Question 1

Recently, many organizations have added __________ to their mission statements.
A)a business definition
B)a social element to reflect an ideal that is morally right and worthwhile
C)an economic element to promote profit maximization
D)an expanded definition of stakeholders to include its competitors
E)their level of pricing and product quality

Accepted Answer

Many organizations have recognized the importance of incorporating a social element in their mission statements to reflect an ideal that is morally right and worthwhile. This is commonly known as corporate social responsibility (CSR) and involves taking into account the impact of the organization's actions on its stakeholders, including customers, employees, the environment, and the community. Incorporating CSR into the mission statement helps an organization to set ethical standards and create a positive image, resulting in improved reputation, customer loyalty, and profitability.

Question 2

Which of the following statements regarding stakeholders is most accurate?
A)Employees are typically not classified as a stakeholder group because they are internal to the organization.
B)There are only three types of stakeholders: customers, suppliers, and distributors.
C)All stakeholders are external to the organization.
D)Stakeholders are a varied group; all are in some way affected by how well a company performs.
E)Stakeholders are only those that have an ownership stake in an organization.

Accepted Answer

Stakeholders can be internal or external to the organization and may include customers, employees, shareholders, suppliers, government, and the community. This option correctly identifies that stakeholders are a varied group and are all affected by how well a company performs. Option A is incorrect because employees can be considered stakeholders as they have a vested interest in the success of the organization. Option B is incorrect because stakeholders are not limited to these three groups. Option C is incorrect because stakeholders can be both internal and external. Option E is incorrect because stakeholders are not limited to those with an ownership stake in the organization.

Question 3

A mission statement should be
A)short-term.
B)inspirational.
C)fact-based.
D)complex.
E)permanent.

Accepted Answer

A mission statement should be inspirational, as it acts as a guiding principle for the organization and set the tone for the overall goals and objectives. Short-term and fact-based statements may not capture the long-term vision of the organization, while complex statements may be difficult for employees and stakeholders to understand. While a mission statement may be reviewed and revised as necessary, it should still provide a consistent and long-term direction for the organization, making it a permanent statement.

Question 4

The terms __________ and a mission statement are often used interchangeably.
A)idea
B)objective
C)vision
D)goal
E)protocol

Accepted Answer

Both the term "vision" and "mission statement" are focused on outlining a company's or organization's overall purpose and direction. While a vision statement outlines the desired future state of the organization, a mission statement defines its current purpose, often including its core values and objectives.

Question 5

All of the following are examples of stakeholders except
A)government.
B)competitors.
C)shareholders.
D)suppliers.
E)customers.

Accepted Answer

Government, shareholders, suppliers, and customers are all examples of stakeholders because they have a vested interest or concern in the success of a particular organization. Competitors, however, are not considered stakeholders because they are external entities that compete with the organization rather than having a vested interest in its success.

Question 6

By understanding its core values, an organization can take steps to define its __________, a statement of the organization's function in society that identifies its customers, markets, products, and technologies.
A)customer value proposition
B)doctrine
C)philosophy
D)mission
E)code of ethics

Accepted Answer

The statement referred to in the question is the mission statement, which defines an organization's purpose and objectives. The other options, such as customer value proposition, doctrine, philosophy, and code of ethics, all relate to an organization's values and beliefs but do not capture the entirety of its purpose and function in society.

Question 7

"HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the __________ for the online dating service that focuses on setting up actual activities as dates for its users.
A)sustainability doctrine
B)core benefit proposition
C)corporate philosophy
D)mission statement
E)code of ethics

Accepted Answer

The answer of "HowAboutWe is the fastest, easiest, most fun...

Question 8

A mission statement should be
A)short-term.
B)long-term.
C)fact-based.
D)complex.
E)permanent.

