Business Management 2 - Midterm

What is business management?

• Business management involves the planning, organizing, and controlling of business activities to achieve organizational goals.
• Business management is the process of selling products to customers
• Business management is the art of creating new business ideas
• Business management is the study of ancient business practices

How does effective communication impact business management?

• By decreasing productivity, employee morale, and decision-making.
• By having no impact on productivity, employee morale, and decision-making.
• By causing conflicts, misunderstandings, and inefficiency.
• By improving productivity, employee morale, and decision-making.

Why is strategic planning important in business management?

• To make random decisions without any goal
• To set goals, prioritize resources, and make informed decisions.
• To ignore the available resources
• To waste time and resources

What is the role of a manager in an organization?

• To socialize with employees and build friendships
• To plan, organize, direct, and control the resources of the organization to achieve its goals.
• To ignore the goals of the organization
• To micromanage every task

How does benchmarking contribute to performance improvement in business?

• By identifying best practices and areas for improvement through comparison with industry standards or competitors.
• By ignoring industry standards and competitors' performance
• By solely relying on internal data without external comparison
• By randomly implementing changes without any comparison

What is the role of corporate social responsibility in business management?

• To ignore the impact of business activities on society and the environment
• To consider the impact of business activities on society and the environment.
• To maximize profits at any cost
• To prioritize the well-being of employees over social responsibility

How does the concept of lean management improve efficiency in business processes?

• By increasing the number of unnecessary steps
• By eliminating waste and streamlining processes
• By encouraging inefficiency and waste
• By introducing more complex procedures

What is the impact of cultural differences on international business management?

• Cultural differences have no impact on international business management
• Cultural differences only impact international business management in a positive way
• Cultural differences do not affect communication, negotiation, or decision-making in international business management
• Cultural differences can impact communication, negotiation, decision-making, and overall business operations.

How can businesses effectively manage change within the organization?

• By ignoring the need for change and maintaining the status quo
• By implementing changes without informing employees
• By refusing to provide any training or support to employees
• By creating a clear vision, communicating with employees, providing training and support, and being adaptable

What is the role of key performance indicators (KPIs) in business management?

• They are used to track employee attendance
• They are only relevant for marketing purposes
• They are not important for business decision-making
• They help businesses to measure and evaluate their success in achieving specific objectives and goals.