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Which of the following is a responsibility of lower-level managers?
Which of the following is a responsibility of lower-level managers?
Middle-level managers are typically involved in short-term planning.
Middle-level managers are typically involved in short-term planning.
False
What is the process by which a manager sets goals and decides how to carry out activities to achieve those goals?
What is the process by which a manager sets goals and decides how to carry out activities to achieve those goals?
Planning
The main task of ______ is to provide guidance, motivation, and inspiration to workers.
The main task of ______ is to provide guidance, motivation, and inspiration to workers.
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Which position is an example of a lower-level manager?
Which position is an example of a lower-level manager?
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Match the following management tasks with their descriptions:
Match the following management tasks with their descriptions:
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Control involves only the observation of employee performance.
Control involves only the observation of employee performance.
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What is the responsibility of administration within an organization?
What is the responsibility of administration within an organization?
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Which of the following best describes the primary purpose of a mission statement?
Which of the following best describes the primary purpose of a mission statement?
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Organizational culture only affects employees' attitudes and has no influence on management.
Organizational culture only affects employees' attitudes and has no influence on management.
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What are the four main tasks of managers known as?
What are the four main tasks of managers known as?
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Physical resources include items such as __________ and machinery.
Physical resources include items such as __________ and machinery.
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Match the following aspects of organizational resources with their examples:
Match the following aspects of organizational resources with their examples:
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What is the purpose of goals in a business context?
What is the purpose of goals in a business context?
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A negative organizational culture can lead to increased employee motivation.
A negative organizational culture can lead to increased employee motivation.
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Which of the following is not considered an important factor for decision-making?
Which of the following is not considered an important factor for decision-making?
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Which function is primarily responsible for finding qualified employees and evaluating their performance?
Which function is primarily responsible for finding qualified employees and evaluating their performance?
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What does an organizational chart typically depict?
What does an organizational chart typically depict?
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Decentralized administration means that all functions are carried out in one office.
Decentralized administration means that all functions are carried out in one office.
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What is the primary advantage of using information technology in a business?
What is the primary advantage of using information technology in a business?
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Public Relations Function is responsible for managing the finances of the business.
Public Relations Function is responsible for managing the finances of the business.
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Money that owners supply as capital is known as ________.
Money that owners supply as capital is known as ________.
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What function is tasked with converting raw materials into finished products?
What function is tasked with converting raw materials into finished products?
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Match the sources of financing with their descriptions:
Match the sources of financing with their descriptions:
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The _______ Function is responsible for buying goods and services needed for the smooth operation of a business.
The _______ Function is responsible for buying goods and services needed for the smooth operation of a business.
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Match the levels of management with their primary responsibilities:
Match the levels of management with their primary responsibilities:
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Which type of budget covers a time frame of one month to less than a year?
Which type of budget covers a time frame of one month to less than a year?
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Borrowed funds do not require any interest to be paid.
Borrowed funds do not require any interest to be paid.
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Which of the following is not one of the eight business functions?
Which of the following is not one of the eight business functions?
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General management includes planning and organizing resources to achieve business goals.
General management includes planning and organizing resources to achieve business goals.
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Name one advantage of centralized administration.
Name one advantage of centralized administration.
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Who holds the most authority in an organization?
Who holds the most authority in an organization?
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Study Notes
Introduction to Micro-environment
- Three components of business environment: micro, market, and macro.
- Components are interconnected and influence each other.
Components of Micro-environment
Vision, Mission, Goals, and Objectives
- Vision: Clear and concise statement of desired image and future. Reflects business aspirations.
- Mission: Describes purpose, activities, and reason for business existence. Explains how to achieve the vision.
- Goals: Long-term aims and targets for the business. Provide direction.
- Objectives: Explain how goals are achieved. Short-term steps to reach goals.
Organisational Culture
- Represents the personality of an organization.
- Composed of beliefs, values, norms, and expectations.
- Influences employee actions and attitudes.
- Positive culture motivates and boosts productivity.
- Negative culture discourages staff, leading to conflict and decreased interest.
Organisational Resources
- Physical Resources: Includes timber, fruit, fish, machinery, vehicles, land, buildings, computers, and telephones.
- Information and Technological Resources: Books, statistics, websites, research articles, emails.
- Financial Resources: Capital (own and borrowed).
- Human Resources: Employees.
Management and Leadership
- Managers perform four main tasks (POLC): Planning, Organizing, Leading, and Controlling.
- Balance of these tasks differs between businesses and levels.
- Necessary for assigned areas of responsibility.
Business Organisational Structure
- Structure outlining tasks, authority levels, and responsibilities.
- Shows how instructions flow and feedback operates.
- Crucial for effective function.
Eight Business Functions
- General Management: Oversees other functions.
- Purchasing: Acquires goods and services.
- Production: Converts raw materials into finished products.
- Marketing: Promotes sales and fulfills consumer needs.
- Public Relations: Enhances public image.
- Human Resource: Manages employees.
- Administration: Handles office tasks and information processing.
- Financial: Manages funds and finances.
Management Levels
-
Top-level Managers: Long-term strategic decision-making, setting goals and objectives, communicating to middle managers.
- Examples: CEO, Chairperson, MD.
-
Middle-level Managers: Medium-term tactical decisions, implement strategies, monitor departments, and provide feedback.
- Examples: Marketing Manager, Production Manager, etc.
-
Lower-level Managers: Handle routine decisions, direct daily activities, and provide feedback to middle management
- Examples: Foreman, supervisor.
Management Tasks
- Planning: Considering the future, setting goals and objectives, outlining activities for success.
- Organizing: Assigning and structuring resources (people and materials) for efficient output.
- Leading: Guiding, motivating, and inspiring others to achieve goals.
- Controlling: Verifying and checking activities to ensure alignment with plans.
Administration Function
- Handles information, office tasks, records.
- Involves collecting, processing, storing, and managing data.
- Can be centralized or decentralized.
- Decision based on business type, size, and staff quality.
- Updated, correct, and complete information needed for decision making.
Financing
- Financial activities involve planning for appropriate funds.
- Obtaining money via own funds (savings, retained profits, asset sales) or borrowed funds (loans, credit).
- Managing and overseeing investments for all departments.
- Budgeting crucial for short-, medium-, and long-term financial plans.
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Description
Explore the essential components of the micro-environment in business. This quiz covers aspects such as vision, mission, goals, objectives, and organizational culture, demonstrating how these elements interconnect and influence one another. Engage with the different resources that shape a business's operational framework.
