Question 1

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

Accepted Answer

The most significant difference between for-profit organizations and nonprofit organizations is that for-profit organizations seek to earn profits annually while nonprofit organizations do not. Both serve customers and may be concerned with social issues, but the goal of a for-profit organization is to generate income for the owners or shareholders, while the goal of a nonprofit organization is to fulfill its mission or purpose.

Question 2

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

Accepted Answer

Profit is the reward a business firm receives for the risk it undertakes in marketing its offerings. It is the income left after deducting all expenses from total revenue.

Question 3

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

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 4

A nonprofit organization is

Accepted Answer

A nonprofit organization is a nongovernmental organization that serves its customers or community without the goal of making a profit. Instead, any surplus funds are reinvested into the organization's mission or distributed to support another mission-aligned organization. Nonprofits typically focus on providing social, educational, cultural, or environmental benefits to the public.

Question 5

In marketing,an offering refers to

Accepted Answer

An offering is a good, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants. It is the product or service that is being marketed and sold to customers.

Question 6

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

Accepted Answer

A for-profit organization's main goal is to earn a profit and stay in business. They are owned privately, often by individuals or shareholders, and exist to provide goods or services to customers in exchange for payment.

Question 7

An example of a nonprofit organization is

Accepted Answer

Nonprofit organizations, by definition, are organizations that don't distribute profits to individuals or shareholders. The American Red Cross is a charitable nonprofit organization. The other choices are either government agencies or for-profit companies.

Question 8

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

Accepted Answer

The word "offering" refers specifically to a product, service, or idea that is being offered to customers. It is the only option that directly relates to creating value for both the organization and its customers by satisfying their needs and wants. The other options (organization, business firm, nonprofit, industry) are more general terms that do not necessarily imply the creation of value for customers.

Question 9

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

Accepted Answer

Ben & Jerry's has earned B-Corp certification from B-Lab, which is awarded to companies that meet rigorous standards of social and environmental performance, accountability and transparency. It recognizes the company's efforts to use the power of business to solve social and environmental problems. Option A is false, as Ben & Jerry's is still generating revenue as a for-profit business. Option B is not entirely correct, as it describes a general goal of sustainable business practices, but does not specifically relate to B-Corp certification. Option C is false, as Ben & Jerry's makes profits for itself, but does contribute to selected charitable organizations. Option E is not mentioned in the information provided.

Question 10

A for-profit organization refers to

Accepted Answer

A for-profit organization is a privately owned organization that serves its customers to earn a profit so that it can survive. A, B, D, and E do not accurately describe a for-profit organization.

Question 11

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

Accepted Answer

Cree is a business firm that produces LED bulbs as their core business activity.

Question 12

Social entrepreneurs who start new ventures such as Teach for America and SIRUM are usually structured as __________ rather than business firms.

Accepted Answer

Social entrepreneurs who start new ventures aimed at social change often structure their organizations as nonprofit organizations rather than for-profit businesses. This allows them to focus on their mission and social impact, rather than maximizing profits for shareholders. Teach for America and SIRUM are both examples of successful social ventures that are structured as nonprofit organizations.

Question 13

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

Accepted Answer

The answer of Ben & Jerry's entrepreneurial approach led the...

Question 14

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

Accepted Answer

The three groups of organizations listed in the options are for-profit, nonprofit, and governmental organizations. Company, corporation, and employee-owned are all types of for-profit organizations. Nonprofit organizations refer to organizations that are not designed to provide personal gain or profit to their owners, while governmental organizations refer to any organization that is run by a government body or agency. The other options do not accurately represent the three main types of organizations.

Question 15

In marketing,an organization refers to

Accepted Answer

The answer of In marketing,an organization refers to
...

Question 16

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

Accepted Answer

The definition provided in the question perfectly fits the description of a nonprofit organization. A business firm, subchapter S corporation, and cooperative are all types of for-profit organizations. A service agency can be either for-profit or nonprofit, so it is not specific enough to be the best choice.

Question 17

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

Accepted Answer

Supporting farmers who agree to use sustainable farming practices, implementing fair working standards, and investing in local communities is one of Ben & Jerry's organizational strategies that aligns with their mission to make the world a better place. This not only helps to support the environment, but also contributes to the economic well-being of local communities.

Question 18

Profit refers to

Accepted Answer

Profit is the money left over after subtracting all expenses from the total revenue. It's the amount a business earns after accounting for all costs and expenses.

Question 19

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

Accepted Answer

An organization is a legal entity that consists of people who share a common mission, such as a non-profit organization or a for-profit corporation. A department is typically a unit within an organization, an SBU (strategic business unit) refers to a division of a company that operates as a separate entity, an industry refers to a group of companies in a specific sector, and a market refers to the overall demand for a specific product or service.

Question 20

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

Accepted Answer

The description given fits a government agency, which is a unit of government that provides specific services to its constituents. The other options listed are not necessarily affiliated with providing services to constituents in the same way that a government agency is.

Quiz 2: Developing Successful Organizational and Marketing Strategies