Accepted Answer

A mission statement is a statement that expresses the purpose of an organization, usually in the long-term. It should provide a clear and concise explanation of what the organization does, who it serves, and what its values are. A short-term mission statement would not provide a clear direction for the organization's future, and a fact-based or complex mission statement may be difficult for employees and stakeholders to understand and support. While a mission statement should be revisited and reviewed regularly, it is meant to provide a permanent guiding principle for the organization.

Question 9

Often used interchangeably with the term vision, a __________ frequently has a meaningful theme and a long-term orientation.
A)point of difference
B)mission statement
C)business definition
D)customer value proposition
E)marketing plan

Accepted Answer

A mission statement is a statement that defines an organization's purpose and the way it operates. It typically includes a long-term orientation and a meaningful theme, which makes it similar to a vision statement. However, the two terms are not completely interchangeable as a vision statement usually focuses on an aspirational future outcome, while a mission statement focuses on the present purpose of the organization.

Question 10

According to Mark Zuckerberg, founder and CEO of Facebook, "We have a saying: 'Move fast and break things.' The idea is that if you never break anything, you're probably not moving fast enough." Moving fast to build more things and learn faster is one of Facebook's
A)sustainability doctrines.
B)goals and objectives.
C)core values.
D)moral imperatives.
E)functional strategy.

Accepted Answer

Moving fast to learn and build is one of Facebook's core values, as stated by Mark Zuckerberg.

Question 11

The Ben & Jerry's website states: "Central to the mission of Ben & Jerry's is the belief that all three parts [product mission, economic mission, social mission] must thrive equally in a manner that commands deep respect for individuals in and outside the company and supports the communities of which they are a part." This statement reflects Ben & Jerry's
A)sustainability doctrine.
B)goals and objectives.
C)core values.
D)moral distinctives.
E)functional strategy.

Accepted Answer

The statement reflects Ben & Jerry's core values, which prioritize the equal importance of the product mission, economic mission, and social mission. It also emphasizes the importance of respecting individuals in and outside of the company, as well as supporting communities.

Question 12

A mission statement should be all of these except
A)short-term.
B)inspirational.
C)clear.
D)meaningful.
E)concise.

Accepted Answer

A mission statement should not be short-term, as it is meant to guide the long-term goals and direction of an organization.

Question 13

An organization's core values are most effective when communicated to and supported by
A)competitors.
B)top management and employees.
C)suppliers.
D)resellers.
E)government regulators.

Accepted Answer

Core values guide an organization's culture, decision making, and behavior. For them to be effective, they must be communicated clearly and consistently to all employees and supported by top management. This ensures that everyone in the organization is working towards the same goals and values. While suppliers, resellers, and government regulators may also be important stakeholders, their support for an organization's core values is not as critical as that of top management and employees. Competitors typically have their own set of core values and are not expected to support those of another organization.

Question 14

Which of the following statements regarding an organization's core values is most accurate?
A)Core values are developed by cross-functional teams for all levels of an organization.
B)Core values are important to the founders but rarely motivate a firm's stakeholders.
C)Core values change as an organization's offerings change.
D)Core values guide the organization's conduct.
E)Core values cannot be separated from the financial realities of an organization.

Accepted Answer

Core values serve to guide the organization's conduct and serve as a foundational principle for decision-making and action-taking. While core values may involve input from cross-functional teams, they are not developed solely for all levels of an organization. It is important that an organization's core values align with its offerings, but they do not necessarily change as those offerings change. Additionally, core values can motivate a firm's stakeholders, as they can serve as a way to identify with and differentiate the organization. Core values also hold importance beyond financial realities, as they are a fundamental aspect of an organization's identity and culture.

Question 15

Organizational culture refers to
A)the personal moral and ethical codes of ethics of an organization's top management.
B)a written statement expressing an organization's goals and objectives to be achieved through enacting a comprehensive strategic plan.
C)the fundamental, passionate, and enduring principles that guide an organization's conduct over time.
D)the ethos of an organization that excludes its core values.
E)a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.

