Business Management Process

Question 1

4 Key Business functions

Answer 1

• Operations
• Marketing
• finance
• human resources

Question 2

Operation function

Answer 2

Involves activites to make a product

Question 3

Marketing

Answer 3

Activites to make consumers want and buy the product
e.g. price, product, promotion and place

Question 4

What are the 4 P’s in marketing

Answer 4

Price
Product
Promotion
Place

Question 5

Finance function

Answer 5

Ograisning the businesses money and ensure it is used effectively
e.g. writing financial statements

Question 6

Human resources function

Answer 6

hiring staff & wellbeing
- training staff
- keep them motivated

Question 7

Why is it important to coordinate key functions & resources?

Answer 7

all functions depend on each other

Question 8

Interpendece

Answer 8

mutual dependence each function has on each other.

Question 9

Ethical business behavious

Answer 9

focus

Question 9

Exmaple of interdependence

Answer 9

incorrect management, less money to spend, not enough promotion, less people to buy, less products, and lower production (less staff)

Question 10

How do managers aim for ethical business behaviour?

Answer 10

economic. environmental and social performance.