Question 1

A mission statement includes all of the following elements EXCEPT:

Accepted Answer

A mission statement is meant to convey a company's long-term goals and values, not short-term objectives.

Question 2

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

Accepted Answer

Moving fast to build more things and learn faster is one of Facebook's core values, as stated by founder and CEO Mark Zuckerberg. The company believes in the importance of taking risks and making mistakes in order to innovate and improve quickly.

Question 3

"To contribute to human welfare by application of biomedical engineering in the research,design,manufacture,and sale of instruments or appliances that alleviate pain,restore health,and extend life" is Medtronic's __________.

Accepted Answer

This statement outlines Medtronic's overall purpose and goals, and serves as their mission statement.

Question 4

Which of the following statements regarding stakeholders is MOST ACCURATE?

Accepted Answer

Option D is the most accurate statement regarding stakeholders because it recognizes that stakeholders are a varied group with diverse interests and are affected in various ways by the company's performance. Stakeholders may include customers, employees, suppliers, investors, regulators, and community members, among others. Options A, B, and E are all incorrect because they exclude or limit the definition of stakeholders, while option C is incorrect because it assumes that stakeholders are external to the organization, whereas internal stakeholders such as employees are also a crucial group.

Question 5

Core values refer to

Accepted Answer

Core values are the fundamental, passionate, and enduring principles that guide an organization's behavior over time. They are not just mission statements or moral codes, but rather the deeply held beliefs and principles that permeate the culture of an organization. Core values are often used to guide decision making, establish priorities, and set expectations for how individuals should behave within the organization.

Question 6

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

Accepted Answer

The term "vision" and a mission statement are often used interchangeably. Both terms refer to a statement that outlines the long-term goals and aspirations of an organization. However, vision statements tend to be more focused on the ultimate end goal, while mission statements tend to be more focused on the organization's purpose and how it will achieve this goal.

Question 7

A firm's __________ are timeless,capturing its heart and soul,and serve to inspire and motivate its stakeholders.

Accepted Answer

Core values are fundamental principles and beliefs that guide an organization's behavior, decisions, and actions. These values define what an organization stands for and what it believes in. They capture the heart and soul of an organization and serve as its moral compass. Core values inspire and motivate all stakeholders, including employees, customers, and partners, to align themselves with the organization's mission and vision. Strategic goals, offerings, and corporate culture are important elements of an organization, but they do not have the same timeless and inspirational quality as core values. Corporate ethos refers to the distinctive character, spirit, and culture of an organization, and is closely related to core values. However, core values are more specific and concrete than corporate ethos.

Question 8

The fundamental,passionate,and enduring principles of an organization that guide its conduct over time are referred to as its __________.

Accepted Answer

Core values are the fundamental principles that guide an organization's conduct and decision-making over time. Strategic goals are specific objectives an organization aims to achieve, while vision is a statement of the desired future state of the organization. Corporate culture and ethos refer to the shared beliefs, values, and habits that shape an organization's behavior and decision-making.

Question 9

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

Accepted Answer

A mission statement defines the company's purpose, goals, and strategy. It identifies the customers and markets the organization serves, the products or services it offers, and the technologies it uses. It is a statement of the organization's function in society. A core benefit proposition refers to the unique benefit offered by the organization's products or services. Doctrine and philosophy are broader concepts that may encompass a company's values and beliefs but are not specific to identifying its functions and goals in society. A code of ethics outlines the ethical standards and guidelines that the organization and its employees are expected to follow.

Question 10

Often used interchangeably with "vision," a(n)__________ frequently has a meaningful theme and a long-term orientation.

Accepted Answer

A mission statement is a statement of an organization's purpose, intended to guide its internal decision-making, inform stakeholders of its intentions, and define its long-term goals. It is often used interchangeably with "vision," but specifically focuses on the purpose and long-term orientation of the organization. The other options listed are not as closely related to the idea of a meaningful theme and long-term orientation.

Question 11

An organization's __________ are the fundamental,passionate,and enduring principles that guide its conduct over time.

Accepted Answer

Core values are the fundamental beliefs and principles that guide an organization's behavior and decision-making. They are typically enduring and deeply ingrained in the organization's culture. Goals are specific and measurable objectives that an organization aims to achieve, mission statements describe an organization's purpose, and strategies are the plans and actions an organization takes to achieve its goals. Culture refers to the shared values, beliefs, behaviors, and customs that characterize an organization or group.

Question 12

Which of the following statements regarding an organization's core values is MOST ACCURATE?

Accepted Answer

Core values serve as a guiding principle for an organization to conduct its business. They reflect an organization's identity, culture, and purpose. Core values are usually developed by the leaders of the organization, and they remain unchanged over time, unlike the products or services an organization offers. Core values are also crucial for motivating employees and other stakeholders to align their actions with the organization's mission and vision. Therefore, choice D is the most accurate statement regarding an organization's core values.

Question 13

An organization's mission refers to

Accepted Answer

The answer of An organization's mission refers to
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Question 14

A mission statement should be

Accepted Answer

A mission statement should be inspirational and provide a sense of purpose for the organization. It should communicate the organization's values and aspirations, and motivate stakeholders to work towards achieving the mission. Short-term, fact-based, and complex statements may not provide the same level of inspiration or clarity of purpose, while a permanent mission statement may need to be revisited and revised over time as the organization evolves.

Question 15

The term that encompasses and organization's employees,shareholders,board of directors,suppliers,distributors,creditors,unions,government,local communities,and customers is referred to as its

Accepted Answer

The term "stakeholders" encompasses all the groups mentioned in the question, including employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers. It refers to anyone who has a stake or interest in the organization and can affect or be affected by its actions and decisions.

Question 16

All of the following are examples of stakeholders EXCEPT:

Accepted Answer

Competitors are not considered stakeholders as they are external entities that are not impacted by the actions and decisions of the organization. Stakeholders are individuals or groups with a vested interest in the success and operations of the organization, such as government, shareholders, suppliers, and customers.

Question 17

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

Accepted Answer

The statement reflects Ben & Jerry's core values, as it speaks to the importance of respecting individuals and supporting communities in all three aspects of their mission.

Question 18

An organization's foundation includes which of the following?

Accepted Answer

An organization's foundation must include their core values, as they guide decision making and behaviors within the organization. While the other options are important components of an organization, they are not foundational elements.

Question 19

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

Accepted Answer

An organization's core values are most effective when communicated to and supported by top management and employees. These are the individuals who are directly involved in the day-to-day operations and decision-making processes of the organization. If they understand and believe in the core values, they are more likely to act in accordance with them, leading to a stronger organizational culture and better performance. While it is also important for suppliers, resellers, and government regulators to be aware of an organization's values, their level of influence is typically much lower than that of top management and employees. Competitors, on the other hand, are unlikely to actively support an organization's core values for obvious reasons.

Question 20

An organization's foundation includes all of the following EXCEPT:

Accepted Answer

The foundation of an organization typically includes its business definition, vision, mission, core values, and organizational culture. Therefore, the only option that is not part of the foundation is B) business definition.

Quiz 2: Developing Successful Organizational and Marketing Strategies