1.A product may be defined as everything, both favorable and unfavorable, that a person receives in an exchange.
2.An elementary school teacher purchased a ream of art paper, a box of crayons, and some modeling clay. The teacher intends to use these products in her classroom, so they would be classified as business products.
3.Convenience products, though inexpensive, still require considerable shopping effort by buyers.
4.Given the many differences in majors available, living options, and image differences, universities would be classified as a heterogeneous shopping product for most people.
5.Inez believes that makeup is the most important part of her wardrobe. She spends considerable time comparing the prices, skin tones, and color options available at various cosmetics counters in department stores. For Inez, makeup is a convenience product.
6.Rolex watches are very expensive and can only be purchased in high-end jewelry stores located in large metropolitan areas. Most buyers will accept no substitutes. Rolex watches are an example of a shopping product.
7.A product unknown to the potential buyer or a known-product that the buyer does not actively seek is referred to as an undesirable product.
8.Coca-Cola is one of the world’s largest manufacturers of beverages. It makes over 2,800 different beverage products, including sparkling drinks, waters, juices, juice drinks, teas, coffees, sports drinks, and energy drinks. The great variety of beverages made by Coca-Cola represents its product mix.
9.Product modification occurs when changes are made in how the product functions, its quality, or some aesthetic characteristic of the product.
10.Chef’s Catalog built its reputation on selling the highest-quality baking ingredients. The catalog retailer has added a line of fine kitchen tools and wants its customers to think of the retailer as a place to buy everything needed to bake the finest breads and desserts––not...
Profit vs. Not-for-ProfitOrganization
A nonprofit organization is formed for the common good of the public. Nonprofit organizations are usually formed for some specific religious, charitable or educational purpose. A for-profitorganization may be formed to conduct any number of lawful business activities. The primary reason to form a for-profitorganization is to earn a profit for the owners of the company.
Use of Profits
Since a not-for-profitorganization is formed to accomplish a specific task, the profits raised by the organization must be recirculated back into the organization so it is able to fulfill its mission. This means that all the money raised by the not-for-profitorganization will be retained in the organization. However, funds raised by a not-for-profitorganization can be used to pay salaries to employees and to address any other administrative needs. In the case of a for-profitorganization, the profits of the company may be distributed to the owners of the company. Establishing a for-profitorganization allows a business owner to realize gains from the...
...seeks to examine the financial management relationship between non-profit and for-profitorganizations. A recent surge to push non-profitorganizations to behave in a more business-like manner has resulted in an evaluation of the financial management practices. This paper examines a few of the similarities and differences amongst the two organizational types in relation to source of funding, performance evaluation measures, and governing mechanisms. The analysis of non-profitorganizations leads to an understanding that many of the same methods used in examining for-profitorganizations are suitable. However, it is important to take into consideration that the goal of a non-profitorganization is the overall mission. Therefore, the evaluation should be based upon this fact.
The Small Business Encyclopedia defines a non-profitorganization (NPO) as an institution with a purpose directed at assisting individuals and groups without regard for turning a profit (Nonprofit, n.d.). They are classified as any organization whose charter explicitly prohibits the distribution of profits to members. Moreover, non-profitorganizations...
...years of management in the profit sector of business I set my sights on the not for profit arena. With all the determination, commitment and leadership that I thought I had acquired throughout the years I ventured forth with high levels of confidence that ended abruptly when I began this course. I was thrown off track and almost derailed by the possibility that managing a not for profitorganization could be any different than managing a multimillion dollar retail establishment. As the reading and assignments continued I faltered and fell into a state of doubt regarding my ability to master the management of such a complex entity with aspects that were so foreign to the thought process that had been instilled into soul of my being. What if you couldn’t teach an old dog new tricks? How many of those old tricks would have to alter and change in order to be successful in my vision and future venture? It was all very overwhelming and extremely unsettling.
It was about the halfway point of the semester that I began to grasp the whole idea that the concepts of business whether profit or not for profit have many similar foundations in their principles but that a not for profit required the knowledge to address the unique aspects of its overall purpose. I then realized that by taking bits and pieces of my past managerial experiences and applying them together with the new...
In healthcare, there are three types of organizations: profit, non-profit and government based organizations. This paper will discuss the differences between profit and non-profitorganization and the weaknesses and strengths that each of the organization has. The University of Michigan will be used because it is a prime example of anon-profitorganization and its services and the center for spinal surgery hospital will be discussed as a for-profit hospital.
The University of Michigan’s health system is a non-profitorganization located in Ann Arbor, Michigan. It is composed of hospitals, health care centers and clinics. The hospitals and centers that the University of Michigan is comprise of are: medical centers, Mott Children’s Hospital, cardiovascular center, comprehensive medical center, University Hospital, Von Voigtlander Women’s Hospital and the Taubman Center (UofMHealth).
