Podcast
Questions and Answers
What is the primary focus of creative thinking in a business context?
What is the primary focus of creative thinking in a business context?
- Generating novel and valuable ideas to solve problems. (correct)
- Adhering strictly to established procedures.
- Focusing solely on improving efficiency in routine tasks.
- Minimizing risks by following conventional approaches.
Which of the following best describes a 'conventional solution' in business problem-solving?
Which of the following best describes a 'conventional solution' in business problem-solving?
- A solution that is commonly used and widely accepted. (correct)
- A solution that is only applicable in specific industries.
- A solution that is innovative and breaks away from tradition.
- A solution that is complex and difficult to implement.
What is the initial step in the problem-solving process within a business context?
What is the initial step in the problem-solving process within a business context?
- Implementing the chosen solution.
- Generating potential solutions.
- Identifying the problem. (correct)
- Analyzing the causes of the problem.
Which technique is characterized by gathering expert opinions anonymously through rounds of questionnaires to solve complex business problems?
Which technique is characterized by gathering expert opinions anonymously through rounds of questionnaires to solve complex business problems?
What is the primary purpose of Force Field Analysis in business?
What is the primary purpose of Force Field Analysis in business?
Which of the following is an example of a mental block to creativity?
Which of the following is an example of a mental block to creativity?
How does routine thinking differ from creative thinking in a business environment?
How does routine thinking differ from creative thinking in a business environment?
Which strategy is most effective for fostering creative collaboration within a team?
Which strategy is most effective for fostering creative collaboration within a team?
What is the primary definition of 'stress' in the context of workplace management?
What is the primary definition of 'stress' in the context of workplace management?
Which of Kotter's 8 steps for change management emphasizes the importance of short-term achievements to maintain momentum?
Which of Kotter's 8 steps for change management emphasizes the importance of short-term achievements to maintain momentum?
In crisis management, which phase involves actions taken to minimize the immediate impact of an unexpected event?
In crisis management, which phase involves actions taken to minimize the immediate impact of an unexpected event?
What is the primary aim of 'change management' in a business?
What is the primary aim of 'change management' in a business?
Which of the following is NOT typically considered a major source of workplace stress?
Which of the following is NOT typically considered a major source of workplace stress?
Globalization presents businesses with both opportunities and challenges. Which of the following is primarily a challenge associated with globalization?
Globalization presents businesses with both opportunities and challenges. Which of the following is primarily a challenge associated with globalization?
According to Kotter's 8-step change model, what is the significance of 'establishing urgency'?
According to Kotter's 8-step change model, what is the significance of 'establishing urgency'?
What is the 'marketing mix' primarily concerned with?
What is the 'marketing mix' primarily concerned with?
Which element of the marketing mix focuses on making products available to customers at the right time and place?
Which element of the marketing mix focuses on making products available to customers at the right time and place?
What is the role of 'packaging' in product policy beyond just containment and protection?
What is the role of 'packaging' in product policy beyond just containment and protection?
Which pricing technique sets prices based primarily on customer's perception of value rather than production costs?
Which pricing technique sets prices based primarily on customer's perception of value rather than production costs?
What does 'marketing communication' primarily aim to achieve?
What does 'marketing communication' primarily aim to achieve?
In the context of foreign marketing, what does 'franchising' typically involve?
In the context of foreign marketing, what does 'franchising' typically involve?
Which of the following is a characteristic feature of marketing in the informal sector?
Which of the following is a characteristic feature of marketing in the informal sector?
What is the 'production function' in business fundamentally concerned with?
What is the 'production function' in business fundamentally concerned with?
Which aspect of production planning involves determining the sequence of operations and the path for each component?
Which aspect of production planning involves determining the sequence of operations and the path for each component?
What is the primary purpose of 'safety management' in the production function?
What is the primary purpose of 'safety management' in the production function?
What does 'Total Quality Management' (TQM) emphasize in quality control?
What does 'Total Quality Management' (TQM) emphasize in quality control?
What distinguishes 'variable costs' from 'fixed costs' in production costs?
What distinguishes 'variable costs' from 'fixed costs' in production costs?
What is the purpose of 'break-even analysis' in production cost management?
What is the purpose of 'break-even analysis' in production cost management?
