantial evidence test

 

 

Question 13 4.5 pts

Which of the following is true about criminal law?

  a. Plaintiffs seek compensation.
  b. Plaintiffs seek remedies for themselves

 

  c. It involves harm to certain individuals, not society
  d. It is the most ancient branch of law.

 

 

Question 14 4.5 pts

Which of the following is an example of a battery?

  a. Pointing a loaded gun at a person
  b. Swinging a fist at someone without hitting him/her.

 

  c. A person poking someone in the chest with his/her finger to emphasize a point.
  d. Throwing an object at a person that causes a nearby person anxiety.

 

 

Question 15 4.5 pts

George offers to sell his car to Suzy for $10,000 on the coming Sunday, to which Suzy agrees. They write down the details on a paper. On the decided day, Suzy pays the cash to George, but he refuses to sell the car to her saying that his friend Marty has offered to pay $30,000 for the same car. On the basis of which doctrine can Suzy sue George?

  a. Quasi-contract
  b. Implied contract

 

  c. Partially executed contract
  d. Both (a) and (b).

 

 

  e. Promissory estoppel

 

 

Question 16 4.5 pts

According to the Uniform Electronic Transactions Act (UETA), which of the following is true?

  a. A record or signature may be denied legal effect solely because it is in electronic form.
  b. A contract may not be denied enforceability solely because an electronic record was used in its formation.

 

  c. If a law requires a record to be in writing, an electronic record cannot satisfy the law.
  d. If a law requires a signature, an electronic signature cannot satisfy the law.

 

 

Question 17 4.5 pts

Which of the following is true of fraudulent misrepresentation?

  a. If a statement of fact is made false by later events, it must be disclosed as false.
  b. Fraudulent misrepresentation is a misstatement of facts that is unintentionally made and justifiably relied upon.

 

  c. A fraudulent misrepresentation is a crime.
  d. A half-truth cannot amount to misrepresentation

 

 

Question 18 4.5 pts

Which of the following promises is enforceable without consideration according to the common law?

  a. Alleged breach of contract
  b. Bankruptcy

 

  c. International contracts
  d. Promissory estoppel

 

 

Question 19 4.5 pts

A contract presented to the offeree to take or leave without bargaining is known as a(n) _____.

  a. contract of adhesion
  b. conditional contract

 

  c. unilateral contract
  d. None of the above.

 

 

Question 20 4.5 pts

The usage of trade is a _____.

  a. pattern of behavior between parties showing how they intend their relationship to work
  b. customary way of doing business that may be used to inform the parties’ contractual intentions

 

  c. promise to pay a debt which need not be in writing if the promisor was motivated by a desire for advantage or benefit
  d. contract term stating that the written agreement contains the parties’ full understanding and intent

 

 

 

Question 21 4.5 pts

Naomi sells her car to Jack, who assumes her mortgage. Naomi, in other words, has delegated the duty to pay the bank to Jack. This contract is called:

  a. a consumer transaction
  b.  a novation.

 

  c.  a privity.
  d. an assignor’s warranties

 

 

Question 22 4.5 pts

Under the Uniform Commercial Code, which of the following is said to have occurred when either of the two parties exercises a lawful right to end the contract other than for breach?

  a. Cancellation
  b. Termination

 

  c. Anticipatory breach
  d. Mutual rescission

 

 

Question 23 4.5 pts

_____ conditions are understood to be part of the contract.

  a. Implied
  b. Expressed

 

  c. Mutual
  d. Concurrent

 

 

  e. (a) and (b) but not (c)

 

 

Question 24 4.5 pts

The remedy for _____ is to put the promisee in a position as good as that which he would have been in had the contract been performed.

  a. reliance interest
  b. restitution interest

 

  c. expectation interest
  d. compensatory damages

 

 

Question 25 4.5 pts

Loss from _____ damages includes expenditures that the nonbreaching party incurs in attempting to minimize the loss that flows from the breach.

  a. punitive
  b. liquidated

 

  c. incidental
  d. consequential
 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"

SAINT GBA440 MODULE 5 MIDTERM EXAM

/in /by

Question 1. Question :

Olive oil made in Italy and sold in the United States is an example of which of the following?

Global brand

U.S. export

U.S. import

Standardized product

Question 2. Question :

Tacky Toys, a U.S.-based toy retailer, buys all its merchandise from Mushi Toys, a Japan-based toy manufacturer with production facilities in 12 nations. Mushi Toys markets its toys globally without modification. Mushi Toys selling its products to Tacky Toys is an example of ________.

importing

bartering

exporting

globalization

Question 3. Question :

Which of the following is most likely not an effect of globalization?

Increases in the variety of capital flows across national borders

Increases in the economic isolation of developing countries

Increases in the rate at which products are diffused worldwide

Increases in the volume of cross-border transactions

Question 4. Question :

Which of the following are products marketed in all countries essentially without any changes?

National products

Adapted products

Global products

Locally responsive products

Question 5. Question :

Two major forces that underlie the expansion of globalization are ________ and ________.

deregulation of tourism; the rise of nationalism

economic interdependence; the decline of international organizations

trade barriers; political unrest

falling barriers to trade and investment; technological innovation

Question 6. Question :

Jimmy’s Jeans creates denim in the United States. The jeans are sold by British retailers who mark up the price by an additional 10% to reflect the cost of taxes associated with importing the denim. The tax is known as a __________.

Import sanction

Tariff

Embargo

Nontariff barrier

Question 7. Question :

The three main goals of the ________ are to help the free flow of trade, help negotiate the further opening of markets, and settle trade disputes between its members.

