business management semester 2

Question 1

public relations

Answer 1

The planned sustained effort to establish and maintain goodwill and mutual understanding between a business and its publics. It involves the activities aimed at creating and maintaining favorable relations between a business and its publics.

Question 2

corporate social responsibility

Answer 2

managing business in such a way that the broader social welfarefare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making decisions

Question 3

marketing

Answer 3

Marketing is a comprehensive business process that involves creating, promoting, and delivering products or services to meet the needs and wants of customers.

Question 4

7 p’s

Answer 4

price, product, place, promotion, people, physical evidence and process

Question 5

colas marketing strategies

Answer 5

Iconic Branding: Cola companies have iconic logos, packaging, and slogans. For example, the Coca-Cola logo and its signature red can are recognized globally. These elements help in instant brand recognition

Question 7

tax obligations

Answer 7

Tax obligations refer to the financial responsibilities that individuals, businesses, and other entities have to the government.

Question 8

domain name

Answer 8

A domain name is a unique and human-readable address that serves as a website’s location on the internet. It is a fundamental part of a website’s URL

Question 9

website name

Answer 9

A website name typically refers to the specific domain name used to identify and access a website on the internet.

Question 10

red bull recommendations

Answer 10

Product Innovation: Suggest innovations or new product lines that align with the company’s brand and cater to consumer trends. This could include healthier or functional beverages, new flavors, or variations on their existing products.

Question 11

anti competitive practises

Answer 11

cartels, misuse of market power, exclusive dealing and resale price maintenance.

Question 12

business tax compliance

Answer 12

Payroll tax, income tax and good and services tax

Question 13

marketing consultants

Answer 13

Marketing consultants are professionals or firms that offer specialized expertise and guidance in various aspects of marketing to help businesses improve their marketing strategies, reach their target audience effectively, and achieve their business goals

Question 14

comparing banks

Answer 14

Bank fees, interest rates, overdraft facility, credit cards and convenience and support.

Question 15

accounts receivable

Answer 15

The outstanding payments a business is owed to by its customers

Question 16

inventory controle

Answer 16

Ensures that costs are minimized and that the business has access to the right amount of materials when required

Question 17

income statements

Answer 17

Used primarily to help a business calculate how much profit it has made over a period of time.

Question 18

considering suppliers

Answer 18

quality, reliability, proximity and corporate social responsibility

Question 19

policy

Answer 19

A written set of broad guidelines to be followed by all employees

Question 20

positive things about policies and procedures

Answer 20

This consistency builds a healthy reputation for your organization, especially regarding employee touchpoints with customers.

Question 21

increasing market share

Answer 21

The businesses share of the total industry sales for a particular product or service

Question 22

external factors

Answer 22

External factors are elements from outside the company that affect business performance, such as competition, economic climate, political and legal environment, technological advances, or major global events.

Question 23

external factors

Answer 23

External factors are elements from outside the company that affect business performance, such as competition, economic climate, political and legal environment, technological advances, or major global events.

Question 24

primary data

Answer 24

There are 3 main methods used to gather primary data are survey, observation and experimentation.

Question 25

secondary data

Answer 25

Secondary data is information that someone else has already collected. It is referred to as secondary because it is information that has been collected for some other purpose.

Question 26

customer relations

Answer 26

Customer relations, often referred to as customer relationship management, is a critical aspect of any business. It involves building and maintaining positive relationships with customers to ensure their satisfaction, loyalty, and long-term engagement.

Question 27

How does PR involve the creation and maintenance of an image?

Answer 27

Public relations (PR) involves the strategic management of communication and relationships between an organization and its various stakeholders, including the public, media, customers, investors, employees, and the community at large

Question 28

finical control system

Answer 28

the procedures, policies, and means by which an organization monitors and controls the direction, allocation, and usage of its financial resources.