What is 'professionalism' in a business context primarily concerned with?
What is 'professionalism' in a business context primarily concerned with?
Which ethical theory primarily evaluates the morality of an action based on its outcomes or consequences?
Which ethical theory primarily evaluates the morality of an action based on its outcomes or consequences?
Which principle of professionalism and ethics emphasizes honesty and truthfulness in all actions?
Which principle of professionalism and ethics emphasizes honesty and truthfulness in all actions?
What is the 'Rights Approach' to ethical decision-making primarily focused on?
What is the 'Rights Approach' to ethical decision-making primarily focused on?
Why is 'environmental responsibility' considered a key principle of professionalism and ethics in modern business?
Why is 'environmental responsibility' considered a key principle of professionalism and ethics in modern business?
Which of the following is a direct benefit of ethical business ventures?
Which of the following is a direct benefit of ethical business ventures?
What is the role of an 'ethical leadership' within an organization?
What is the role of an 'ethical leadership' within an organization?
How does 'stakeholder engagement' contribute to improving business ethics?
How does 'stakeholder engagement' contribute to improving business ethics?
Consider a scenario where a company must decide between two options: Option A benefits a large number of people but slightly infringes on the rights of a minority group, while Option B benefits fewer people but fully respects everyone's rights. Which ethical theory would most likely favor Option B?
Consider a scenario where a company must decide between two options: Option A benefits a large number of people but slightly infringes on the rights of a minority group, while Option B benefits fewer people but fully respects everyone's rights. Which ethical theory would most likely favor Option B?
A company is considering adopting dynamic pricing for its online products. While this strategy could maximize profits, it might be perceived as unfair by some customers. Which ethical principle is most directly challenged by the implementation of dynamic pricing in this scenario?
A company is considering adopting dynamic pricing for its online products. While this strategy could maximize profits, it might be perceived as unfair by some customers. Which ethical principle is most directly challenged by the implementation of dynamic pricing in this scenario?
Imagine a manufacturing company aiming for 'zero defects' in its production process. This goal primarily aligns with which aspect of the production function?
Imagine a manufacturing company aiming for 'zero defects' in its production process. This goal primarily aligns with which aspect of the production function?
A business is deciding between investing in advanced robotic automation to increase production efficiency, which will lead to retrenchment of some employees, or maintaining current labor-intensive methods. From a purely 'Consequentialist' ethical perspective, which decision would be considered more ethical?
A business is deciding between investing in advanced robotic automation to increase production efficiency, which will lead to retrenchment of some employees, or maintaining current labor-intensive methods. From a purely 'Consequentialist' ethical perspective, which decision would be considered more ethical?
What does 'nonconventional solutions' primarily refer to in a business context?
What does 'nonconventional solutions' primarily refer to in a business context?
What is a significant challenge often encountered during collaborative problem solving in a business environment?
What is a significant challenge often encountered during collaborative problem solving in a business environment?
In the context of stress management, what is the most significant role of self-awareness for an employee?
In the context of stress management, what is the most significant role of self-awareness for an employee?
Within Kotter's 8-step model for change, what is the primary reason for 'creating quick wins'?
Within Kotter's 8-step model for change, what is the primary reason for 'creating quick wins'?
Why is a transparent communication strategy crucial during the 'response' phase of crisis management?
Why is a transparent communication strategy crucial during the 'response' phase of crisis management?
In the context of globalization, what is the strategic significance of cultivating a 'global mindset' within a business?
In the context of globalization, what is the strategic significance of cultivating a 'global mindset' within a business?
Which of the following best describes the strategic role of 'product development and design' within product policy?
Which of the following best describes the strategic role of 'product development and design' within product policy?
What is the key strategic advantage of 'electronic marketing' compared to traditional marketing approaches?
What is the key strategic advantage of 'electronic marketing' compared to traditional marketing approaches?
What is the primary goal of 'routing' within production planning??
What is the primary goal of 'routing' within production planning??
How does implementing a Quality Management System (QMS) such as ISO 9001 primarily benefit a business's production function?
How does implementing a Quality Management System (QMS) such as ISO 9001 primarily benefit a business's production function?
From an ethical standpoint, what critical challenge does 'dynamic pricing' pose for businesses?
From an ethical standpoint, what critical challenge does 'dynamic pricing' pose for businesses?
