General Business Administration Overview
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Questions and Answers

Which of the following is NOT an objective of the General Business Administration course?

  • Preparing for future courses
  • Understanding Business as a Science
  • Gaining technical skills in IT (correct)
  • Changing one's perspective from Customer to Producer

    • What is a key aspect of viewing a company in the context of General Business Administration?

  • Understanding it as an organism (correct)
  • Focusing solely on marketing strategies
  • Analyzing it as a financial entity only
  • Emphasizing the importance of customer feedback

    • Which of the following best describes a cornerstone of Business Administration indicated in the course objectives?

  • Human resource management techniques
  • Advanced marketing strategies
  • Systems understanding in business (correct)
  • Customer satisfaction analysis

    • The shift from Customer to Producer perspective primarily aims to achieve what in the context of this course?

    <p>Fostering a deeper understanding of business operations</p> Signup and view all the answers

    What is one of the major topics covered in the General Business Administration agenda?

    <p>Production</p> Signup and view all the answers

    What is the main focus of demand-oriented pricing?

    <p>The subjective value perceived by the buyer</p> Signup and view all the answers

    Which pricing strategy involves a company setting prices based on competitors' prices?

    <p>Competitive pricing</p> Signup and view all the answers

    What is a characteristic of price leadership in competitive pricing?

    <p>It establishes a price that other competitors follow</p> Signup and view all the answers

    In a break-even analysis, what does the break-even quantity represent?

    <p>The quantity of sales that results in neither profit nor loss</p> Signup and view all the answers

    Which of the following is NOT a form of competitive pricing?

    <p>Price discrimination</p> Signup and view all the answers

    What is considered a primary component of corporate management?

    <p>Corporate strategies</p> Signup and view all the answers

    Which type of research focuses on the identification and increase of knowledge within business administration?

    <p>Qualitative research</p> Signup and view all the answers

    In the context of financial markets, which financial statement is primarily concerned with the economic performance of a company?

    <p>Income statement</p> Signup and view all the answers

    What does corporate controlling primarily focus on?

    <p>Financial, balance sheet, and income statements</p> Signup and view all the answers

    Which aspect is NOT included in the production factors considered in procurement markets?

    <p>Financial capabilities</p> Signup and view all the answers

    Which option is generally NOT a focus area of marketing in business administration?

    <p>Internal financial audits</p> Signup and view all the answers

    What characteristic distinguishes quantitative research from qualitative research?

    <p>Use of surveys and numerical data</p> Signup and view all the answers

    What is the primary function of financing and investment in the context of corporate management?

    <p>Allocation of resources for growth</p> Signup and view all the answers

    What is a primary focus of business administration as a science?

    <p>Economic side of the business</p> Signup and view all the answers

    Which statement best describes the nature of theoretical knowledge in business administration?

    <p>It is characterized by the acquisition of knowledge.</p> Signup and view all the answers

    What method is essential for achieving goals in business administration as a science?

    <p>Interdisciplinary methods</p> Signup and view all the answers

    In the context of business sciences, which of the following is categorized as a 'real science'?

    <p>Psychology</p> Signup and view all the answers

    What is the key distinction between theoretical and practical knowledge in business administration?

    <p>Theoretical knowledge is concerned with knowledge acquisition; practical emphasizes empirical processes.</p> Signup and view all the answers

    Which element is NOT considered a characteristic of a science in the context of business administration?

    <p>Clear categorization into phases</p> Signup and view all the answers

    In which science category does business administration primarily fit?

    <p>Social sciences</p> Signup and view all the answers

    What is the primary focus of logistical distribution in a company?

    <p>Transferring services to the customer efficiently</p> Signup and view all the answers

    What aspect is emphasized in the methodology of business administration?

    <p>Interdisciplinary collaboration</p> Signup and view all the answers

    Which of the following is NOT typically provided by a franchisor to a franchisee?

    <p>Market share guarantee</p> Signup and view all the answers

    Which objective is NOT a part of logistical distribution?

    <p>Right marketing strategy</p> Signup and view all the answers

    What does the conditions policy in pricing refer to?

    <p>Pricing and related purchasing conditions</p> Signup and view all the answers

    How does pricing policy decision primarily influence sales?

    <p>By shaping the price-performance ratio for customers</p> Signup and view all the answers

    Which of the following is considered a main objective of logistical distribution?

    <p>Maintaining minimal delivery costs</p> Signup and view all the answers

    In practice-oriented price determination, which factor is NOT considered?

    <p>Brand loyalty of consumers</p> Signup and view all the answers

    Which of the following correctly describes a direct sales path?

    <p>Producer to retailer to consumer</p> Signup and view all the answers

    What is a key step that precedes product launch in the development process?

    <p>Prototyping</p> Signup and view all the answers

    Which of the following is NOT a component of product design?

    <p>Customer feedback</p> Signup and view all the answers

    What does product policy primarily focus on?

    <p>Sales program design regarding type and quantity</p> Signup and view all the answers

    Which aspect is important for ensuring the feasibility of a product during its development?

