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Questions and Answers

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?

  • 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?

  • 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?

<p>Delphi Technique. (C)</p> Signup and view all the answers

What is the primary purpose of Force Field Analysis in business?

<p>To identify driving and restraining forces related to a change initiative. (C)</p> Signup and view all the answers

Which of the following is an example of a mental block to creativity?

<p>Fear of failure. (B)</p> Signup and view all the answers

How does routine thinking differ from creative thinking in a business environment?

<p>Routine thinking applies established methods, while creative thinking seeks novel approaches. (C)</p> Signup and view all the answers

Which strategy is most effective for fostering creative collaboration within a team?

<p>Encouraging open communication and diverse perspectives. (D)</p> Signup and view all the answers

What is the primary definition of 'stress' in the context of workplace management?

<p>The physical and emotional response to workplace pressures. (D)</p> Signup and view all the answers

Which of Kotter's 8 steps for change management emphasizes the importance of short-term achievements to maintain momentum?

<p>Create Quick Wins. (A)</p> Signup and view all the answers

In crisis management, which phase involves actions taken to minimize the immediate impact of an unexpected event?

<p>Response. (C)</p> Signup and view all the answers

What is the primary aim of 'change management' in a business?

<p>To smoothly transition individuals and organizations to a desired future state. (C)</p> Signup and view all the answers

Which of the following is NOT typically considered a major source of workplace stress?

<p>Supportive interpersonal relationships. (A)</p> Signup and view all the answers

Globalization presents businesses with both opportunities and challenges. Which of the following is primarily a challenge associated with globalization?

<p>Increased international competition. (B)</p> Signup and view all the answers

According to Kotter's 8-step change model, what is the significance of 'establishing urgency'?

<p>To motivate stakeholders to act and embrace change. (D)</p> Signup and view all the answers

What is the 'marketing mix' primarily concerned with?

<p>Satisfying customer needs profitably through strategic tools. (A)</p> Signup and view all the answers

Which element of the marketing mix focuses on making products available to customers at the right time and place?

<p>Distribution Policy. (C)</p> Signup and view all the answers

What is the role of 'packaging' in product policy beyond just containment and protection?

<p>To serve as a key element of brand communication and promotion. (C)</p> Signup and view all the answers

Which pricing technique sets prices based primarily on customer's perception of value rather than production costs?

<p>Value-based pricing. (A)</p> Signup and view all the answers

What does 'marketing communication' primarily aim to achieve?

<p>To convey meaningful information about a product to the target audience. (C)</p> Signup and view all the answers

In the context of foreign marketing, what does 'franchising' typically involve?

<p>Granting a foreign entity the rights to use a business model and brand. (A)</p> Signup and view all the answers

Which of the following is a characteristic feature of marketing in the informal sector?

<p>Strong focus on personal relationships and direct sales. (A)</p> Signup and view all the answers

What is the 'production function' in business fundamentally concerned with?

<p>Transforming inputs into outputs to meet consumer demands. (B)</p> Signup and view all the answers

Which aspect of production planning involves determining the sequence of operations and the path for each component?

<p>Routing. (B)</p> Signup and view all the answers

What is the primary purpose of 'safety management' in the production function?

<p>To protect employees, assets, and the business's reputation from hazards. (B)</p> Signup and view all the answers

What does 'Total Quality Management' (TQM) emphasize in quality control?

<p>A holistic approach to quality involving all members of the organization. (B)</p> Signup and view all the answers

What distinguishes 'variable costs' from 'fixed costs' in production costs?

<p>Variable costs fluctuate with production volume, while fixed costs remain constant. (A)</p> Signup and view all the answers

What is the purpose of 'break-even analysis' in production cost management?

<p>To determine the production level at which total revenues equal total costs. (B)</p> Signup and view all the answers

What is 'professionalism' in a business context primarily concerned with?

<p>Conduct, behavior, and attitude in the workplace reflecting expertise and integrity. (A)</p> Signup and view all the answers

Which ethical theory primarily evaluates the morality of an action based on its outcomes or consequences?

