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Business Management Exam With Questions And Verified Detailed Answers
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Business Management Exam With Questions AndVerified Detailed Answers
Management (traditional) - Answer The process of coordinating a business's resources
to attain its goal(s).
Manager - Answer A person who coordinates the business's limited resources to attain
certain goal(s).
Management (Contemporary) - Answer The process of working with and through other
people to achieve business goals in a dynamic environment. Crucial to this process is
the effective and efficient use of limited resources.
Features of effective management. - Answer Planning, Organising, Leading, Controlling
Interpersonal (People) Skills - Answer Those skills needed to work and communicate
with other people and to understand their needs.
Communication - Answer The exchange of information between people; the sending and
receiving of messages.
Nonverbal Communication - Answer Any message that is not written or spoken.
Strategic Thinking - Answer Allows a manager to view the business as a whole and to
take the broad, long-term view.
Vision - Answer The clear, shared sense of direction which enables people to achieve a
common goal.
Leadership - Answer Is the ability of a person to influence others to establish and
, achieve specific goals.
Problem Solving - Answer A broad set of activities involved in searching for, identifying
and then implementing a course of action to correct and unworkable situation.
Decision Making - Answer The process of identifying the options available and then
choosing a specific course of action to solve a specific problem.
Flexible - Answer To being responsive to change and able to adjust to changing
circumstances.
Proactive - Answer A style of management that involves dynamic action and forward
planning to achieve certain objectives.
Triple bottom Line - Answer Economic, Social and Environmental performance of
business.
Stakeholder Engagement - Answer Business inform and seek input from various
stakeholders and engage in decision making.
Goal - Answer Something that an individual or business wants to achieve in a specific
period of time.
Benchmark - Answer A standard by which something can be measured or judged.
Profit Maximisation - Answer Occurs when there is a maximum difference between the
total revenue coming into the business, that is, the number of sales made multiplied by
the price, and total costs being paid out.
Market Share - Answer The business's share of the total industry sales for a particular
product.
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