Question 1

A ________ is a nongovernmental organization that serves its customers but does not have profit as an organizational goal.
A)business firm
B)subchapter S corporation
C)service agency
D)cooperative
E)nonprofit organization

Accepted Answer

Text term definition-nonprofit organization.

Question 2

An example of a nonprofit organization is
A)the Food and Drug Administration.
B)CVS Pharmacies.
C)the medical technology company Medtronic,Inc.
D)the pharmaceutical company Pfizer,Inc.
E)the American Red Cross.

Accepted Answer

The American Red Cross is a nonprofit,nongovernmental organization that serves its customers but does not have profit as an organizational goal.

Question 3

Today's organizations can be divided into three groups,which are ________ organizations.
A)company,nonprofit,and cooperative
B)corporation,employee-owned,and interest
C)for-profit,nonprofit,and governmental
D)employee,distributor,and customer
E)public,private,and international

Accepted Answer

Today's organizations can be divided into three groups,which are for-profit,nonprofit,and government agencies.

Question 4

Ben & Jerry's has earned B-Corp certification,which means it has
A)reached the goal of generating enough revenue to be a completely nonprofit organization.
B)a sustainable financial basis of profitable growth,increasing value for stakeholders and expanding opportunities for development and career growth for employees.
C)the goal of making profits for selected charitable organizations such as Fair Trade.
D)been recognized for its efforts to solve social and environmental problems.
E)been instrumental in expanding into international markets by creating dairies for developing nations.

Accepted Answer

Ben & Jerry's was one of the first companies involved in the Benefit Corporation movement,which has developed a rigorous set of principles and standards on which to evaluate companies in terms of social and environmental performance,accountability,and transparency.

Question 5

Ben & Jerry's mission-driven approach led the company to successfully implement many highly creative organizational and marketing strategies.One example includes
A)ISO 9000,promoting the quality concept through its commitment to making the finest ice cream from the best ingredients.
B)"linked prosperity," which encouraged the success of all constituents including employees.
C)Regeneration Nation,generating enough revenue for the firm to be a completely nonprofit organization.
D)Give and Go,donating 10 percent of its net profits to local charitable causes and an additional 5 percent to support producers that practice sustainable farming.
E)PartnerShops,Ben & Jerry scoop shops that are independently owned and operated by community-based nonprofit organizations.

Accepted Answer

Ben & Jerry's mission-driven approach led the company to successfully implement many highly creative organizational and marketing strategies,including the PartnerShop program.PartnerShops are Ben & Jerry scoop shops that are independently owned and operated by community-based nonprofit organizations.The shops employ youth and young adults who may face barriers to employment to help them build better lives.

Question 6

Social entrepreneurs who start new ventures such as Teach for America and Swipe Out Hunger are usually structured as ________ rather than business firms.
A)business agencies
B)nonprofit organizations
C)government agencies
D)cooperatives
E)social service agencies

Accepted Answer

Each year a growing number of "social entrepreneurs" start new ventures that address important social needs and issues.These new enterprises are often organized as nonprofit organizations that combine traditional approaches for generating revenue with the pursuit of social goals.

Question 7

________ the reward to a business firm for the risk it undertakes in marketing its offerings.
A)Shareholders' equity is
B)Profit is
C)Assets are
D)Contribution margin is
E)Goodwill is

Accepted Answer

Key term definition-profit.

Question 8

Profit refers to
A)the point at which a company's assets equal its liabilities plus shareholder equity.
B)the difference between the list and final price of a product or service.
C)the money earned when the economic order quantity is minimized.
D)the money left over after a business firm's total expenses are subtracted from its total revenues.
E)the total amount of revenue accrued through product sales or service distribution.

Accepted Answer

Key term definition-profit.

Question 9

In marketing,an offering refers to
A)the formal designation of a publicly traded stock for a specific product,service,or idea.
B)a form of currency used by buyer and seller to minimize the tax burden for both parties.
C)a good,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.
D)the manufacturer's suggested retail price of a product or service to the general public or the wholesale price to distributors and retailers.
E)the service suppliers and distributors provide to help manufacturers bring a product to market.

Accepted Answer

Text term definition-offerings.

Question 10

A(n)________ is a good,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.
A)organization
B)business firm
C)nonprofit
D)offering
E)industry

Accepted Answer

Text term definition-offerings.

Question 11

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies,one of which is
A)supporting farmers who agree to use sustainable farming practices,implementing fair working standards,and investing in local communities.
B)the intent of making modest profits without sacrificing high product quality standards.
C)ingredients that are all completely organic and are available only in Vermont to ensure freshness and contribute to the local economy.
D)a commitment to donating a percentage of profits to Teach for America.
E)ingredients that come exclusively from developed countries promoting Fair Trade practices.

Accepted Answer

Ben & Jerry's founders believe that farmers who grow ingredients for their ice cream products (such as cocoa,coffee,and vanilla)should receive a fair price for their harvest.In return farmers agree to use sustainable farming practices,implement fair working standards,and invest in local communities.