<p>Consequential Theory. (B)</p> Signup and view all the answers

Which principle of professionalism and ethics emphasizes honesty and truthfulness in all actions?

<p>Integrity. (B)</p> Signup and view all the answers

What is the 'Rights Approach' to ethical decision-making primarily focused on?

<p>Protecting and respecting the fundamental entitlements of individuals. (B)</p> Signup and view all the answers

Why is 'environmental responsibility' considered a key principle of professionalism and ethics in modern business?

<p>To conduct business sustainably and minimize harm to the environment. (A)</p> Signup and view all the answers

Which of the following is a direct benefit of ethical business ventures?

<p>Enhanced reputation and customer loyalty. (A)</p> Signup and view all the answers

What is the role of an 'ethical leadership' within an organization?

<p>To model ethical behavior and integrate ethics into the organizational culture. (D)</p> Signup and view all the answers

How does 'stakeholder engagement' contribute to improving business ethics?

<p>By listening to and addressing the concerns of various stakeholders to align practices with ethical standards. (D)</p> Signup and view all the answers

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?

<p>The Rights Approach, prioritizing individual entitlements. (C)</p> Signup and view all the answers

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?

<p>Transparency. (C)</p> Signup and view all the answers

Imagine a manufacturing company aiming for 'zero defects' in its production process. This goal primarily aligns with which aspect of the production function?

<p>Quality Control (Total Quality Management). (A)</p> Signup and view all the answers

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?

<p>Investing in automation, as it maximizes overall productivity and potentially long-term economic gain. (B)</p> Signup and view all the answers

What does 'nonconventional solutions' primarily refer to in a business context?

<p>Solutions that challenge existing norms and paradigms. (B)</p> Signup and view all the answers

What is a significant challenge often encountered during collaborative problem solving in a business environment?

<p>The potential for groupthink or conflict. (A)</p> Signup and view all the answers

In the context of stress management, what is the most significant role of self-awareness for an employee?

<p>To identify personal stress triggers and coping mechanisms. (A)</p> Signup and view all the answers

Within Kotter's 8-step model for change, what is the primary reason for 'creating quick wins'?

<p>To provide early evidence of progress and boost morale. (B)</p> Signup and view all the answers

Why is a transparent communication strategy crucial during the 'response' phase of crisis management?

<p>To maintain stakeholder trust and control misinformation. (A)</p> Signup and view all the answers

In the context of globalization, what is the strategic significance of cultivating a 'global mindset' within a business?

<p>To enhance adaptability and competitiveness in diverse markets. (C)</p> Signup and view all the answers

Which of the following best describes the strategic role of 'product development and design' within product policy?

<p>To create products that precisely meet or exceed customer expectations. (D)</p> Signup and view all the answers

What is the key strategic advantage of 'electronic marketing' compared to traditional marketing approaches?

<p>Enhanced precision targeting and interactive engagement. (B)</p> Signup and view all the answers

What is the primary goal of 'routing' within production planning??

<p>To determine the most efficient path for each component in production. (B)</p> Signup and view all the answers

How does implementing a Quality Management System (QMS) such as ISO 9001 primarily benefit a business's production function?

<p>By creating a framework for systematically managing and improving quality. (C)</p> Signup and view all the answers

From an ethical standpoint, what critical challenge does 'dynamic pricing' pose for businesses?

<p>It risks being perceived as unfair to consumers. (A)</p> Signup and view all the answers

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?

<p>Rights Approach (D)</p> Signup and view all the answers

In the context of production costs, what is the strategic significance of accurately performing a 'break-even analysis'?

<p>Determining the production volume needed to avoid losses. (D)</p> Signup and view all the answers

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?

<p>Immediately terminating the contract with the supplier, regardless of the financial impact. (A)</p> Signup and view all the answers

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?

<p>Objectivity (C)</p> Signup and view all the answers

What is the primary goal of creative thinking in a business setting?

<p>To generate novel and valuable ideas. (B)</p> Signup and view all the answers

Which of the following best describes 'routine thinking' in a business context?

<p>Applying established procedures to familiar situations. (C)</p> Signup and view all the answers

What is a significant limitation of relying solely on routine thinking in business problem-solving?

