Introduction to Micro-environment

False (B)

Planning

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

<p>Foreman in production department (D)</p> Signup and view all the answers

<p>Planning = Setting goals and determining how to achieve them Organising = Allocating resources and arranging tasks Leading = Guiding and motivating employees Control = Ensuring activities are carried out as planned</p> Signup and view all the answers

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

<p>Handling information and managing office tasks</p> Signup and view all the answers

<p>To describe the purpose and basic activities of the business (B)</p> Signup and view all the answers

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

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

<p>factory equipment</p> Signup and view all the answers

<p>Human Resources = Employees Financial Resources = Capital - own and borrowed Information Resources = Books and research articles Physical Resources = Factory machinery and land</p> Signup and view all the answers

<p>To outline the long-term aims that the business expects to achieve (C)</p> Signup and view all the answers

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

<p>Personal opinions (D)</p> Signup and view all the answers

<p>Human Resources Function (C)</p> Signup and view all the answers

<p>Tasks, levels of authority, and responsibility</p> Signup and view all the answers

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

<p>Improved communication</p> Signup and view all the answers

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

<p>own funds</p> Signup and view all the answers

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

<p>Personal savings = Own funds provided by individuals for their investment Term loans = Borrowed funds from financial institutions to be repaid over a set period Bank overdrafts = Short-term borrowed funds that allow withdrawal beyond the account balance Debentures = Long-term securities yielding a fixed rate of interest</p> Signup and view all the answers

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

<p>Top-Level Managers = Make long-term strategic decisions Middle-Level Managers = Turn tactical decisions into action General Management = Oversee and coordinate all functions Lower-Level Managers = Supervise daily operational tasks</p> Signup and view all the answers

<p>Short-term (A)</p> Signup and view all the answers

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

<p>Customer Service Function (C)</p> Signup and view all the answers

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

<p>Streamlined decision-making</p> Signup and view all the answers

<p>Top-Level Managers</p> Signup and view all the answers

A long-term goal that the business expects to achieve. It gives the business a sense of direction.

A short-term plan that explains how a goal will be reached. They are a set of steps to achieve a specific goal.

The personality of an organization. It's a shared set of values, beliefs, expectations, and behaviors among employees and management.

Represents the dream of the business and what it wants to become in the future. It's a clear and concise image of the desired end state.

Describes the purpose, basic activities, and reason for existence of a business. It explains how the business aims to achieve its vision.

All resources used by a business. These are the assets and capabilities available to achieve organizational goals. They are divided into five main types.

One of the four fundamental management tasks, it involves looking ahead, planning the work, and deciding how to do it. It's about setting goals and strategies.

One of the four fundamental management tasks, it involves using available resources effectively to achieve organizational goals. It involves assigning duties and coordinating tasks.

The overall management of a business, encompassing planning, organizing, leading, and controlling to achieve business goals.

The function responsible for procuring goods and services needed by other departments, ensuring quality, price, quantity, and timely delivery.

The function that transforms raw materials into finished products through a combination of labor, capital, and entrepreneurial skills.

The function responsible for selling goods and services to meet consumer needs, ensuring the right product is sold at the right price, place, and through the best promotion.

The function responsible for managing the company's image and reputation with the public.

The function responsible for recruiting, training, evaluating, and compensating employees.

The function responsible for collecting, processing, and storing information for decision-making, including general office tasks like filing.

The function responsible for planning and managing all the funds and assets of the business, including investments.

Middle management interprets instructions from top-level managers and communicates them to lower-level managers.

Lower-level managers are responsible for smaller, more specialized teams and implement the objectives of middle-level managers.

Planning involves setting goals and objectives for the future and deciding how to achieve them.

Organising involves allocating resources and people to achieve the planned goals and objectives.

Leading is about inspiring and motivating others to work towards shared goals, providing direction, and setting communication channels.

Control involves monitoring activities to ensure they align with the plan, investigating deviations, and seeking feedback.

Managing information involves collecting, processing, storing, and updating information to ensure it's accurate and complete.

Administration handles all tasks and activities related to information handling, management, office practices, and information technology.

A type of financial document that outlines a company's projected income and expenses for a specific period.

They are used to assess a company's financial health and performance.

Analyzing data to identify trends and patterns within a company.

This refers to the different ways a company can procure the financial resources it needs to operate.

Money that owners invest in a business or profits generated by the business which are not distributed.

Money borrowed from individuals, financial institutions, or through credit purchases.

A type of office organization where administrative tasks are handled centrally, typically in a single location.

A type of office organization where administrative tasks are distributed across different departments or locations.