    <p>Prototyping</p> Signup and view all the answers

    Which of the following product characteristics contributes to its longevity in the market?

    <p>Value retention</p> Signup and view all the answers

    In terms of product design, which factor is considered to ensure customer safety?

    <p>Functional safety</p> Signup and view all the answers

    What aspect of product development involves collecting feedback to correct tools?

    <p>Correction of tools</p> Signup and view all the answers

    Which factor does NOT fall under the categories of product characteristics in terms of design?

    <p>Market demand analysis</p> Signup and view all the answers

    Study Notes

    General Business Administration - Bachelor Course

    • Offered by Wiesbaden Business School
    • Taught by Professor Dr. Markus Faber

    Agenda

    • Introduction
    • Basics of Business Administration
    • Material
    • Production
    • Marketing
    • Objectives
    • Management
    • Organization
    • Human Resources
    • Financing and Investment
    • Accounting/Controlling
    • Mega Trends and Perspectives

    Introduction - Why?

    • Relevance to students
    • Reason for choosing Business Administration

    Introduction - What?

    • Course objectives: Understanding business administration/management as a science
    • Identifying fundamental components of business administration
    • Analyzing companies as complex systems
    • Preparing students for subsequent courses
    • Shifting perspective from customer to producer

    Introduction - What? - "Systems"

    • This section likely delves into the interconnected nature of businesses and their various operational parts.

    Introduction - What? - Top 50 Valuable Companies

    • Data visualizations showing the world's most valuable companies by market capitalization in 2023
    • Primarily US-based companies
    • Representation of different sectors (e.g., technology, energy)
    • Data source: Companiesmarketcap.com (as of August 16, 2023)

    Introduction - What? - Operating Institution (1/2)

    • Diagram illustrating the internal components and external interactions of an operating institution (likely a company)
    • Shows the flow of materials, financial resources, and human resources
    • Highlights relationships between sourcing, production, and distribution
    • Includes accounting/controlling, finance, and government
    • Data Source:Based on Wöhe, 2002 (likely a textbook)

    Introduction - What? - Operating Institution (2/2)

    • A model illustrating a company's operational structure
    • Shows links between financial markets, procurement markets, material, production, corporate management, and sales markets
    • Focuses upon flows between these core elements

    Introduction - How/When?

    • Relevant information available via StudIP
    • List of literature recommendations
    • Primary literature likely includes "Wöhe-Einführung in die Allgemeine Betriebswirtschaftslehre" 27th Edition

    Basics of Business Administration

    • Science of business administration
    • History of business administration
    • Relationship between business administration and science

    Science

    • Parameters of science:
      • Identifying and increasing knowledge (research)
      • Qualitative and quantitative research
      • Education/training from universities and in-company training
    • Business administration as a science:
      • Object of knowledge:Economic aspects of business transactions
      • Knowledge target:Practical applications
      • Methods:Interdisciplinary techniques to achieve objectives
      • System structure:Relationships and context (cause-and-effect)

    Science - Context

    • Categories of sciences: Ideal versus Real, Social versus Natural, and Economic versus Business Administration

    History of BA Science

    • Evolution of business administration concepts across different historical periods
    • Antiquity, Middle Ages, Modern Times, 19th and 20th centuries

    Science and BA

    • Maslow's hierarchy of needs, including physiological needs, safety needs, belongingness and love needs, esteem needs, and self-actualization needs.

    • Kinds of individual economies: Producers (private/governmental), Consumers (private/governmental)

    • Characteristics of a company: Open, dynamic, complex, autonomous, market-oriented, and social.

    Material Basics

    • Decision- and function-oriented overall model diagram
    • Company constitutive decisions (e.g., location, legal form, cooperation)
    • Management (controlling, organization, human resources)
    • Performance: Research and development, logistics, procurement, production, marketing
    • Real and Nominal Goods
    • Suppliers and Customers
    • Role of accounting and finance
    • Flow from economy
    • Focus on materials: Procurement, storage processes

    Material - Basics - Materials Management

    • Purpose of materials management: Supply and disposal of goods according to requirements
    • Procurement management as a synonym for materials management
    • Objects of materials management: raw materials, auxiliary materials, operating materials/consumables.
    • Objectives: Costs, time, quality

    Material - Procurement

    • Objectives of Procurement: Ensuring timely and appropriate supply of goods for services
    • Strategic procurement decisions: Outsourcing choices (make-or-buy), determination of quantities of suppliers and locations.