<p>It may not be effective for novel or complex problems. (C)</p> Signup and view all the answers

What is the key difference between conventional and nonconventional solutions in business?

<p>Conventional solutions are based on established methods, while nonconventional solutions are novel. (D)</p> Signup and view all the answers

Which of the following is an example of a 'mental block' that can hinder creative thinking?

<p>Adhering strictly to past successful strategies. (C)</p> Signup and view all the answers

In the problem-solving process, what is the purpose of 'problem analysis' after problem identification?

<p>To gather detailed information and understand the problem's nature. (D)</p> Signup and view all the answers

What is the primary advantage of using the Delphi Technique in business problem-solving?

<p>It gathers and refines expert opinions anonymously to reduce bias. (D)</p> Signup and view all the answers

In Force Field Analysis, what do 'driving forces' and 'restraining forces' represent?

<p>Factors that promote and hinder a desired change. (C)</p> Signup and view all the answers

What is a key challenge in collaborative problem-solving that businesses must actively manage?

<p>Potential for groupthink and conflict. (D)</p> Signup and view all the answers

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?

<p>Generating nonconventional solutions through innovative thinking. (A)</p> Signup and view all the answers

Which of the following is a primary indicator of workplace stress?

<p>Elevated levels of employee absenteeism and fatigue. (A)</p> Signup and view all the answers

According to Kotter's 8-step change model, what is the purpose of 'establishing urgency'?

<p>To create a sense of immediate need for change. (D)</p> Signup and view all the answers

In crisis management, what is the immediate focus of the 'response' phase?

<p>Minimizing the immediate damage and impact of the crisis. (C)</p> Signup and view all the answers

Which of Kotter's steps for change management emphasizes celebrating short-term wins?

<p>Creating quick wins. (D)</p> Signup and view all the answers

What is the role of 'self-awareness' in managing workplace stress?

<p>It enables individuals to recognize their stress triggers and responses. (B)</p> Signup and view all the answers

Globalization presents both opportunities and challenges. Which of the following is primarily a challenge?

<p>Increased competition from international businesses. (B)</p> Signup and view all the answers

Why is transparent communication crucial during the 'response' phase of crisis management?

<p>To control the narrative and maintain stakeholder trust. (A)</p> Signup and view all the answers

What is the strategic significance of cultivating a 'global mindset' in the context of globalization?

<p>To understand and adapt to diverse international business environments. (C)</p> Signup and view all the answers

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?

<p>Providing skills training and career transition support. (B)</p> Signup and view all the answers

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?

<p>Resistance to change and potential failure of implementation. (D)</p> Signup and view all the answers

What is the primary focus of the 'marketing mix'?

<p>Satisfying customer needs profitably. (C)</p> Signup and view all the answers

Which element of the marketing mix is concerned with making products accessible to customers?

<p>Place (Distribution). (D)</p> Signup and view all the answers

Beyond protection, what additional role does 'packaging' play in product policy?

<p>Serving as a tool for brand communication and promotion. (B)</p> Signup and view all the answers

What is 'value-based pricing' primarily based on?

<p>Customer's perception of the product's worth. (A)</p> Signup and view all the answers

What is the main objective of 'marketing communication'?

<p>To inform, persuade, and remind customers about a product. (B)</p> Signup and view all the answers

In foreign marketing, what is 'franchising'?

<p>Granting a foreign entity the rights to use a business model and brand. (B)</p> Signup and view all the answers

Which of the following is characteristic of marketing in the informal sector?

<p>Focus on direct sales and personal relationships. (D)</p> Signup and view all the answers

What is the strategic advantage of 'electronic marketing' over traditional marketing?

<p>Higher cost-effectiveness and broader reach. (D)</p> Signup and view all the answers

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?

<p>Emphasizing product development and design that incorporates sustainability and appeals to eco-conscious consumers. (C)</p> Signup and view all the answers

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?

<p>Promotion policy focused on personal interaction and trust. (C)</p> Signup and view all the answers

What is the fundamental concern of the 'production function' in business?

