Introduction to Management at Weiden Business School
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Questions and Answers

Which type of goods refer to physical items that can be perceived by the senses?

  • Output goods
  • Intangible goods
  • Tangible goods (correct)
  • Input goods

What type of economic units satisfy external demand?

  • Private households
  • Households
  • Private companies (correct)
  • Public households

Which classification considers the production stage of goods?

  • Degree of processing (correct)
  • Purpose of use
  • Type of state or appearance
  • Type of relationship

Complementary goods are best defined as:

<p>Goods that are often used together. (B)</p> Signup and view all the answers

How are semi-finished products characterized in the classification of economic goods?

<p>They require additional processing to become finished products. (A)</p> Signup and view all the answers

Which area primarily deals with the management of individual organizations?

<p>Business Administration (A)</p> Signup and view all the answers

What does the value chain analysis primarily aim to enhance?

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

What type of analysis includes both internal and external factors?

<p>SWOT analysis (D)</p> Signup and view all the answers

Which of the following best describes the primary focus of Economics?

<p>Micro- and macroeconomic correlations (C)</p> Signup and view all the answers

Which function of management is essential for establishing company goals?

<p>Strategic planning (A)</p> Signup and view all the answers

Which of the following is NOT typically included in business administration?

<p>Microeconomic theory (D)</p> Signup and view all the answers

What is the main goal of company productivity analysis?

<p>To improve economic viability (C)</p> Signup and view all the answers

Which of the following strategies could be categorized as generic strategies?

<p>Cost leadership (A), Product differentiation (B)</p> Signup and view all the answers

What characterizes a company as an open system?

<p>It continuously interacts with its environment. (B)</p> Signup and view all the answers

What does it mean for a company to be market-oriented?

<p>It focuses all its efforts on market requirements. (C)</p> Signup and view all the answers

Why must a company continuously change?

<p>To adapt and influence new developments. (B)</p> Signup and view all the answers

How can a company determine its goals?

<p>By choosing independently within a legal framework. (B)</p> Signup and view all the answers

What is a dynamic system in the context of a company?

<p>A system that adapts to developments and influences them. (B)</p> Signup and view all the answers

In what manner does a company's social system operate?

<p>Through the actions of individuals or groups that impact behavior. (B)</p> Signup and view all the answers

What is one key characteristic of a company as a complex system?

<p>It consists of many interacting elements. (C)</p> Signup and view all the answers

Which of the following statements about a company is incorrect?

<p>A company ignores market orientation for success. (B)</p> Signup and view all the answers

What characterizes business administration as a science?

<p>It is an interdisciplinary and practice-oriented science. (D)</p> Signup and view all the answers

What is a result of the scarcity of goods?

<p>It forces individuals and organizations to act economically. (B)</p> Signup and view all the answers

What does the term 'economy' encompass?

<p>Institutions and processes involved in fulfilling human needs for scarce resources. (B)</p> Signup and view all the answers

Which of the following is a classification of economic goods?

<p>Tangible goods and intangible goods. (D)</p> Signup and view all the answers

What type of goods are patents classified as?

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

Which of the following is NOT a characteristic of business administration?

<p>Focusing on personal opinions of business leaders. (A)</p> Signup and view all the answers

Which type of economic good includes human labor?

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

Which category do non-durable consumer goods fall under?

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

Flashcards

What is management?

The process of planning, organizing, leading and controlling a company's resources to achieve its goals.

What is value chain analysis?

Analyzing a company's value creation process from raw materials to final products, understanding each step's value added.

What are generic strategies?

Strategies that companies can use to compete. It includes cost leadership, differentiation, and focus.

What is SWOT analysis?

Internal strengths and weaknesses, and external threats. It helps to analyze a company's position in the market.

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What are functions of management?

Activities that companies undertake to achieve their goals. It includes production, marketing, finance, and human resources.

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What are skills of managers?

The ability to plan, organize, lead, and control effectively. They need technical, conceptual, and human skills.

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What is macroeconomics?

The science that studies the overall economy while microeconomics focuses on individual firms, markets, and consumer behavior.

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What is international management?

Applying management principles in a global context, adapting to cultural differences and international economics.

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Tangible goods

Goods that can be physically touched and are tangible, like cars, clothes, or books.