Accepted Answer

Organizational culture refers to a set of shared values, beliefs, attitudes, and behavioral norms that are learned and shared among the members of an organization. It encompasses the way things are done, the underlying assumptions and beliefs, and the overall atmosphere and social dynamics within the organization. Option A refers to individual codes of ethics, while option B refers to strategic planning. Option C is the closest to the correct answer, but it only represents a part of organizational culture, while option D is contradictory.

Question 16

An organization's mission refers to
A)the target goal it sets for current profits based on enacting a comprehensive strategic plan.
B)the target objective it projects for future market share based on enacting a comprehensive strategic plan.
C)the fundamental, passionate, and enduring principles that guide its conduct over time.
D)specific strategies and tactics that will be used to counteract any competitor's advantages.
E)a statement of the organization's functions in society that identifies its customers, markets, products, and technologies.

Accepted Answer

The mission of an organization is a statement that defines its purpose and role in society, identifying its customers, markets, products, and technologies.

Question 17

The __________ for Facebook is "To give people the power to share and make the world more open and connected."
A)sustainability doctrine
B)core benefit proposition
C)mission statement
D)corporate philosophy
E)code of ethics

Accepted Answer

The statement "To give people the power to share and make the world more open and connected" is Facebook's mission statement. A mission statement is a brief statement that communicates the purpose of an organization, and in this case, it outlines what Facebook aims to achieve. A sustainability doctrine typically relates to an organization's approach to sustainability or environmental responsibility, while a core benefit proposition is a statement that outlines the value a particular product or service offers to customers. Corporate philosophy generally refers to the underlying beliefs and values that guide an organization's behavior, while a code of ethics is a written set of guidelines outlining ethical behavior that a company expects all employees to abide by.

Question 18

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its
A)mission statement.
B)core value proposition.
C)organizational culture.
D)corporate philosophy.
E)core benefit proposition.

Accepted Answer

Organizational culture refers to the shared values, beliefs, attitudes, and behaviors that shape the way people think, feel, and act within an organization. It is a learned and shared phenomenon that influences the way employees interact with one another, make decisions, and solve problems. A strong organizational culture can help foster a sense of identity, cohesiveness, and loyalty among employees, which can contribute to higher job satisfaction, performance, and retention rates.

Question 19

An organization's employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers are referred to as its
A)stakeholders.
B)stockholders.
C)competitors.
D)target audience.
E)organizational society.

Accepted Answer

Stakeholders refer to all individuals and groups who have a stake or interest in the organization's success, including employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers.

Question 20

The __________ for the American Red Cross is "to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors."
A)core benefit proposition
B)business definition
C)sustainability doctrine
D)mission statement
E)customer value proposition

Accepted Answer

The mission statement outlines the purpose and goals of an organization. The given statement is the mission statement for the American Red Cross.

Quiz 2: Developing Successful Organizational and Marketing Strategies

Recently, many organizations have added __________ to their mission statements.

Which of the following statements regarding stakeholders is most accurate?

A mission statement should be

The terms __________ and a mission statement are often used interchangeably.

All of the following are examples of stakeholders except

By understanding its core values, an organization can take steps to define its __________, a statement of the organization's function in society that identifies its customers, markets, products, and technologies.

"HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the __________ for the online dating service that focuses on setting up actual activities as dates for its users.

A mission statement should be

Often used interchangeably with the term vision, a __________ frequently has a meaningful theme and a long-term orientation.

According to Mark Zuckerberg, founder and CEO of Facebook, "We have a saying: 'Move fast and break things.' The idea is that if you never break anything, you're probably not moving fast enough." Moving fast to build more things and learn faster is one of Facebook's

A mission statement should be all of these except

An organization's core values are most effective when communicated to and supported by

Which of the following statements regarding an organization's core values is most accurate?

Organizational culture refers to

An organization's mission refers to

The __________ for Facebook is "To give people the power to share and make the world more open and connected."

A set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization is referred to as its

An organization's employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers are referred to as its

The __________ for the American Red Cross is "to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors."