Question 1

"To refresh the world/ To Inspire moments of optimism and happiness/ To create value and make a difference." This is an example of a(n):

Accepted Answer

This is a mission statement. It outlines the purpose and goals of the organization.

Question 2

Which of the following statements about organizational goals is NOT true?

Accepted Answer

This statement is not true. Goals are specific, measurable, and time-bound statements that define what the organization wants to achieve. They are not broad descriptions of the organization's offerings. The terms goal and objective cannot be used interchangeably, as objectives are specific and measurable actions that contribute to achieving a goal.

Question 3

"Holiday Inn Burlington is dedicated to providing quality hospitality product and service.Although we try to anticipate guest concerns before they arise,we understand that every customer is an individual who requires special attention." This is a part of their _____ statement.

Accepted Answer

The statement reflects the overall purpose and goals of the organization, which is defined as the mission statement. The other options do not accurately describe the statement. A benefit statement would focus more on the advantages of staying at the hotel, a business portfolio would be a comprehensive overview of the company's products and services, and a functional philosophy would be more about the company's values and principles.

Question 4

All of the following are often contained in a company's mission statement except:

Accepted Answer

A company's mission statement typically focuses on its purpose, target customers, markets, and technology, while beliefs are more often part of a company's values or vision statement.

Question 5

One of the key differences between a vision statement and a mission statement is that the mission statement:

Accepted Answer

The mission statement has an inspirational theme, while the vision statement describes the company's long-term goals.

Question 6

Some corporations choose unit sales rather than sales revenue as an organizational goal.Sales revenues can be deceiving because of:

Accepted Answer

Inflation can cause sales revenue to increase without an actual increase in the number of units sold, making it a misleading metric for organizational goals.

Question 7

Which of the following would NOT be an example of stakeholders for a television production company like John Wells Productions?

Accepted Answer

Electronics firms that make hi-definition televisions are not stakeholders for a television production company like John Wells Productions as they are not directly involved in the production or distribution of the TV shows. The other options are stakeholders as they are directly involved in the creation, production, or reception of the television shows.

Question 8

In terms of an organization's vision,railroads may have lost business because they:

Accepted Answer

Railroads defined their business too narrowly by thinking of themselves only as transportation providers for freight and passengers, rather than considering how technology and changing customer preferences could impact their industry. This limited view led to a failure to innovate and adapt to shifting market demands, causing them to lose business to more agile and innovative companies in industries such as trucking and air transportation.

Question 9

Which of the following statements about stakeholders is true?

Accepted Answer

Stakeholders are individuals or groups who have a stake in how well a company performs. This includes both internal stakeholders, such as employees and shareholders, and external stakeholders, such as customers, suppliers, and distributors. Therefore, option A is incorrect. Option B is incorrect as there are several other external stakeholders, such as government agencies, regulatory bodies, communities, and the environment. Option C is incorrect as there are both internal and external stakeholders.

Question 10

Figure: 2-2 
-In Figure 2-2,section "C" represents the "how" element of visionary organization.This is referred to as

Accepted Answer

Section "C" in Figure 2-2 represents organizational tactics, which refer to the specific actions and strategies used to achieve the organization's mission and vision. Therefore, the best choice is A, organizational tactics.

Question 11

Railroads may have let other forms of transportation take business away from them because their definition included only the railroad business,rather than the broader definition of:

Accepted Answer

Railroads only considered themselves within the narrow scope of the railroad business, while other modes of transportation (such as automobiles, trucks, and airplanes) were taking away business. By defining themselves more broadly as a transportation company, they could have adapted and diversified to better compete. The other options, such as aerospace, entertainment, and retailing, are not directly related to the railroad industry and would not have helped to solve this particular issue.

Question 12

Today's visionary organization uses key elements to (1)__________ and (2)set a direction using (3)its strategies that enable it to develop and market its offerings successfully.

Accepted Answer

Establishing a foundation is crucial for a visionary organization to set its core values, purpose, and vision, which guides its strategies and offerings. Financial goals, job responsibilities, and detailed marketing tactics are important but are usually built upon an established foundation.

Question 13

Medtronic,a world leader in heart pacemakers,is not in the medical device business but is in the business of: alleviating pain,restoring health,and extending life.This conscious effort of Medtronic defining their business shows they are paying attention to:

Accepted Answer

Medtronic's conscious effort of defining their business shows they are paying attention to how narrow or broad their business is.

Question 14

PeopleSoft designs,produces,and markets software that enables companies to automate basic human-resources functions such as payroll.At its inception,the company's leaders encouraged employees to get in touch with their feelings.The work environment was laid back,employees' dogs roamed the halls,and sunny days found employees playing Frisbee on the corporate lawns.This is known as:

Accepted Answer

The description given in the question refers to the organizational culture of PeopleSoft, which emphasizes a laid-back, informal, and relaxed work environment that encourages employees to be in touch with their emotions and have fun at work.

Question 15

Figure: 2-2 
-In Figure 2-2,section "A" represents the "why" element of visionary organization.This is referred to as

Accepted Answer

The "why" element of a visionary organization is referred to as the organizational foundation, which encompasses the core values, mission, and vision that guide the organization's purpose and existence.

Question 16

Lululemon is known for having a youthful,energetic,health-focused,and sustainable system of shared attitudes and behaviours held by the employees that distinguish it from other organizations.This is known as their

Accepted Answer

The shared attitudes and behaviours of employees that distinguish Lululemon from other organizations is known as their culture.

Question 17

Pepsi-Co set out a task to earn $10 million (CDN)in sales on their new Odwalla beverage,which was accomplished by the date they set.This is an example of a(n):

Accepted Answer

The objective of earning $10 million in sales for the Odwalla beverage is a clear goal or objective set by Pepsi-Co.

Question 18

Figure: 2-2 
-In Figure 2-2,section "B" represents the "what" element of visionary organization.This is referred to as

Accepted Answer

The answer of Figure: 2-2 
-In Figure 2-2,section "B" represents...

Question 19

Kodak wanting to be the top seller of digital cameras by 2013 is an example of an organizational:

Accepted Answer

Kodak's desire to become the leading vendor of digital cameras by 2013 is a clear indication of an objective or goal. It shows the company's objective and the priority set by the management to achieve this aim.

Question 20

All of the following are considered an organization's internal stakeholders except:

Accepted Answer

Regulatory agencies are external stakeholders that oversee and regulate organizational activities, rather than being a part of the organization itself. The other options listed are all internal stakeholders.

Quiz 2: Developing Successful Marketing Strategies

"To refresh the world/ To Inspire moments of optimism and happiness/ To create value and make a difference." This is an example of a(n) :