<p>Transformation of inputs into outputs. (D)</p> Signup and view all the answers

Which aspect of production planning involves determining the sequence of operations?

<p>Routing. (D)</p> Signup and view all the answers

What is the primary purpose of 'safety management' in production?

<p>To ensure legal compliance and protect employees and assets. (B)</p> Signup and view all the answers

What distinguishes 'variable costs' from 'fixed costs' in production?

<p>Variable costs change with production volume, while fixed costs remain constant. (C)</p> Signup and view all the answers

How does implementing a Quality Management System (QMS) like ISO 9001 primarily benefit a business's production function?

<p>By standardizing processes and improving product consistency. (A)</p> Signup and view all the answers

A manufacturing company aims for 'zero defects' in its production. Which quality management approach BEST aligns with this goal?

<p>Total Quality Management (TQM) with continuous improvement. (B)</p> Signup and view all the answers

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?

<p>The labor-intensive method with high variable costs. (A)</p> Signup and view all the answers

What is 'professionalism' in a business context primarily about?

<p>Conduct, behavior, and attitude in the workplace. (D)</p> Signup and view all the answers

Which ethical theory judges morality based on the outcomes of actions?

<p>Consequential Theory. (D)</p> Signup and view all the answers

Which principle of professionalism and ethics emphasizes honesty and truthfulness?

<p>Integrity. (C)</p> Signup and view all the answers

What is the primary focus of the 'Rights Approach' to ethical decision-making?

<p>Protecting and respecting individual entitlements. (D)</p> Signup and view all the answers

Why is 'environmental responsibility' considered a key principle of business ethics?

<p>To ensure sustainable business practices and minimize harm to the planet. (D)</p> Signup and view all the answers

Which of the following is a direct benefit of ethical business practices?

<p>Enhanced business reputation and trust. (C)</p> Signup and view all the answers

What is the role of 'ethical leadership' in an organization?

<p>To set and model ethical standards for the entire organization. (A)</p> Signup and view all the answers

A company discovers its supplier uses child labor. Applying the 'Rights Approach', what should be the corporation's priority action?

<p>Immediately terminate the contract with the supplier, regardless of short-term disruptions. (B)</p> Signup and view all the answers

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?

<p>The Rights Approach. (B)</p> Signup and view all the answers

What is a key characteristic that distinguishes creative thinking from routine thinking in a business context?

<p>The generation of novel or original ideas and solutions. (B)</p> Signup and view all the answers

Which statement accurately describes the impact of creative thinking on business practices?

<p>It fosters innovation and enables adaptation to new challenges. (A)</p> Signup and view all the answers

Which of the following is the MOST effective strategy for mitigating a mental block to creativity?

<p>Embracing diverse perspectives and brainstorming techniques. (B)</p> Signup and view all the answers

How does Force Field Analysis aid businesses in implementing change?

<p>By identifying and weighing factors that support or hinder a proposed change. (C)</p> Signup and view all the answers

What is the MOST significant advantage of using the Delphi Technique in solving complex business problems?

<p>It allows for anonymous expert input, reducing bias. (C)</p> Signup and view all the answers

Which approach would MOST effectively foster creative collaboration within a diverse team?

<p>Encouraging open communication and valuing diverse perspectives. (C)</p> Signup and view all the answers

Which of the following best describes the concept of 'stress' in the workplace, as it relates to management?

<p>The body's physical and emotional response to demands and pressures. (A)</p> Signup and view all the answers

What is the primary importance of transparent communication during the 'response' phase of crisis management?

<p>To maintain stakeholder trust and mitigate reputational damage. (A)</p> Signup and view all the answers

In Kotter's 8-step change model, what is the PRIMARY reason for establishing a sense of urgency?

<p>To motivate stakeholders to embrace and prioritize change. (D)</p> Signup and view all the answers

What strategic capability becomes MOST critical for businesses adapting to globalization?

<p>Cultivating a global mindset to understand diverse markets and cultures. (B)</p> Signup and view all the answers

What fundamental challenge arises when teams rely too heavily on routine thinking?

