Management Basics: Innovation and Technology

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What is the primary focus of corporate social responsibility in a business?

Considering the impact of the company's actions on society (correct)

Improving employee welfare

Enhancing the company's reputation

Maximizing profits

What type of innovation applies technology to develop and commercialize new categories of products, services, or processes?

Sustainable innovation

Technological innovation

Incremental innovation

Disruptive innovation (correct)

What is the definition of technology in the business context?

The sum total of the knowledge we have of ways to do things (correct)

The development of new products

The enhancement of existing products

The discovery of new things

What is the primary concern related to the ecological environment in business?

Water and air pollution Signup and view all the answers

What is the enhancement, adaptation, or commercialization of new products, services, or processes called?

Innovation Signup and view all the answers

What is the application of technology to adapt, enhance, or commercialize existing products, services, or processes called?

Incremental innovation Signup and view all the answers

What is the primary function of management in achieving group goals?

Assembling and organizing resources to achieve pre-determined goals Signup and view all the answers

What is the result of optimum utilization of resources in management?

Efficacy in management and maximum utilization of scarce resources Signup and view all the answers

What is the benefit of management in terms of resource allocation?

It results in the best possible combination of resources Signup and view all the answers

What is the role of management in terms of cost reduction?

It gets maximum results through minimum input by proper planning Signup and view all the answers

What is the importance of management in society?

It is essential for the prosperity of society Signup and view all the answers

What is the primary benefit of management in terms of organization?

It establishes sound organization and equilibrium Signup and view all the answers

What is the key factor that enables a manager to convert a challenge into an opportunity?

Urgent decision-making and leadership Signup and view all the answers

According to Katz's model, what is the primary focus of Human Skills?

Interpersonal communication and teamwork Signup and view all the answers

What is the primary role of a manager in an organization?

To allocate time efficiently among various managerial functions Signup and view all the answers

What is the fourth skill that may be added to Katz's model?

Entrepreneurial skills Signup and view all the answers

What is the outcome of effective decision-making and leadership in an organization?

Increased productivity and efficiency Signup and view all the answers