introduction to business principles lesson 1

Question 1

kinds of Business Department

Answer 1

Marketing
operation management
accounting finance
human resource

Question 2

is the attainment of organizational goals effectively and efficiently using functions of; planning, organizing, leading, controlling, staffing, and coordination organizational resources.

Answer 2

Management

Question 3

who says efficiency is doing things right; effectiveness is doing the right thing

Answer 3

peter drunker

Question 4

function of management:
Setting objectives and outlining steps to achieve them.
Example: Strategic planning for long-term goals.

Answer 4

Planning

Question 5

function of management:
Arranging resources and tasks to accomplish objectives.
Example: Structuring teams and workflows.

Answer 5

organizing

Question 6

function of management:
Guiding and motivating
Example: Leadership styles and communication strategies.
Example: Leadership styles and communication strategies.

Answer 6

leading

Question 7

function of management:
monitoring and evaluating progress towards goal
Example: Performance metrics and corrective actions.

Answer 7

controlling

Question 8

function of management:
Recruiting, training, and retaining the right personnel.
Example: Talent acquisition and employee development

Answer 8

staffing

Question 9

function of management:
Ensuring all parts of the organization work together harmoniously
Example: Cross-departmental collaboration

Answer 9

Coordinating

Question 10

Automating Repetitive Tasks: Using software to automate data entry which reduces the time and effort required compared to manual entry.

Answer 10

Efficiently

Question 11

Streamlining Communication: Implementing a team messaging app to consolidate communications, reducing the need for lengthy email chains and meetings.

Answer 11

Efficiently

Question 12

Setting Clear Objectives: Establishing specific, measurable goals for a project to ensure team members understand what needs to be achieved.

Answer 12

Effectively

Question 13

Prioritizing Tasks: Focusing on high-impact tasks to achieve critical goals even if some less important tasks are delayed.

Answer 13

Effectively

Question 14

Implementing a real-time inventory tracking system (efficient) to monitor stock levels accurately and reorder supplies promptly (effective), ensuring no stockouts or overstock situations.

Answer 14

Inventory Management

Question 15

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.

Answer 15

Customer Service

Question 16

Manager’s Role
figurehead, leader, laison

Answer 16

interpersonal role

Question 17

Manager’s role
monitor, disseminatorr

Answer 17

information roles

Question 18

Manager’s role
spokesperson, entrepreneur, disturbance handler, resource allocator,negotiator

Answer 18

Decisional role

Question 19

what managerial level is
Conceptual Skills
Ability to solve long-term problems and view the total organization as an interactive system

Answer 19

Top Level Management

Question 20

Human Relations Skills
Ability to work effectively, lead, and assure harmonious interpersonal relations.

Answer 20

Middle-Level Management

Question 21

Technical Skills
Ability to use tools, apply specialized knowledge, and manage techniques

Answer 21

Lower Level Management

Question 22

Importance of Management Principles:
Streamlines process to maximize productivity

Answer 22

Efficiency

Question 23

Importance of Management Principles:
Helps in achieving organizational goals.

Answer 23

Effectiveness

Question 24

Importance of Management Principles:
Establishes standard practices and procedures.

Answer 24

Consistency

Question 25

Importance of Management Principles: Aids in responding to changing environments and challenges.

Answer 25

Adaptability

Question 26

Clarifies roles and responsibilities, ensuring________

Answer 26

Accountability

Question 27

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."

Answer 27

Philip Kotler

Question 28

what 7 Ps of Marketing is The hoods or services offered by a business to meet customer needs. This includes design, features etc.

Answer 28

Product

Question 29

what 7 Ps of Marketing is Use of advertising, sales promotion, public relations, and personal selling to communicate product benefits

Answer 29

Promotion

Question 30

what 7 Ps of Marketing is The amount customers pay for the product, costs, competitor pricing, and customer-perceived value

Answer 30

Price

Question 31

Distribute products where customers can conve – niently purchase them, including selecting the right retail location

Answer 31

Place

Question 32

Provide tangible proof of product quality and service, such as packaging, branding materials, and testimonials

Answer 32

Physical Environment

Question 33

Focus on both customers and employees, ensuring that staff are trained to deliver exceptional customer service and understand the brand value

Answer 33

People

Question 34

Ensure efficient and customer friendly processes, form order handling and delivery to after-sales service.