Which ethical approach would most likely prioritize actions that equally respect and protect the moral entitlements of all individuals involved, regardless of the outcome's overall benefit?
Which ethical approach would most likely prioritize actions that equally respect and protect the moral entitlements of all individuals involved, regardless of the outcome's overall benefit?
In the context of production costs, what is the strategic significance of accurately performing a 'break-even analysis'?
In the context of production costs, what is the strategic significance of accurately performing a 'break-even analysis'?
A global corporation discovers that a supplier in a developing country is using child labor. Applying the 'Rights Approach', what action should the corporation prioritize?
A global corporation discovers that a supplier in a developing country is using child labor. Applying the 'Rights Approach', what action should the corporation prioritize?
A tech company is developing an AI-powered hiring tool that promises to reduce bias. However, initial tests show the tool inadvertently favors candidates from specific demographic groups. If the company proceeds with its implementation without adjustments, which ethical principle is most likely being violated?
A tech company is developing an AI-powered hiring tool that promises to reduce bias. However, initial tests show the tool inadvertently favors candidates from specific demographic groups. If the company proceeds with its implementation without adjustments, which ethical principle is most likely being violated?
What is the primary goal of creative thinking in a business setting?
What is the primary goal of creative thinking in a business setting?
Which of the following best describes 'routine thinking' in a business context?
Which of the following best describes 'routine thinking' in a business context?
What is a significant limitation of relying solely on routine thinking in business problem-solving?
What is a significant limitation of relying solely on routine thinking in business problem-solving?
What is the key difference between conventional and nonconventional solutions in business?
What is the key difference between conventional and nonconventional solutions in business?
Which of the following is an example of a 'mental block' that can hinder creative thinking?
Which of the following is an example of a 'mental block' that can hinder creative thinking?
In the problem-solving process, what is the purpose of 'problem analysis' after problem identification?
In the problem-solving process, what is the purpose of 'problem analysis' after problem identification?
What is the primary advantage of using the Delphi Technique in business problem-solving?
What is the primary advantage of using the Delphi Technique in business problem-solving?
In Force Field Analysis, what do 'driving forces' and 'restraining forces' represent?
In Force Field Analysis, what do 'driving forces' and 'restraining forces' represent?
What is a key challenge in collaborative problem-solving that businesses must actively manage?
What is a key challenge in collaborative problem-solving that businesses must actively manage?
A company is facing declining sales. Instead of cutting costs (conventional), they decide to completely revamp their product line based on emerging consumer lifestyle trends and integrate sustainable practices (nonconventional). Which aspect of creative problem solving is BEST exemplified here?
A company is facing declining sales. Instead of cutting costs (conventional), they decide to completely revamp their product line based on emerging consumer lifestyle trends and integrate sustainable practices (nonconventional). Which aspect of creative problem solving is BEST exemplified here?
Which of the following is a primary indicator of workplace stress?
Which of the following is a primary indicator of workplace stress?
According to Kotter's 8-step change model, what is the purpose of 'establishing urgency'?
According to Kotter's 8-step change model, what is the purpose of 'establishing urgency'?
In crisis management, what is the immediate focus of the 'response' phase?
In crisis management, what is the immediate focus of the 'response' phase?
Which of Kotter's steps for change management emphasizes celebrating short-term wins?
Which of Kotter's steps for change management emphasizes celebrating short-term wins?
What is the role of 'self-awareness' in managing workplace stress?
What is the role of 'self-awareness' in managing workplace stress?
Globalization presents both opportunities and challenges. Which of the following is primarily a challenge?
Globalization presents both opportunities and challenges. Which of the following is primarily a challenge?
Why is transparent communication crucial during the 'response' phase of crisis management?
Why is transparent communication crucial during the 'response' phase of crisis management?
What is the strategic significance of cultivating a 'global mindset' in the context of globalization?
What is the strategic significance of cultivating a 'global mindset' in the context of globalization?
Unemployment due to economic shifts is a major change businesses and individuals face. What is a proactive strategy for businesses to help employees adapt to potential retrenchment?
Unemployment due to economic shifts is a major change businesses and individuals face. What is a proactive strategy for businesses to help employees adapt to potential retrenchment?