General Agreement on Tariffs and Trade (GATT)

World Trade Organization (WTO)

World Bank

International Monetary Fund (IMF)

Question 8. Question :

Last year, Sabrina Shin started a business selling all types of spices and hot sauces. The business is small but this entrepreneur’s dreams are big. Given limited demand and sales fluctuations in the domestic market, Sabrina has been considering going international; however, she has little information, many doubts, and no guidance. If you were to advise Sabrina on the myths versus facts of exporting, which of the following would you state is a fact?

Only large companies can export successfully.

Sabrina’s products do not need export licensing.

Small businesses have no place to turn for export advice.

There is no export financing available for Sabrina’s business.

Question 9. Question :

For 75 years, from the start of the First World War to the end of the Cold War, there was a geographic divide between ________, and an ideological divide between ________.

North and South; protectionism and socialism

North and South; regionalism and globalization

East and West; regionalism and globalization

East and West; communism and capitalism

Points Received: 0 of 1

Question 10. Question :

Which of the following terms is used to refer to widespread job turnover throughout an economy?

Redeployment

Churning

Wage differentials

Attrition spectrum

Question 11. Question :

The “global business environment” consists of four distinct elements: globalization, national business environments, the international business environment, and ________.

falling trade and investment barriers

international firm management

technological innovation

multinational corporations

Question 12. Question :

Which of the following terms is used to refer to the positive or negative evaluations, feelings, and tendencies that individuals harbor toward objects or concepts?

Customs

Attitudes

Manners

Values

Question 13. Question :

Which of the following statements regarding cultural change is NOT true?

Cultural change occurs as new traits are accepted and absorbed into a culture.

Cultural diffusion occurs quickly in almost every culture.

Globalization is increasing the pace of cultural diffusion.

Technological advances are increasing the pace of cultural diffusion.

Question 14. Question :

Which of the following terms is used to refer to behavior that is shared by a heterogeneous group or by several groups?

Manners

Lingua franca

Popular custom

Folk custom

Question 15. Question :

A ________ is a system of social stratification in which people are born into a social ranking, with no opportunity for social mobility.

moksha system

class system

caste system

genealogy system

Question 16. Question :

When translated, the term Shinto means ________.

path of the heart

way of the gods

escape from reincarnation

achieving enlightenment

Question 17. Question :

According to Hofstede’s framework, which of the following describes the degree of inequality between people in different occupations?

Power distance

Uncertainty avoidance

Individualism

Collectivism

Question 18. Question :

Sid Maxwell is head of legal affairs for Hudson Inc., a producer of animal figurines that include an embedded software program that makes animal sounds. Hudson is expanding its market to include parts of Asia and Maxwell is concerned about reports of software piracy in the region. The software program embedded in Hudson’s figurines is an example of ________.

a copyright

intellectual property

a trademark

local content

Points Received: 0 of 1

Question 19. Question :

Global Trading, LLC, is a distributor of computer software and hardware, steel and copper scrap, and telephone and electric utility equipment. Involved in three very different types of industries, the company faces many types of risks in its global business. Global Trading just learned that the government in one country in which it does business has taken over the entire electric utility industry. The government’s actions are an example of ________.

confiscation

globalization

expropriation

nationalization

Question 20. Question :

Which of the following philosophies maintains that a company’s sole responsibility is to maximize profits for its owners?

Utilitarian view

Righteous moralist view

Friedman view

Cultural relativist view

Question 21. Question :

Which of the following terms is used to refer to personal behavior in accordance with guidelines for good conduct or morality?

Standardized behavior

Customary behavior

Ethical behavior

Adaptive behavior

Question 22. Question :

A bootleg Prada backpack that costs $500 in New York but sells for $100 in Rome is an example of which of the following?

Patent infringement

Pirated product

Copyright violation

Standardized product

Question 23. Question :

Which of the following was initially a code governing moral and ethical behavior that was later extended to govern commercial transactions?

Civil law

Hindu law

Common law

Islamic law

Question 24. Question :

The value of all goods and services produced by the domestic economy over a one-year period is called ________.

gross domestic product (GDP)

human development index (HDI)

gross national product (GNP)

purchasing power parity (PPP)

Question 25. Question :

Which of the following is an example of a political motive behind government intervention in trade?

Promote a strategic trade policy

Gain influence over other nations

Protect against unwanted cultural influence

Protect young industries from competition

Question 26. Question :

The ________ argument says that a country’s emerging industries need protection from international competition during their development.

national security

infant industry

strategic trade policy

GATT treaty

Question 27. Question :

Companies seek cross-border mergers and acquisitions for each of the following reasons EXCEPT to ________.

get a foothold in new geographic markets

increase a firm’s global competitiveness

fill in gaps in companies’ product lines in a global industry

free up company budgets for increased R & D

Question 28. Question :

Economic integration whereby countries remove all barriers to trade and the movement of labor and capital between themselves and erect a common trade policy against nonmembers is called a(n) ________.

economic union

customs union

common market

political union

Question 29. Question :

Typical buyers of bonds include all of the following except ________.

medium- to large-sized banks

pension funds

mutual funds

governments in need of funds

Question 30. Question :

Sandy Smith, vice president of marketing for a large consumer products company, will soon travel to Colombia to spearhead an effort to increase her company’s presence there. Sandy is concerned about her safety and has contacted a risk-assessment service for advice. If Sandy is asked for personal information, she should ________.

respond quickly and give detailed information

be vague but friendly with her response

give out her work or mobile phone number, but never her home phone number

demand to know why she is being asked for personal information

Question 31. Question:

Describe international trade including its potential benefits, and explain why a nation trading with a neomercantilist country would be at a disadvantage.

Question 32. Question :

Explain the concept of balance of payments and describe its two major components.

 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"