Answer 34

Process

Question 35

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.

Answer 35

Market Research

Question 36

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.

Answer 36

Segmentation, Targeting, and Positioning (STP):

Question 37

what Implementing Strategy is this? Build and maintain strong relationships with customers through personalized communication, loyalty programs, and excellent customer service.

Answer 37

Customer Relationship Management (CRM)

Question 38

what Implementing Strategy is this? Develop a strong brand identity and image that resonates with the target market and differentiates the product from competitors.

Answer 38

Branding

Question 39

what functions of marketing is this? Collecting and analyzing data to understand customer needs, preferences, and market trends.

Answer 39

Market Research

Question 40

what functions of marketing is this? Designing and creating products that meet customer needs and preferences.

Answer 40

Product Development

Question 41

what functions of marketing is this? Communicate product benefits and persuade customers through advertising, sales promotions, and public relations.

Answer 41

Promotion

Question 42

what functions of marketing is this? Generating revenue by selling products or services to customers.

Answer 42

Sales

Question 43

what functions of marketing is this? Ensuring products are available to customers at the right place and time.

Answer 43

Distribution

Question 44

what functions of marketing is this? Setting appropriate prices based on costs, competition, and customer perceived value.

Answer 44

Pricing

Question 45

what functions of marketing is this? Providing support and building relationships to enhance customer satisfaction and loyalty.

Answer 45

Customer Service

Question 46

what functions of marketing is this? Developing strategic plans to achieve marketing goals and objectives.

Answer 46

Market Planning

Question 47

It refers to managing money and other financial resources in a business. It involves activities such as budgeting, forecasting, investing, and securing

Answer 47

Business Finance

Question 48

What function of Business Finance is this? Budgeting and forecasting future financial performance. Analyzing financial statements to make informed business decision.

Answer 48

Financial Planning And Analysis

Question 49

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

Answer 49

Capital Management

Question 50

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.

Answer 50

Investment Management

Question 51

What function of Business Finance is this? Monitoring and controlling costs to maximize profitability. Implementing cost-saving measures and optimizing allocation.

Answer 51

cost management

Question 52

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

Answer 52

financial reporting

Question 53

What function of Business Finance is this? Identifying and mitigating financial risks, including market, credit, and operational risks

Answer 53

risk management

Question 54

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.

Answer 54

Time Value of Money

Question 55

what Principles of Finance is this?The principle that higher potential returns on investment come with higher risk

Answer 55

Risk and Return

Question 56

What principles of Finance is this? Spreading investments across various assets to reduce risk.

Answer 56

Diversification

Question 57

What principles of Finance is this? The ability of an asset to be converted into cash quickly without significantly affecting its value.

Answer 57

Liquidity

Question 58

What principles of Finance is this? Ensuring that the business generates more income than expenses over time.

Answer 58

Profitability

Question 59

What principles of Finance is this? Using borrowed funds to increase the potential return on investment.

Answer 59

Financial Leverage

Question 60

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.

Answer 60

Efficient Market Hypothesis

Question 61

What principles of Finance is this? The cost of funds used for financing a business, which includes the cost of debt and equity.

Answer 61

Efficient Market Hypothesis

Question 62

What principles of Finance is this? Ensuring that the business has enough cash to meet its obligations when they are due.

Answer 62

Cash Flow Management

Question 63

What basic function of hr is this? Identifying staffing needs, attracting, and selecting the best candidates

Answer 63

Recruitment And Selection

Question 64

What basic function of hr is this? Enhancing employees’ skills and capabilities

Answer 64

training and development

Question 65

What basic function of hr is this? Evaluating and improving employee performance.

Answer 65

performance management

Question 66

What basic function of hr is this? Designing and managing employee remuneration and benefits.

Answer 66

Compensation And Benefits

Question 67

What basic function of hr is this? Maintaining positive employee–employer relationships.

Answer 67

employee relation

Question 68

What basic function of hr is this? Ensuring adherence to labor laws and regulations

Answer 68

Compliance