    Material - Types of Procurement Planning and Requirements

    • Procurement planning (e.g., raw materials, auxiliary materials, other goods/services)
    • Production planning (intermediate and finished goods)
    • Relationship to Sales Planning

    Material - Parts List

    • Determination of requirements using example of automotive parts list - Hierarchical breakdown of parts from primary need (product) to secondary needs

    Material - Deployment Principles

    • Single Procurement (short storage, low capital lockup, low cost), Stock Procurement (cheaper per product, potential risk of ageing or poor-quality goods), Just in Time (lower storage, but higher planning needed)

    Material - Cost Trends and Storage

    • Cost trends as a function of order volumes (graph showing total costs, order costs, and storage costs)
    • Manual and automatic warehousing comparison
    • Barcode shapes (linear, stacked, 2D QR, 3D)
    • RFID system structure diagram

    Material - Palletes and Storage Cycle Diagram

    Production Basics

    • Production management definition: Transformation of production factors into products/services
    • Input factors: Raw materials, auxiliary materials, consumables, human resources
    • Output factors: Products/services

    Production Objectives

    • Main objectives: Costs effectiveness (production costs and manufacturing costs), time efficiency (deadlines, throughput time)
    • Output quantity and quality

    Production Organization

    • Types of production processes: Individual, serial, mass
    • Organization Structure: Shop floor manufacturing and assembly layout featuring stationary and moveable machinery in workshops
    • Production sequence; transport
    • Floor production and assembly - fixed equipment layout tailored to a specific product
    • Mixed production combining specific elements of workshop and flow production

    Production Operationalization and Planning

    • Differences between inventory management and production planning
    • Independent and dependent demand
    • Process of Production Planning (Business Planning, Aggregated planning, Master production scheduling, MRP, Process Planning)

    Production - Aggregation Dimensions, Push/Pull

    • Dimensions of Aggregation (Time, Spatial - Company/Machine/Process, and Factual - Financials)
    • Production control systems: Push (centralized control), Pull (decentralized control)

    Marketing Basics

    • Problem-solving process: Analyzing situation, defining objectives, defining strategy, defining instruments, creating mix, implementing concept, evaluation
    • Marketing functions: Monitoring/Controlling, Planning (activities), Assignment, Management, Decision Making
    • Sales market: Consumers to whom the company targets products.

    Marketing - Market Segmentation

    • Criteria for market segmentation: Geographical (region, population density, climate, language), Demographic (age, gender, household size, income), Socio-psychological (personality, social class), and Behavioral (general, with regard to products/service categories)

    Marketing - Product Ideas for Selection

    • Factors for product idea selection: Economic rationale, product portfolio compatibility, technical feasibility, company's capacity

    Marketing - Product Development

    • Stages of product development: Idea search, concentration, selection, development, constructing development, prototyping, tests, optimization, market research, launch, marketing tools/correction

    Marketing - Product Design

    • Product design considerations: Functionality, safety (safety), operational quality, product durability, susceptibility to failure, sustainability
    • Relationship to company presentation/value proposition as consumer-centric concept

    Marketing - Product Policy

    • Types of product policy: Retention, diversification, changes, innovation, elimination; horizontal and vertical diversification, lateral expansion

    Marketing - Place/Distribution

    • Overview structure: Distribution, Logistics, Sales Channels, Sales Paths/Methods/Channels, Direct/Indirect/Mixed paths, Own bodies/Other bodies

    • Types of distribution: Direct (producer to consumer), Indirect (producer to wholesaler to retailer to consumer.)

    • Franchising structure

    • Logistical distribution objectives: Delivering right products at the right time, the right location, with the correct quantity and quality at minimal costs

    Marketing - Price

    • Conditions policy: Terms, conditions and pricing structure including rebates, discounts and credit terms relating to products/service offered
    • Pricing policy decisions: Decisions to shape price/performance ratio in customer/market-centric manner
    • Practice oriented price determination: Factors including competitors' actions, behaviors, and market forces
    • Causes for price changes: Introduction of new products/services, modifications to existing offerings, shifts in perceived product value, price adjustments, market pressures
    • Different perspectives of pricing: Cost, profit and demand-oriented orientations.
    • Different/Special competitive pricing orientations (including price leadership and pricing cartel).

    Marketing - Promotion

    • Communication policy: Aims to convey company and product information to interested parties
    • Public relations: Establishing relationships of trust through disseminating company information and performance data to relevant stakeholders
    • Advertising functions: To inform about products and services, match customer needs, draw attention, compare across offerings
    • Advertising main objectives: Announcement, information, image building, action/trigger
    • AIDA Concept (Attention, Interest, Desire, Action)
    • Advertising concepts: Defining communication between advertisers and recipients. Including elements of advertising budget, location, period, media and materials

    Objectives - Types of Objectives

    • Factual objectives vs. Formal objectives; factual operational functions.
    • Factual objectives examples: Performance targets, Financial targets, Social and ecological targets.
    • Formal objectives examples: Productivity, economic efficiency, profit-oriented concepts.
    • Objectives in the context of management - and organizational targets, also, division of tasks, problem-solving, operational processes including management style

    Objectives - Target setting process

    • Stages of Target Setting Process including Target Search, Target operationalization, Target Ordering, and Target Review.

    Objectives - Target Setting Process Details

    • Elements of target setting process: Objectives, feasibility check, target setting, target decision, implementation, monitoring, and review. Critical considerations like resources, time horizons, and conflicts must be accounted for

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    Description

    Explore key concepts and objectives of the General Business Administration course through this quiz. Test your understanding of pricing strategies, competitive analysis, and corporate management, among other essential topics. Ideal for students looking to solidify their knowledge in business administration.

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