17 Questions
What is the primary focus of corporate social responsibility in a business?
Considering the impact of the company's actions on society
What type of innovation applies technology to develop and commercialize new categories of products, services, or processes?
Disruptive innovation
What is the definition of technology in the business context?
The sum total of the knowledge we have of ways to do things
What is the primary concern related to the ecological environment in business?
Water and air pollution
What is the enhancement, adaptation, or commercialization of new products, services, or processes called?
Innovation
What is the application of technology to adapt, enhance, or commercialize existing products, services, or processes called?
Incremental innovation
What is the primary function of management in achieving group goals?
Assembling and organizing resources to achieve pre-determined goals
What is the result of optimum utilization of resources in management?
Efficacy in management and maximum utilization of scarce resources
What is the benefit of management in terms of resource allocation?
It results in the best possible combination of resources
What is the role of management in terms of cost reduction?
It gets maximum results through minimum input by proper planning
What is the importance of management in society?
It is essential for the prosperity of society
What is the primary benefit of management in terms of organization?
It establishes sound organization and equilibrium
What is the key factor that enables a manager to convert a challenge into an opportunity?
Urgent decision-making and leadership
According to Katz's model, what is the primary focus of Human Skills?
Interpersonal communication and teamwork
What is the primary role of a manager in an organization?
To allocate time efficiently among various managerial functions
What is the fourth skill that may be added to Katz's model?
Entrepreneurial skills
What is the outcome of effective decision-making and leadership in an organization?
Increased productivity and efficiency
Test your understanding of innovation, invention, and technology in management basics. Learn how they impact business and society.
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