Question 12

Which statement best describes the most significant difference between a for-profit organization or a business firm and a nonprofit organization?
A)Business firms earn a profit each year while nonprofits operate at a deficit annually.
B)Nonprofit organizations do not carry on economic activities while business firms do.
C)Nonprofit organizations are concerned with social issues and business firms are not.
D)Both serve customers,but business firms seek a profit while nonprofit organizations do not.
E)Nonprofit organizations are publicly owned and business firms are privately owned.

Accepted Answer

A business firm is a privately owned organization that serves its customers in order to earn a profit so that it can survive.A nonprofit organization is a nongovernmental organization that serves its customers but does not have profit as an organizational goal.

Question 13

Cree markets LED (light-emitting diode)bulbs that replace the traditional incandescent bulb.A Cree LED bulb consumes 85 percent less energy and lasts for 25,000 hours.Cree is an example of
A)a cooperative.
B)an industry.
C)a nonprofit organization.
D)a business firm.
E)a government agency.

Accepted Answer

Today's organizations can be divided into three groups,which are for-profit,nonprofit,and government agencies.Cree is a for-profit organization because it is a privately owned organization that serves its customers in order to earn a profit so that it can survive.

Question 14

A(n)________ is a privately owned organization that serves its customers to earn a profit so that it can survive.
A)agency
B)for-profit organization
C)institution
D)nonprofit organization
E)cooperative

Accepted Answer

Text term definition-for-profit organization.

Question 15

A nonprofit organization is
A)a nongovernmental organization that serves its customers but does not have profit as an organizational goal.
B)a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
C)a publicly owned organization that serves the general population.
D)a group of people united through contractual or corporate ownership.
E)a privately owned organization that serves its customers to earn a profit so that it can survive.

Accepted Answer

Text term definition-nonprofit organization.

Question 16

A for-profit organization refers to
A)a subsidiary,division,or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
B)a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
C)a privately owned organization that serves its customers to earn a profit so that it can survive.
D)a group of people united through contractual or corporate ownership.
E)a publicly owned organization that serves the general population.

Accepted Answer

Text term definition-for-profit organization.

Question 17

A ________ is a federal,state,county,or city unit that provides a specific service to its constituents.
A)business firm
B)subchapter S corporation
C)government agency
D)cooperative
E)nonprofit organization

Accepted Answer

Text term definition-government agency.

Question 18

A(n)________ is a legal entity that consists of people who share a common mission.
A)department
B)organization
C)SBU
D)industry
E)market

Accepted Answer

Text term definition-organization.

Question 19

Which of the following statements regarding Ben & Jerry's is most accurate?
A)Ben & Jerry's is owned by Unilever,the market leader in the global ice cream industry.
B)Ben & Jerry's is a privately owned ice cream producer.
C)Ben & Jerry's prides itself on offering more ice cream flavors than its competitors.
D)Ben and Jerry are not real people;the names were a clever reference to Tom and Jerry cartoon characters in order to capitalize on childhood nostalgia.
E)Ben & Jerry's has only been in business for 20 years and is already the industry leader in premium ice cream.

Accepted Answer

Today,Ben & Jerry's is owned by Unilever,which is the market leader in the global ice cream industry-one that is expected to reach $89 billion by 2022.

Question 20

In marketing,an organization refers to
A)a legal entity that consists of people who share a common mission.
B)a group of people united through contractual or corporate ownership.
C)a legal entity engaged in business activities solely with the intent of making a profit.
D)a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
E)a privately owned entity that serves its customers to earn a profit so that it can survive.

Accepted Answer

Text term definition-organization.

Quiz 2: Developing Successful Organizational and Marketing Strategies

A ________ is a nongovernmental organization that serves its customers but does not have profit as an organizational goal.

An example of a nonprofit organization is

Today's organizations can be divided into three groups,which are ________ organizations.

Ben & Jerry's has earned B-Corp certification,which means it has

Ben & Jerry's mission-driven approach led the company to successfully implement many highly creative organizational and marketing strategies.One example includes

Social entrepreneurs who start new ventures such as Teach for America and Swipe Out Hunger are usually structured as ________ rather than business firms.

________ the reward to a business firm for the risk it undertakes in marketing its offerings.

Profit refers to

In marketing,an offering refers to

A(n) ________ is a good,service,or idea that creates value for both the organization and its customers by satisfying their needs and wants.

Ben & Jerry's mission to make the world a better place is linked to various organizational and marketing strategies,one of which is

Which statement best describes the most significant difference between a for-profit organization or a business firm and a nonprofit organization?

Cree markets LED (light-emitting diode) bulbs that replace the traditional incandescent bulb.A Cree LED bulb consumes 85 percent less energy and lasts for 25,000 hours.Cree is an example of

A(n) ________ is a privately owned organization that serves its customers to earn a profit so that it can survive.

A nonprofit organization is

A for-profit organization refers to

A ________ is a federal,state,county,or city unit that provides a specific service to its constituents.

A(n) ________ is a legal entity that consists of people who share a common mission.

Which of the following statements regarding Ben & Jerry's is most accurate?

In marketing,an organization refers to