Management and Motivation Quiz

Unit 1: Management

• Management functions include planning, organizing, integrating (motivating and communicating), and measuring performance.
• Managers plan, set objectives, and allocate resources. They organize tasks, select personnel, and motivate teamwork. Communication, pay, and promotion are crucial. Managers also oversee and supervise subordinates.
• Leaders focus on human relationships, doing things right, and taking risks rather than focusing solely on goals and performance.

Unit 2: Work and Motivation

• Remuneration includes salary, commissions, bonuses, and perks (total compensation).
• Performance-related pay is based on achieving targets.
• Perks enhance the work environment (e.g., game rooms, gym memberships). Benefits (e.g., childcare, health insurance, pension) are usually fixed and do not vary.
• Net pay is take-home pay after deductions (e.g. taxes, social security).

Unit 3: Company Structure

• Hierarchy/Chain of command is a direct chain from top to bottom.
• Functional structure groups employees by skills.
• Flattening hierarchy has fewer layers of management.
• Matrix management combines different organizational structures (e.g., functional, project).

Unit 4: Managing Across Cultures

• Glocalization: combining worldwide and regional concerns.
• Collectivism emphasizes the group over the individual.
• Monochronic cultures focus on one task at a time; polychronic cultures focus on several tasks at once.
• Linear-active cultures are focused and direct; multi-active cultures are emotional and people-oriented; reactive cultures are attentive and cautious.

Unit 5: Recruitment

• Preliminary selection/shortlist narrows down candidates.
• References, CVs/Resumes, and sign-offs are used.

Unit 8: Production

• Inventory/stock: a company's reserves of raw materials, parts, work in process, and finished goods.
• Components are parts of a product; capacity is the rate of output.
• Plants are buildings, machines, and facilities for production.
• Supply chains network organizations for manufacturing and delivering goods/services.
• Outsourced products are manufactured without the company itself handling the entire process.

Unit 9: Logistics

• Agile describes companies with speed and ease.
• Freight and freight forwarders handle goods transportation.
• Payment and shipping lines, consolidation services, and costs are related to logistics.

Unit 10: The Business Cycle

• Business cycles involve fluctuating economic growth (expansion, peak, contraction, trough).
• External factors (e.g., wars, technology) and internal factors (e.g., consumer spending, investments) affect business cycles.
• Fiscal and Monetary policies help to regulate cycles.
• Keynesian economics focuses on government intervention.

Unit 12: Marketing

• Marketing involves researching, promoting, selling, and distributing.
• The 4Ps (Product, Price, Place, Promotion) are crucial.
• Market skimming (high initial price) and market penetration (low price) are pricing approaches.
• Pricing elasticity determines how a change in price affects demand.
• Product Life Cycle (Introduction, Growth, Maturity, Decline) influences product strategies.

Unit 13: Advertising

• Advertising builds brand awareness and sells products.
• Advertising components include the product or promotion, targeted clients/viewers, and the promotion budget.
• Different methods for product advertisement include advertisements in cinema, billboards, and pop-up pages on the internet.

Unit 23: Business Cycle

• Business cycles involve alternating periods of expansion and contraction in economic activity.
• Factors including GDP, interest rates, and consumer spending contribute to the cycle.
• Economic fluctuations influence business decisions and investments.

Unit 24: Corporate Social Responsibility (CSR)

• Corporate Social Responsibility (CSR) involves a company's ethical and social impact, including its efforts to address climate change, use sustainable materials, and create a positive work environment or community.
• Stakeholder considerations include workers, shareholders, consumers, and communities.
• Environmental and social factors are important aspects of CSR.

Unit 27: International Trade

• Protectionism restricts imports to protect domestic industries.
• Trade barriers impede international commerce.
• Free trade eliminates barriers, increasing competition and consumer choice.
• Absolute and comparative advantages explain why countries specialize in producing certain products more efficiently than others.
• Economic growth, consumer benefits, and foreign investments encourage free trade.