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Intangible goods

Goods that are intangible, meaning they can't be touched physically. Examples include services like healthcare or education, or intellectual property like software or copyrights.

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Demand-satisfying units

Economic units that make purchasing decisions to satisfy their own needs, such as households and individuals.

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Production-oriented units

Economic units focused on producing goods and services to sell to others, such as companies and organizations.

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What is a company?

A company is a business entity that operates with the goal of producing goods or services to satisfy external demand, making a profit, and growing.

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Business Administration as a Science

The study of how individuals and organizations make decisions about allocating scarce resources to satisfy their unlimited wants and needs.

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Business Administration

The study of managing and operating a business or organization.

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Scarcity of Goods

The fundamental problem that arises from the fact that human wants and needs are infinite, but resources are limited.

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Economy

The branch of economics that deals with the production, distribution, and consumption of goods and services.

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Tangible Goods (Material Goods)

Items that are tangible and can be physically touched.

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Intangible Goods (Immaterial Goods)

Items that are intangible and cannot be physically touched.

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Production Goods

Items used in the production of other goods or services.

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Consumer Goods

Items used directly by consumers for personal satisfaction.

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Dynamic system

Companies are constantly interacting with their surroundings, adapting to changes, or influencing them.

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Complex system

Companies are made up of various parts, like departments and teams, that work together.

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Market orientation

A company's primary focus is on fulfilling customer needs and wants.

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Autonomous

A business operates independently and sets its own goals within legal boundaries.

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Social system

People within a company work together, individually or in groups, and their actions influence the company's behavior.

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Open system

Companies are open to external factors like laws, technology, and the economy, and they need to adjust accordingly.

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Combining production factors

A company uses resources in a unique way to create value for its customers. This can be through different processes, technologies, or offerings.

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Study Notes

Introduction to Management

  • The presentation is about Introduction to Management, given at Weiden Business School on March 21, 2024, by Dr. Matthias Fischer.
  • The lecture overview includes Business Administration & Economics, Company definitions, Value Chain Analysis, Competitive Advantages, External and Internal Analysis (SWOT/TOWS), Management Functions, Company Goals (productivity, economic viability, profitability), and International Management.

Business Administration vs. Economics

  • Business Administration focuses on the management of individual organizations.
  • Economics examines micro and macroeconomic correlations.

Business Administration as a Science

  • Business administration is an interdisciplinary science.
  • It involves Sociology, Law, and Psychology.
  • It is practice-oriented, focusing on:
    • Describing real-world facts and situations.
    • Explaining cause-effect relationships.
    • Providing recommendations for company action.

Scarcity of Goods

  • The scarcity of goods arises from unlimited needs and limited resources.
  • This scarcity prompts economic activity.

Economy

  • Economy encompasses all institutions and processes that contribute to the satisfaction of human needs for scarce resources and goods.

Classification of Economic Goods

  • Economic goods are categorized as:
    • Tangible (material) goods (e.g., Production goods, Consumer goods).
    • Intangible (immaterial) goods (e.g., Services, Rights).
  • Production goods include:
    • Non-consumable factors of production (capital goods)
    • Consumable factors of production (materials)
    • Human work
    • Information and knowledge
  • Consumer goods include:
    • Durable consumer goods.
    • Non-durable consumer goods.

Economic Goods - Classification Criteria

  • Classified by state (tangible/intangible), use, stage in production (input/output), degree of processing (semi-finished/finished), and relationship (unrelated/substitution/complementary).

Economic Units

  • Economic units are categorized as households (satisfy internal demand) and companies (satisfy external demand).
    • These can be further broken down into private and public, or mixed-economy units based on their orientation (consumption/production).

What is a Company?

  • Companies are characterized as open, dynamic, complex, autonomous, market-oriented, and productive social systems.
  • They combine production factors to create value. They must constantly change to adapt to new market demands, and developments. Companies also determine their own goals within a legal framework.
  • They consist of many interacting elements and processes.
  • Companies focus on fulfilling market requirements (market orientation).

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Introduction to Management Slides PDF

Description

This quiz covers the key concepts presented by Dr. Matthias Fischer on Introduction to Management. Topics include Business Administration vs. Economics, Value Chain Analysis, SWOT analysis, Management Functions, and the interdisciplinary nature of Business Administration. Gain insights into company goals and international management practices through this quiz.

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