A company implements a significant organizational change without clearly communicating the vision or establishing urgency among employees. According to Kotter's model, which of the following is the MOST likely consequence?
A company implements a significant organizational change without clearly communicating the vision or establishing urgency among employees. According to Kotter's model, which of the following is the MOST likely consequence?
What is the primary focus of the 'marketing mix'?
What is the primary focus of the 'marketing mix'?
Which element of the marketing mix is concerned with making products accessible to customers?
Which element of the marketing mix is concerned with making products accessible to customers?
Beyond protection, what additional role does 'packaging' play in product policy?
Beyond protection, what additional role does 'packaging' play in product policy?
What is 'value-based pricing' primarily based on?
What is 'value-based pricing' primarily based on?
What is the main objective of 'marketing communication'?
What is the main objective of 'marketing communication'?
In foreign marketing, what is 'franchising'?
In foreign marketing, what is 'franchising'?
Which of the following is characteristic of marketing in the informal sector?
Which of the following is characteristic of marketing in the informal sector?
What is the strategic advantage of 'electronic marketing' over traditional marketing?
What is the strategic advantage of 'electronic marketing' over traditional marketing?
A company decides to launch a new environmentally friendly product line. Which aspect of product policy would be MOST relevant for aligning this with consumer values and market trends?
A company decides to launch a new environmentally friendly product line. Which aspect of product policy would be MOST relevant for aligning this with consumer values and market trends?
A small business in the informal sector relies heavily on word-of-mouth marketing and personal selling. Which marketing mix element is MOST emphasized in this scenario?
A small business in the informal sector relies heavily on word-of-mouth marketing and personal selling. Which marketing mix element is MOST emphasized in this scenario?
What is the fundamental concern of the 'production function' in business?
What is the fundamental concern of the 'production function' in business?
Which aspect of production planning involves determining the sequence of operations?
Which aspect of production planning involves determining the sequence of operations?
What is the primary purpose of 'safety management' in production?
What is the primary purpose of 'safety management' in production?
What distinguishes 'variable costs' from 'fixed costs' in production?
What distinguishes 'variable costs' from 'fixed costs' in production?
How does implementing a Quality Management System (QMS) like ISO 9001 primarily benefit a business's production function?
How does implementing a Quality Management System (QMS) like ISO 9001 primarily benefit a business's production function?
A manufacturing company aims for 'zero defects' in its production. Which quality management approach BEST aligns with this goal?
A manufacturing company aims for 'zero defects' in its production. Which quality management approach BEST aligns with this goal?
A business is deciding between two production methods: one is highly automated with high fixed costs and low variable costs, the other is labor-intensive with low fixed costs and high variable costs. For a company expecting significant fluctuations in demand, which cost structure would provide greater financial flexibility and lower risk?
A business is deciding between two production methods: one is highly automated with high fixed costs and low variable costs, the other is labor-intensive with low fixed costs and high variable costs. For a company expecting significant fluctuations in demand, which cost structure would provide greater financial flexibility and lower risk?
What is 'professionalism' in a business context primarily about?
What is 'professionalism' in a business context primarily about?
Which ethical theory judges morality based on the outcomes of actions?
Which ethical theory judges morality based on the outcomes of actions?
Which principle of professionalism and ethics emphasizes honesty and truthfulness?
Which principle of professionalism and ethics emphasizes honesty and truthfulness?
What is the primary focus of the 'Rights Approach' to ethical decision-making?
What is the primary focus of the 'Rights Approach' to ethical decision-making?
Why is 'environmental responsibility' considered a key principle of business ethics?
Why is 'environmental responsibility' considered a key principle of business ethics?
Which of the following is a direct benefit of ethical business practices?
Which of the following is a direct benefit of ethical business practices?
What is the role of 'ethical leadership' in an organization?
What is the role of 'ethical leadership' in an organization?
A company discovers its supplier uses child labor. Applying the 'Rights Approach', what should be the corporation's priority action?
A company discovers its supplier uses child labor. Applying the 'Rights Approach', what should be the corporation's priority action?
Consider a company deciding between two options: Option A benefits many but slightly infringes on minority rights, while Option B benefits fewer but fully respects all rights. Which ethical theory would MOST likely favor Option B?
