Podcast
Questions and Answers
What is the primary reason why an organisation would ultimately fail without a crucial element?
What is the primary reason why an organisation would ultimately fail without a crucial element?
- Pursuit of individual goals by members (correct)
- Inadequate physical resources
- Lack of financial resources
- Poor knowledge management
What is a common cause of failure in a small business?
What is a common cause of failure in a small business?
- Lack of marketing strategies
- Poor management principles and practices (correct)
- Inadequate pricing strategies
- Over expansion of the business
What is essential for the success of an organisation?
What is essential for the success of an organisation?
- Adequate human resources
- Quality of its management (correct)
- Sound financial management
- Effective cash flow management
What can be inferred about the success of Woolworths?
What can be inferred about the success of Woolworths?
What is the main cause of business failure, according to Table 6.1?
What is the main cause of business failure, according to Table 6.1?
What is the primary purpose of an organisation?
What is the primary purpose of an organisation?
What is a common characteristic of various types of organisations?
What is a common characteristic of various types of organisations?
What is the primary reason why humans form organisations?
What is the primary reason why humans form organisations?
What is a characteristic of a business organisation?
What is a characteristic of a business organisation?
Why do organisations need to be managed?
Why do organisations need to be managed?
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Study Notes
Importance of Management
- Management is an indispensable element in an organisation that directs resources and activities towards achieving goals.
- Without effective management, organisations would fail due to lack of direction and waste of resources.
Causes of Business Failure
- Bad management/managerial incompetence is one of the main causes of business failure.
- Other common causes of business failure include lack of managerial experience, poor business planning, poor cash flow management, and failure to adapt to a changing environment.
Role of Management
- Management involves directing an organisation's resources and activities towards achieving predetermined goals.
- The purpose of an organisation is to achieve goals that would be difficult or impossible for an individual to achieve alone.
- Examples of organisational goals include a squash club trying to reach the top of the league, a hospital trying to make its services more productive, and a business trying to make a profit.
Effective Management in Practice
- Woolworths' success can be attributed to its sound management principles, practices, and managers at all levels of the organisation.
- Effective management is essential for the performance and success of an organisation, whether large or small, profit-making or non-profit making, private or public.
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