Business management

Flashcard
•
English
•
Professional Development
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the role of a market in business management?
Back
The market is essential for identifying customer needs, preferences, and trends, which helps businesses tailor their products and services accordingly.
2.
FLASHCARD QUESTION
Front
What is innovation in the context of business growth?
Back
Innovation refers to the process of creating new ideas, products, or methods that improve efficiency, effectiveness, or competitive advantage in a business.
3.
FLASHCARD QUESTION
Front
What qualities should an entrepreneur possess?
Back
An entrepreneur should have leadership skills, the ability to optimize resources, and a vision for achieving business objectives.
4.
FLASHCARD QUESTION
Front
What does a strategic plan entail?
Back
A strategic plan is a document that outlines an organization's goals, the strategies to achieve them, and the resources required.
5.
FLASHCARD QUESTION
Front
What is the primary administrative function of planning in a company?
Back
The primary function of planning is to set goals and determine the best course of action to achieve them.
6.
FLASHCARD QUESTION
Front
Define SWOT analysis in business management.
Back
SWOT analysis is a strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.
7.
FLASHCARD QUESTION
Front
What is the purpose of a procedures manual?
Back
A procedures manual provides detailed instructions on how to perform specific tasks within an organization, ensuring consistency and efficiency.
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