Consider a company deciding between two options: Option A benefits many but slightly infringes on minority rights, while Option B benefits fewer but fully respects all rights. Which ethical theory would MOST likely favor Option B?
What is a key characteristic that distinguishes creative thinking from routine thinking in a business context?
What is a key characteristic that distinguishes creative thinking from routine thinking in a business context?
Which statement accurately describes the impact of creative thinking on business practices?
Which statement accurately describes the impact of creative thinking on business practices?
Which of the following is the MOST effective strategy for mitigating a mental block to creativity?
Which of the following is the MOST effective strategy for mitigating a mental block to creativity?
How does Force Field Analysis aid businesses in implementing change?
How does Force Field Analysis aid businesses in implementing change?
What is the MOST significant advantage of using the Delphi Technique in solving complex business problems?
What is the MOST significant advantage of using the Delphi Technique in solving complex business problems?
Which approach would MOST effectively foster creative collaboration within a diverse team?
Which approach would MOST effectively foster creative collaboration within a diverse team?
Which of the following best describes the concept of 'stress' in the workplace, as it relates to management?
Which of the following best describes the concept of 'stress' in the workplace, as it relates to management?
What is the primary importance of transparent communication during the 'response' phase of crisis management?
What is the primary importance of transparent communication during the 'response' phase of crisis management?
In Kotter's 8-step change model, what is the PRIMARY reason for establishing a sense of urgency?
In Kotter's 8-step change model, what is the PRIMARY reason for establishing a sense of urgency?
What strategic capability becomes MOST critical for businesses adapting to globalization?
What strategic capability becomes MOST critical for businesses adapting to globalization?
What fundamental challenge arises when teams rely too heavily on routine thinking?
What fundamental challenge arises when teams rely too heavily on routine thinking?
Consider a company facing a major ethical dilemma with two potential solutions. Option A benefits a large number of stakeholders but requires minor compromise on some ethical standards. Option B upholds all ethical standards but benefits fewer stakeholders. Which decision-making approach reflects the 'Rights Approach'?
Consider a company facing a major ethical dilemma with two potential solutions. Option A benefits a large number of stakeholders but requires minor compromise on some ethical standards. Option B upholds all ethical standards but benefits fewer stakeholders. Which decision-making approach reflects the 'Rights Approach'?
A manufacturing firm adopts a 'zero defects' policy in its production line. Which overall quality management philosophy aligns BEST with this objective?
A manufacturing firm adopts a 'zero defects' policy in its production line. Which overall quality management philosophy aligns BEST with this objective?
Which of the following best captures the strategic benefit of 'electronic marketing', compared to traditional marketing methods?
Which of the following best captures the strategic benefit of 'electronic marketing', compared to traditional marketing methods?
Imagine a global corporation discovers its products are being manufactured in a sweatshop overseas using child labor. If the corporation immediately pulls its production from the facility, absorbs the financial losses, and begins searching for an ethical manufacturing partner, which of the following ethical philosophies is BEST demonstrated?
Imagine a global corporation discovers its products are being manufactured in a sweatshop overseas using child labor. If the corporation immediately pulls its production from the facility, absorbs the financial losses, and begins searching for an ethical manufacturing partner, which of the following ethical philosophies is BEST demonstrated?
Flashcards
Stress in the Workplace
Stress in the Workplace
The physical and emotional response to workplace pressures, manifesting as anxiety and fatigue.