<p>Diminished ability to adapt to novel situations or unexpected problems. (C)</p> Signup and view all the answers

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'?

<p>Selecting Option B to ensure no individual rights are infringed. (A)</p> Signup and view all the answers

A manufacturing firm adopts a 'zero defects' policy in its production line. Which overall quality management philosophy aligns BEST with this objective?

<p>Six Sigma. (D)</p> Signup and view all the answers

Which of the following best captures the strategic benefit of 'electronic marketing', compared to traditional marketing methods?

<p>Greater ability to personalize marketing messages and reach niche audiences. (D)</p> Signup and view all the answers

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?

<p>The Rights Approach. (C)</p> Signup and view all the answers

Flashcards

Stress in the Workplace

The physical and emotional response to workplace pressures, manifesting as anxiety and fatigue.

Effects of Chronic Stress

Can lead to decreased productivity, engagement, increased absenteeism and turnover

Individual Stress Management

Self-awareness, prioritizing tasks, seeking support, and healthy lifestyle habits

Business Stress Management

Offer stress management workshops, ensure fair workloads, and create a supportive work environment

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Crisis Definition

An unexpected event that threatens to disrupt business operations or damage its reputation.

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Crisis Management Framework

Preparation, response, and recovery.

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Crisis Preparation

Developing a crisis management plan that includes communication strategies and emergency procedures

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Crisis Response

Swift action to mitigate the immediate impacts, maintaining transparent and frequent communication with all stakeholders.

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Crisis Recovery

Assessing and repairing the damage to operations and reputation, learning from the crisis.

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Change Management

The structured approach to transitioning individuals, teams, and organizations from a current state to a desired future state.

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Kotter's Step 1: Establish Urgency

Highlight the need for change to motivate action.

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Kotter's Step 2: Form a Powerful Coalition

Assemble a group with enough power to lead the change.

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Kotter's Step 3: Create a Vision for Change

Clarify how the future will differ from the past.

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Kotter's Step 4: Communicate the Vision

Ensure that everyone understands and accepts the vision.

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Kotter's Step 5: Remove Obstacles

Identify and reduce barriers to change.

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Kotter's Step 6: Create Quick Wins

Plan for and celebrate visible improvements.

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Kotter's Step 7: Build on the Change

Analyze what went well and what didn't to continue building momentum.

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Kotter's Step 8: Incorporate Changes into the Culture

Ensure that changes are seen in every aspect of the organization's operations.

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Unemployment and Retrenchment

Economic shifts and organizational restructuring can lead to job loss, requiring individuals and businesses to adapt quickly.

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Globalization

Offers both opportunities and challenges, necessitating strategies for international competition and collaboration.

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Affirmative Action

Promotes diversity and equality but requires careful implementation to avoid resentment and ensure fairness.

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Marketing Definition

Identifying, anticipating, and satisfying customer needs profitably

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The Marketing Mix (4Ps)

Product, Price, Place, and Promotion

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Product Policy

Decisions related to the product mix, including product development, design, packaging, and trademarks.

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Product Development and Design

Involves the ideation, conceptualization, and materialization of products that meet or exceed customer expectations.

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Packaging and Trademarks

Serve both functional and promotional purposes and legally safeguard the unique identifiers of the brand.

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Pricing Policy

Pivotal in positioning a product in the market, affecting its competitiveness, market share, and profitability.

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Pricing Techniques

Cost plus pricing, value based pricing, competitive pricing, and dynamic pricing

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Distribution Policy

Involves making the product available to the consumer at the right place and time.

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Channels of Distribution

Direct, where the manufacturer sells directly to the consumer, or indirect, involving intermediaries such as wholesalers and retailers.

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Marketing Communication

Encompasses strategies and tactics employed to convey meaningful information about the product to the target audience.

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Marketing Communication Tools

Sales promotions, advertising campaigns, and publicity stunts.

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Informal Sector Marketing

Involves unique strategies tailored to the context of informal economies, emphasizing direct sales, personal relationships, and flexibility.

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Electronic Marketing

Utilizes digital platforms and technologies to reach a wider audience, enabling precision targeting, interactive engagement, and data driven marketing strategies.

