introduction to business principles lesson 1 Flashcards
matuto duh
kinds of Business Department
Marketing
operation management
accounting finance
human resource
is the attainment of organizational goals effectively and efficiently using functions of; planning, organizing, leading, controlling, staffing, and coordination organizational resources.
Management
who says efficiency is doing things right; effectiveness is doing the right thing
peter drunker
function of management:
Setting objectives and outlining steps to achieve them.
Example: Strategic planning for long-term goals.
Planning
function of management:
Arranging resources and tasks to accomplish objectives.
Example: Structuring teams and workflows.
organizing
function of management:
Guiding and motivating
Example: Leadership styles and communication strategies.
Example: Leadership styles and communication strategies.
leading
function of management:
monitoring and evaluating progress towards goal
Example: Performance metrics and corrective actions.
controlling
function of management:
Recruiting, training, and retaining the right personnel.
Example: Talent acquisition and employee development
staffing
function of management:
Ensuring all parts of the organization work together harmoniously
Example: Cross-departmental collaboration
Coordinating
Automating Repetitive Tasks: Using software to automate data entry which reduces the time and effort required compared to manual entry.
Efficiently
Streamlining Communication: Implementing a team messaging app to consolidate communications, reducing the need for lengthy email chains and meetings.
Efficiently
Setting Clear Objectives: Establishing specific, measurable goals for a project to ensure team members understand what needs to be achieved.
Effectively
Prioritizing Tasks: Focusing on high-impact tasks to achieve critical goals even if some less important tasks are delayed.
Effectively
Implementing a real-time inventory tracking system (efficient) to monitor stock levels accurately and reorder supplies promptly (effective), ensuring no stockouts or overstock situations.
Inventory Management
representatives to handle queries using a structured script (efficient) while also empowering them to personalize responses based on individual customer needs (effective), leading to higher customer satisfaction.
Customer Service
Manager’s Role
figurehead, leader, laison
interpersonal role
Manager’s role
monitor, disseminatorr
information roles
Manager’s role
spokesperson, entrepreneur, disturbance handler, resource allocator,negotiator
Decisional role
what managerial level is
Conceptual Skills
Ability to solve long-term problems and view the total organization as an interactive system
Top Level Management
Human Relations Skills
Ability to work effectively, lead, and assure harmonious interpersonal relations.
Middle-Level Management
Technical Skills
Ability to use tools, apply specialized knowledge, and manage techniques
Lower Level Management
Importance of Management Principles:
Streamlines process to maximize productivity
Efficiency
Importance of Management Principles:
Helps in achieving organizational goals.
Effectiveness
Importance of Management Principles:
Establishes standard practices and procedures.
Consistency
Importance of Management Principles:
Aids in responding to changing environments and challenges.
Adaptability
Clarifies roles and responsibilities, ensuring________
Accountability
who says The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Philip Kotler
what 7 Ps of Marketing is The hoods or services offered by a business to meet customer needs. This includes design, features etc.
Product
what 7 Ps of Marketing is Use of advertising, sales promotion, public relations, and personal selling to communicate product benefits
Promotion
what 7 Ps of Marketing is The amount customers pay for the product, costs, competitor pricing, and customer-perceived value
Price
Distribute products where customers can conve – niently purchase them, including selecting the right retail location
Place
Provide tangible proof of product quality and service, such as packaging, branding materials, and testimonials
Physical Environment
Focus on both customers and employees, ensuring that staff are trained to deliver exceptional customer service and understand the brand value
People
Ensure efficient and customer friendly processes, form order handling and delivery to after-sales service.
Process
what Implementing Strategy is this?
Conduct thorough market research to understand customer needs, preferences, and trends. Use this data to inform product development and marketing strategies.
Market Research
what Implementing Strategy is this?
Segment the market based on demographics, psychographics, and behaviors. Target specific segments and position the product to meet their unique needs.
Segmentation, Targeting, and Positioning (STP):
what Implementing Strategy is this?
Build and maintain strong relationships with customers through personalized communication, loyalty programs, and excellent customer service.
Customer Relationship Management (CRM)
what Implementing Strategy is this?
Develop a strong brand identity and image that resonates with the target market and differentiates the product from competitors.
Branding
what functions of marketing is this?
Collecting and analyzing data to understand customer needs, preferences, and market trends.
Market Research
what functions of marketing is this?
Designing and creating products that meet customer needs and preferences.
Product Development
what functions of marketing is this?
Communicate product benefits and persuade customers through advertising, sales promotions, and public relations.
Promotion
what functions of marketing is this?
Generating revenue by selling products or services to customers.
Sales
what functions of marketing is this?
Ensuring products are available to customers at the right place and time.
Distribution
what functions of marketing is this?
Setting appropriate prices based on costs, competition, and customer perceived value.
Pricing
what functions of marketing is this?
Providing support and building relationships to enhance customer satisfaction and loyalty.
Customer Service
what functions of marketing is this?
Developing strategic plans to achieve marketing goals and objectives.
Market Planning
It refers to managing money and other financial resources in a business. It involves activities such as budgeting, forecasting, investing, and securing
Business Finance
What function of Business Finance is this?
Budgeting and forecasting future financial performance. Analyzing financial statements to make informed business decision.
Financial Planning And Analysis
What function of Business Finance is this?
Managing working capital to ensure the business can meet its short-term obligations. Securing long-term financing through loans, bonds, or investment
Capital Management
What function of Business Finance is this?
Making strategic decisions on investing business funds in projects assets, or securities. Evaluating the potential ROI and associated risk.
Investment Management
What function of Business Finance is this?
Monitoring and controlling costs to maximize profitability. Implementing cost-saving measures and optimizing allocation.
cost management
What function of Business Finance is this?
Preparing and presenting financial reports to stakeholders, such as Statement of Financial Position, Income Statement, Cash Flow Statement
financial reporting
What function of Business Finance is this?
Identifying and mitigating financial risks, including market, credit, and operational risks
risk management
what Principles of Finance is this?
The principle that a dollar today is worth more than a dollar in the future due to its potential earning capacity.
Time Value of Money
what Principles of Finance is this?The principle that higher potential returns on investment come with higher risk
Risk and Return
What principles of Finance is this?
Spreading investments across various assets to reduce risk.
Diversification
What principles of Finance is this?
The ability of an asset to be converted into cash quickly without significantly affecting its value.
Liquidity
What principles of Finance is this?
Ensuring that the business generates more income than expenses over time.
Profitability
What principles of Finance is this?
Using borrowed funds to increase the potential return on investment.
Financial Leverage
What principles of Finance is this?
The theory that all available information is already reflected in asset prices, making it difficult to consistently outperform the market.
Efficient Market Hypothesis
What principles of Finance is this?
The cost of funds used for financing a business, which includes the cost of debt and equity.
Efficient Market Hypothesis
What principles of Finance is this?
Ensuring that the business has enough cash to meet its obligations when they are due.
Cash Flow Management
What basic function of hr is this?
Identifying staffing needs, attracting, and selecting the best candidates
Recruitment And Selection
What basic function of hr is this?
Enhancing employees’ skills and capabilities
training and development
What basic function of hr is this?
Evaluating and improving employee performance.
performance management
What basic function of hr is this?
Designing and managing employee remuneration and benefits.
Compensation And Benefits
What basic function of hr is this?
Maintaining positive employee–employer relationships.
employee relation
What basic function of hr is this?
Ensuring adherence to labor laws and regulations
Compliance