Effects of Chronic Stress
Effects of Chronic Stress
Can lead to decreased productivity, engagement, increased absenteeism and turnover
Individual Stress Management
Individual Stress Management
Self-awareness, prioritizing tasks, seeking support, and healthy lifestyle habits
Business Stress Management
Business Stress Management
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Crisis Definition
Crisis Definition
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Crisis Management Framework
Crisis Management Framework
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Crisis Preparation
Crisis Preparation
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Crisis Response
Crisis Response
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Crisis Recovery
Crisis Recovery
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Change Management
Change Management
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Kotter's Step 1: Establish Urgency
Kotter's Step 1: Establish Urgency
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Kotter's Step 2: Form a Powerful Coalition
Kotter's Step 2: Form a Powerful Coalition
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Kotter's Step 3: Create a Vision for Change
Kotter's Step 3: Create a Vision for Change
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Kotter's Step 4: Communicate the Vision
Kotter's Step 4: Communicate the Vision
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Kotter's Step 5: Remove Obstacles
Kotter's Step 5: Remove Obstacles
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Kotter's Step 6: Create Quick Wins
Kotter's Step 6: Create Quick Wins
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Kotter's Step 7: Build on the Change
Kotter's Step 7: Build on the Change
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Kotter's Step 8: Incorporate Changes into the Culture
Kotter's Step 8: Incorporate Changes into the Culture
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Unemployment and Retrenchment
Unemployment and Retrenchment
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Globalization
Globalization
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Affirmative Action
Affirmative Action
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Marketing Definition
Marketing Definition
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The Marketing Mix (4Ps)
The Marketing Mix (4Ps)
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Product Policy
Product Policy
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Product Development and Design
Product Development and Design
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Packaging and Trademarks
Packaging and Trademarks
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Pricing Policy
Pricing Policy
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Pricing Techniques
Pricing Techniques
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Distribution Policy
Distribution Policy
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Channels of Distribution
Channels of Distribution
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Marketing Communication
Marketing Communication
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Marketing Communication Tools
Marketing Communication Tools
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Informal Sector Marketing
Informal Sector Marketing
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Electronic Marketing
Electronic Marketing
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Foreign Marketing
Foreign Marketing
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Production Function
Production Function
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Production Planning
Production Planning
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Planning (Production)
Planning (Production)
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Routing (Production)
Routing (Production)
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Scheduling (Production)
Scheduling (Production)
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Loading (Production)
Loading (Production)
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Safety Management (Production)
Safety Management (Production)
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Quality Control
Quality Control
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Total Costs (Production)
Total Costs (Production)
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Break-Even Analysis
Break-Even Analysis
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Professionalism
Professionalism
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Ethics
Ethics
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Consequential Theory
Consequential Theory
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The Common Good Approach
The Common Good Approach
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The Rights Approach
The Rights Approach
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Creative Thinking
Creative Thinking
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Problem-Solving Skills
Problem-Solving Skills
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Routine Thinking
Routine Thinking
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Creative Thinking (in Business)
Creative Thinking (in Business)
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Mental Blocks to Creativity
Mental Blocks to Creativity
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Conventional Solutions
Conventional Solutions
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Non-Conventional Solutions
Non-Conventional Solutions
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Delphi Technique
Delphi Technique
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Force Field Analysis
Force Field Analysis
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Collaborative Problem Solving
Collaborative Problem Solving
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Safety Management
Safety Management
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Competency
Competency
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Integrity
Integrity
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Respect
Respect
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Objectivity
Objectivity
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Confidentiality
Confidentiality
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Transparency
Transparency
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Commitment
Commitment
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Environmental Responsibility
Environmental Responsibility
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Fair Wages and Working Conditions
Fair Wages and Working Conditions
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Quality Goods and Services
Quality Goods and Services
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Ethical Decision-Making
Ethical Decision-Making
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Sustainability
Sustainability
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Code of Ethics
Code of Ethics
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Ethics Training
Ethics Training
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Ethical Leadership
Ethical Leadership
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Stakeholder Engagement
Stakeholder Engagement
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Quality Management Systems (QMS)
Quality Management Systems (QMS)
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SABS and Other Quality Bodies
SABS and Other Quality Bodies
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Total Quality Management (TQM)
Total Quality Management (TQM)
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Direct Channels
Direct Channels
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Indirect Channels
Indirect Channels
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Assessing Creative Solutions
Assessing Creative Solutions
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Study Notes
Creative Thinking Definition
- Creative thinking is essential in business for addressing challenges and improving operations.
Characteristics of Creative Thinking
- Creative thinking helps improve practices.
- Creative thinking plays a role in addressing business challenges.
Mental Blocks
- Mental blocks impede creativity.
Overcoming Mental Blocks
- Mental blocks can be overcome.
Routine vs. Creative Thinking
- Routine thinking is limited in solving complex business problems.
- Creative thinking is essential for novel solutions.
Examples of Creative Thinking
- Creative thinking has led to innovative solutions in business.
Conventional vs. Non-Conventional Solutions
- Creative thinking's impact is in generating non-conventional solutions.
- Conventional solutions are distinct from nonconventional solutions.