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Foreign Marketing

Entering foreign markets requires adaptation and strategic planning to accommodate different cultural, legal, and economic environments.

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Production Function

The transformation of inputs (raw materials, labor, and capital) into outputs (finished goods or services)

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Production Planning

Systematic organization of production activities to ensure that goods are produced efficiently, on time, and to the required quality standards.

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Planning (Production)

Identifying the goals, resources, and processes required for production.

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Routing (Production)

Determining the most efficient path for each component or process within the production system.

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Scheduling (Production)

Allocating specific times for the execution of each task in the production process.

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Loading (Production)

Assigning tasks to workers or machines, ensuring optimal utilization of resources.

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Safety Management (Production)

Vital for protecting employees, assets, and the business's reputation.

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Quality Control

Maintaining the desired level of quality in products or services.

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Total Costs (Production)

The sum of all costs associated with the production of goods, including direct (raw materials, labor) and indirect costs (overheads like rent and utilities).

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Break-Even Analysis

The point at which total revenues equal total costs, indicating the minimum production level required to avoid losses.

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Professionalism

The conduct, behavior, and attitude of someone in a work or business environment.

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Ethics

The moral principles that govern a person's behavior or the conduct of an activity.

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Consequential Theory

Focuses on the outcomes of actions.

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The Common Good Approach

Emphasizes actions that contribute to the common good of the community.

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The Rights Approach

Prioritizes individual rights, asserting that certain rights should not be violated for the sake of a beneficial outcome.

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Creative Thinking

Thinking that generates new ideas and approaches.

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Problem-Solving Skills

Skills used to identify, analyze, and resolve issues.

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Routine Thinking

Thinking that relies on past experiences and established rules.

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Creative Thinking (in Business)

Thinking outside the box to develop unique solutions.

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Mental Blocks to Creativity

Barriers that limit one's ability to think creatively.

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Conventional Solutions

Solutions that adhere to established norms and practices.

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Non-Conventional Solutions

Solutions that deviate from the norm and offer innovative approaches.

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Delphi Technique

A structured problem-solving method using expert opinions.

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Force Field Analysis

A method that analyzes driving and restraining forces.

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Collaborative Problem Solving

Generating ideas together to solve problems.

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Safety Management

Following a safety policy, OHSA compliance and machinery safety

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Competency

Demonstrating a high level of skill and knowledge

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Integrity

Acting with honesty and without compromising the truth.

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Respect

Treating colleges and clients with dignity and consideration.

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Objectivity

Making unbiased decisions based on factual evidence

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Confidentiality

Safeguarding sensitive information within the workplace.

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Transparency

Being open and honest about your actions and decisions.

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Commitment

Adhering to a set of rules that govern on'es professional behaviour.

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Environmental Responsibility

Conducting business in a way that's sustainable and minimises harm to the environment.

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Fair Wages and Working Conditions

Ensuring workers are compensated fairly and work in a safe environment.

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Quality Goods and Services

Committing to high standards of quality in all products and services offered.

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Ethical Decision-Making

Making business decisions that are profitable but ethically responsible.

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Sustainability

Adopting practices that promote long-term environmental sustainability.

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Code of Ethics

A clear and comprehensive code of ethics that provides guidance for expected behaviour.

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Ethics Training

Regular training can help employees understand and apply ethical principles in their work

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Ethical Leadership

Leaders should model ethical behaviour and make it a central part of the organisations culture.

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Stakeholder Engagement

Listening and addressing the concerns of stakeholders can help businesses align their practices with ethical standards

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Quality Management Systems (QMS)

Framework that manages and improves quality, such as ISO 9001

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SABS and Other Quality Bodies

Maintaining standards with SABS and other quality bodies

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Total Quality Management (TQM)

Holistic approach to quality involving all members to improve on a daily basis

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Direct Channels

May be direct, where the manufacturer sells directly to the consumer

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Indirect Channels

involves intermediaries such as wholesalers and retailers.

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Assessing Creative Solutions

The process of assessing creative solutions against the reality of the business environment

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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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