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Questions and Answers
Without ______, no purposeful action is possible.
management
The case study of Woolworths’ history attributes its success to its sound ______ principles, practices and managers.
management
One of the most common causes of failure in a business, especially a small one, is ______.
poor management
Table 6.1 indicates the main causes of ______ failure.
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Management is therefore indispensable to any ______ for the success of that business.
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In Chapter 2, we discussed the ______, who initiates new ventures and establishes new business organisations.
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These different organisations, like the many other kinds of organisations such as ______, schools and sports clubs that serve society, need to be managed.
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An organisation may be described as consisting of ______ and resources, and certain goals that have to be reached.
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For this reason, a ______ club endeavours to get to the top of the league, a hospital tries to make its services as productive and efficient as possible.
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A business endeavours to make a ______ and achieve its goals, to mention but a few examples.
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Study Notes
Purpose of Management
- Purposeful action in any organization requires effective management.
- Management principles and practices contribute to a company's success, as illustrated by Woolworths' history.
Causes of Business Failure
- Common cause of failure in small businesses often stems from poor management.
- Table 6.1 outlines primary factors leading to organizational failures.
Importance of Management
- Management is essential for the success of any business.
- Effective management is key to navigating challenges and ensuring stability.
Entrepreneurial Role
- Entrepreneurs are individuals who start new ventures and create business organizations.
Organizational Types
- Organizations encompass various types beyond businesses, such as educational institutions and sports clubs.
- All organizations require management to function effectively.
Components of an Organization
- Organizations consist of people, resources, and specific goals that need to be attained.
Goals of Different Organizations
- Each type of organization has distinct objectives; for example:
- A sports club aims to excel in its league.
- A hospital strives for efficiency and productivity in service delivery.
- Businesses focus on profitability and achieving strategic goals.
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Description
This chapter explores the general principles of management that apply to various organizations, including businesses, hospitals, schools, and sports clubs. Learn about the key concepts and fundamentals of management that are essential for effective organizational performance. Test your knowledge and understanding of management principles.