Problem-Solving Skills
- Problem-solving skills are essential for business leaders and employees.
Problem Solving Process
- Problem-solving involves identification, analysis, solution generation, and implementation.
Problem Solving Techniques
- Complex problem-solving techniques include the Delphi technique and force field analysis.
Delphi Technique
- The Delphi Technique can be applied in business.
- The Delphi Technique is a complex problem-solving technique.
Force Field Analysis
- Force Field Analysis assists in decision making and implementing change.
- Force Field Analysis is a complex problem-solving technique.
Advantages & Disadvantages
- Both techniques have advantages and disadvantages.
Collaborative Problem Solving
- There are benefits to collaborative problem solving in business.
Creative Collaboration
- Foster an environment that encourages creative collaboration.
Group Problem Solving
- There are challenges of group problem solving and how to mitigate them.
Case Studies
- Case studies exemplify creative solutions to real-world problems.
Assessing Creative Solutions
- Creative solutions should be assessed against business environment realities.
Encouraging Innovation
- Businesses can foster a culture of innovation and creativity among employees.
Balancing Act
- Balance both creative and routine thinking for optimal business performance.
- Businesses can embrace conventional and non-conventional solutions.
Definition of Workplace Stress
- Workplace stress arises from workload, deadlines, job insecurity, and relationships.
- It is a physical and emotional response that manifests as anxiety and fatigue.
Impact of Workplace Stress
- Chronic stress decreases employee productivity, engagement, and health.
- It increases absenteeism, turnover, and impairs decision-making and teamwork.
Individual Stress Management
- Individuals deal with stress with self-awareness, prioritization, support, and a healthy lifestyle.
Business Stress Management
- Businesses should offer workshops, ensure fair workloads, and support downtime.
Crisis Definition
- A crisis is any unexpected event that threatens business operations and reputation.
- Without a response plan, crises lead to financial loss, legal issues, and eroded trust.
Preparation
- Develop crisis plans with communication strategies and emergency procedures.
Response
- Act swiftly to mitigate impacts and communicate transparently with stakeholders.
Recovery
- Assess, repair, and learn from crises to strengthen future preparedness.
Change Management
- Change management transitions individuals and organizations to a desired future state.
- This is essential for market fluctuations, technology, and consumer shifts.
Kotter’s Eight Steps for Change
- Establish Urgency: Highlight the need for change to motivate action.
- Form a Powerful Coalition: Assemble a group with enough power to lead the change.
- Create a Vision for Change: Clarify how the future will differ from the past.
- Communicate the Vision: Ensure that everyone understands and accepts the vision.
- Remove Obstacles: Identify and reduce barriers to change.
- Create Quick Wins: Plan for and celebrate visible improvements.
- Build on the Change: Analyze what went well and what didn't to continue building momentum.
- Incorporate Changes into the Culture: Ensure changes are seen in every aspect of the organization's operations.
Adapting to Unemployment
- Unemployment and retrenchment requires quick adaptation by individuals and businesses.
Globalization
- Globalization brings competition and collaboration challenges and opportunities.
Affirmative Action
- Affirmative Action promotes diversity and requires careful, fair implementation.
Business Strategies
- Businesses must be vigilant, flexible, and value learning, innovation, and diversity.
- Embracing technology, a global mindset, and ethics are crucial when navigating change.
The Vital Few
- Managing stress, crises, and change is crucial for business longevity.
- Businesses can create a resilient culture to face modern world challenges.
Marketing Definition
- Marketing identifies, anticipates, and satisfies customer needs profitably.
- It includes product, pricing, distribution, and communication policies, all within the marketing mix.
Product Policy
- Product policy involves decisions related to the product mix, development, design, packaging, and trademarks.
- Effective product policy aligns offerings with market needs and ensures competitiveness.
Development and Design
- Product Development and Design involves product ideation and conceptualization.
- Incorporate consumer feedback and tech advancements to improve product offerings.
Packaging and Trademarks
- Packaging protects the product while communicating the brand.
- Trademarks legally protect brand identifiers and facilitate recognition.
Pricing Policy
- Pricing policy positions the product, affecting competitiveness, market share, and profitability.
- Strategies must consider costs, demand, competition, and customer value.