The hospital is known to have one of the best performances of heart surgery in the nation for adults and children. The cardiovascular center treats more than 6,000 patients per year that are inpatients and 35,000 patients per year are treated as outpatients. The University of Michigan’s cardiovascular center operates and performs...
...CHURCH: A NONPROFIT ORGANIZATION
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MR. MAHMUD ULLAH
Department of Marketing
University of Dhaka.
Mary Akhi Gomes
MBA 9th batch
Section – A
Department of Marketing
Date of submission: 22nd March, 2009
University of Dhaka.
Christianity in the Indian subcontinent is almost as old as Christianity in its birthplace. There is a strong tradition in south India that St. Thomas the Apostle introduced Christianity in India in 52 AD. ‘St. Thomas Christians’ there are a living proof of it. Yet, many a Muslim and Hindu in India, Pakistan, and Bangladesh wrongly consider Christianity a recent phenomenon and a foreign one at that.
The Advent of the Portuguese and Christianity in Bengal:
Renowned Portuguese navigator Vasco da Gama rounded the Cape of Good Hope of South Africa in 1498 and landed at Calicut (present Kozikode of India) by discovering the sea-route to India. From 1500 onwards, the Portuguese established their power first in Cranganore, then to Cochin and Goa. With these traders and commercial opportunists, also came Franciscan, Dominican, Augustinian, and Jesuit missionaries to bring Indian heathens to Christ.
From 1517 onwards, Portuguese traders from Goa were traversing the sea-route to Bengal but...
... Dr. Drexel is the Head of Social Work for CareSafe Foster Systems. Dr. Drexel has begun working for CareSafe; a non-profitorganization that specializes in foster care that helps connect needy children with caring and compassionate homes. CareSafe provides four main services: individual counseling, group therapy, parent counseling, and home assessments. Although Dr.Drexel has 10 years of experience working in foster care, she has very little financial experience and needs someone to develop the current budget for CareSafe. The current budget will allow Dr.Drexel to determine where CareSafe stands financially and how the future for CareSafe may look.
Now more than ever before many people have to evaluate their spending and saving habits in order to make ends meet. The world economic crisis is hitting people hard. Jobs are less secure, property can't be sold as easily as it used to be, and in some countries austerity measures have meant cuts in wages and pensions. And this means that knowing how to create a workable budget can make things easier to survive (Cummings, 2011). A workable budget is the key to any business success. If you want to keep your doors open and be prepared for the worst that may happen then a workable budget is where it all begins. Especially now with the way the economics are. There are no spare monies and every organization is competing for funding. A workable budget needs to...
...Application Assignment 1
Thomas Edison State College
Application Assignment 1
1. Should nonprofit groups operate like businesses? What are some of the potential benefits of doing so? The potential dangers?
According to Dr. Johnson, “no matter what particular type of organization we work in, we can learn from the experiences of others in different settings” (Johnson, 2007, p. xxiii). Nonprofit groups can, for instance, learn from businesses how to operate more efficiently by maximizing the use of available resources. Dr. Johnson provides the example in his book that knowing how corporate managers communicate important values can be useful to employees working in the federal government (Johnson, 2007, p. xxiii). For these reasons, nonprofit groups should operate more like businesses by incorporating best practices that will make them more effective in carrying out their mission.
The greatest potential benefit of nonprofit groups operating like businesses is operational efficiency and less dependency on public funding. As described in the case study, “Blurring the Line Between Profits and Nonprofits,” when Michael Miller became President of Portland Goodwill in the mid-1980s, he adopted a corporate approach to running the charity that increased total sales tenfold (Johnson, 2007, p. xxiii). By adopting business best practices, this nonprofit group became very successful and was...
...1.) Dusty Moore has never owned a JVC TV, but his parents owned one and were not at all satisfied. As a result, Dusty won't even consider buying an JVC. As far as Dusty is concerned, JVC has achieved brand _____rejection_________.
2.) Connie Seagroves is shopping for a new pair of jeans. She has had good experiences with Chic jeans in the past and is looking for Chic now. She intends to buy Chic jeans if they have something in her size. If not, she plans to keep wearing the Chic jeans she has as long as possible, planning to continue her search for a good fitting pair of Chic jeans at a later date. This is a good example of: brand insistence.
3.) Marissa, a college student and her father, a wealthy businessman, were each considering the purchase of a new automobile. As a college student with a full-time job, Marissa has considerably more financial resources than most college students. She feels that this car needs to provide a statement of just who she is and wear her drive and ambition are taking her! She is looking for a high quality car with the look of success! She finds very few that provide the kind of self-actualization she's looking for - and each of those has a sticker price in excess of $50,000. Marissa's father however, although extremely wealthy and can easily afford cars in this price range, treats cars as basically the same. He doesn't care what it is as long as it gets him there. Although he visits car dealerships occasionally just...