UNH ADMN 400 EXAM ONE Questions And Answers Rated 100% Correct!!

What is a Business? - Answer-an organization that provides goods and services to earn a profit What is a nonprofit? - Answer-any profits generally put back into the organization, instead of going to owners/shareholders Examples of non-profit goals: - Answer-- environmental preservation - Mental health - decreasing homelessness Roles of Business in Society (5) - Answer-- employment -production of goods/services we want/need - innovation of new goods/services - community leadership/support charities - contribute to government initiatives trough taxes higher output = higher standard of living Two categories of distinctive competencies: - Answer-1. New niche in an established market : identify a segment of the market that is not currently being exploited by other companies 2. New Market: identify new markets by trasndering a product/service from one established geographic market to another, or by creating entirely new industries Ethics: - Answer-beliefs, or moral standards, about what is right an wrong or good and bad - moral principles that govern a person's behavior Business Ethics: - Answer-ethical or unethical behavior by employees (managers, staff etc. ) in the context of their jobs- use of ethics in business means the organization must make choices that benefit the good of everyone, including shareholders, stakeholders and the community Corporate Social Responsibility - Answer-the concern of a business for the welfare of society - overall way business attempts to balance its commitments to relevant groups and individuals in society (to organization stakeholders ) when making decisions Who are organizational stakeholders?(5) - Answer-Customers, employees, owners/investors, local(and global) community, suppliers Difference between Ethics and Corporate Social Responsibility - Answer-Ethics are the guiding principles while social responsibility is the application of ethical concerns for the benefit of society Four Dimensions of CSR - Answer-economic (required): be profitable, maximize sales, minimize costs legal (required): obey laws, adhere to regulations Ethical (expected): avoid questionable practices. Do what is right, fair and just philanthropic (desired/expected): be a good corporate citizen. Give back Milton Friedman Opinion: - Answer-"there is one and only one social responsibility of business- to use its resources and engage in actives designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud". Marketing - Answer-actives/processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large - creating customer value is core business strategy of many firms Two types of external environmental factors: - Answer-sociocultural and economic Sociocultural Environment - Answer-the buying behaviors, the customs, values and demographic characteristics of society in which the organization functions inEconomic Environment - Answer-Economic Conditions/Variables(inflation, interest rates, employment rates, recessions) that influence spending patterns by consumers, businesses, governments