Pricing Techniques
- Pricing Techniques include cost-plus, value-based, competitive, and dynamic pricing.
- Each technique fits different contexts, informed by market conditions, costs, and strategic objectives.
Distribution Policy
- Distribution makes the product available at the right place and time.
- This includes channels, intermediaries, and logistics management.
Channels of Distribution
- Channels of distribution can be direct or indirect by involving intermediaries.
- The choice of distribution impacts accessibility to the target market.
Marketing Communication
- Marketing communication conveys meaningful product information to the target audience.
- This informs, persuades, and reminds consumers to enhance brand visibility and demand.
Communication Tools
- Promotions, advertising, and publicity enhance interest and encourage purchase decisions.
- Personal selling involves direct interaction to tailor the product to the customer's needs.
Informal Sector Marketing
- Informal Sector Marketing involves strategies for informal economies by emphasizing direct sales, relationships, and flexibility.
Electronic Marketing
- Electronic Marketing uses digital platforms and technologies to reach a wider audience/
- Electronic Marketing enables precision targeting, interactive engagement, and data driven strategies.
Foreign Marketing
- Entering foreign markets requires adaptation to cultural, legal, and economic environments.
- Strategies such as direct exporting, licensing, franchising, and joint ventures facilitate penetration.
Strategic Importance
- Marketing is a strategic approach that integrates product, price, place, and promotion.
- Being able to innovate, adapt and communicate effectively is paramount to this strategy
Production Function
- The production function turns inputs into outputs that meet consumer demands.
- Efficient management optimizes resource use, minimizes costs, and achieves high quality.
Planning
- Planning involves goals, resources, and processes required for production.
Routing
- Routing determines the most efficient path for each process.
Scheduling
- Scheduling allocates specific times for each task.
Loading
- Loading assigns tasks to workers or machines to optimally utilize resources.
Safety Management
- Comply with the Occupational Health and Safety Act (OHSA) to ensure a safe working environment.
Factory Safety
- Implement safety measures to protect workers from potential hazards.
Machinery Safety
- Ensure all machinery is operated safely and by trained personnel.
Safety Policy
- Develop and enforce a safety policy that outlines the safety measures and responsibilities within the workplace.
Quality Control
- Use Quality Management Systems (QMS) like ISO 9001 to systematically manage and improve quality.
Quality Standards
- Adhere to set standards to ensure product quality.
Total Quality Management
- Engage all members to improve processes, products, and services.
Total Costs
- The sum of all costs consists of direct and indirect costs.
Fixed and Variable Costs
- Fixed costs remain constant, while variable costs fluctuate.
Break Even Analysis
- Determine the point revenues equal total costs required to avoid losses.
Detail, Planning and Improvement
- Ongoing attention to detail, strategic planning, and continuous improvement are necessary.
Professionalism Definition
- Professionalism is the conduct, behavior, and attitude in a work environment.
- It encompasses expertise, respect, integrity, competency, reliability, and ethics.
Ethics Definition
- Ethics refers to the moral principles that govern behavior or conduct of businesses.
- Ethical behavior encompasses honesty, fairness, equity, and respect for rights.
Consequential Theory
- An action is right if it leads to a favorable outcome for the greatest number.
Common Good Approach
- Emphasizes actions that contribute to the common good of the community.
Rights Approach
- Prioritizes individual rights that should not be violated to any beneficial outcome.
Competency
- Demonstrate a high level of skill and knowledge.
Integrity
- Act with honesty and honor.
Respect
- Treat colleagues and clients with dignity and consideration.
Objectivity
- Make unbiased decisions based on facts.
Confidentiality
- Safeguard sensitive information.
Transparency
- Be open and honest about actions and decisions.
Commitment
- Adhere to a set of rules that govern one's professional behavior
Fair Labor
- Ensure safe environmental responsibility by conducting business sustainably.
Ethical Goods and Services
- Promote long term sustainability by adapting practices.
Code of Ethics
- Providing guidance for expected behavior in your Comprehensive Code of Ethics.
Ethics Training
- Regular training can help employees understand and apply ethical principles in their work.
Ethical Leadership
- Leaders should model ethical behavior and make it part of the organization’s culture.
Engagement
- Listening to and addressing concerns of stakeholders can better the business practices.
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