Business Management Practice 3

Front

What is the primary goal of business management?

Back

Maximize profit and ensure sustainability and growth

Front

Explain the concept of SWOT analysis in business management.

Back

SWOT analysis involves identifying Strengths, Weaknesses, Opportunities, and Threats of a business to make informed decisions and develop strategies for growth and sustainability.

Front

What are the key functions of management according to Henri Fayol?

Back

Planning, Organizing, Commanding, Coordinating, Controlling

Front

Discuss the importance of leadership in business management.

Back

Leadership plays a vital role in guiding the team towards achieving goals, maintaining morale, and adapting to changes in the business environment.

Front

What is the difference between efficiency and effectiveness in management?

Back

Efficiency is doing things right; effectiveness is doing the right things.

Front

Explain the concept of organizational culture and its impact on business performance.

Back

Organizational culture is the shared values, beliefs, and behaviors within a company that influence employee interactions and decision-making. It can positively impact business performance by fostering employee engagement, innovation, and productivity.

Front

What are the different types of organizational structures commonly used in business management? Options: Functional, Divisional, Matrix, Flatarchy, Hierarchical, Network, Circular

Back

Functional, Divisional, Matrix, Flatarchy

Front

Discuss the role of motivation in enhancing employee performance.

Back

Motivation enhances employee performance by increasing effort, commitment, and goal achievement.

Front

Explain the concept of strategic planning and its significance in business management.

Back

Strategic planning is essential in business management as it guides the organization towards its objectives, improves decision-making, enhances efficiency, and boosts adaptability.

Front

What are the key challenges faced by managers in today's dynamic business environment? Options: Rapid technological advancements, changing consumer preferences, global competition, talent management, and regulatory changes.

Back

Rapid technological advancements, changing consumer preferences, global competition, talent management, and regulatory changes.