Podcast
Questions and Answers
A business that transforms raw materials into finished goods is best described as which type of business?
A business that transforms raw materials into finished goods is best described as which type of business?
- Hybrid service-merchandising business
- Manufacturing business (correct)
- Merchandising business
- Service-oriented business
Service-oriented businesses never provide goods alongside their services.
Service-oriented businesses never provide goods alongside their services.
False (B)
What term describes the financial gain resulting from a business activity, calculated as the difference between benefits and resource costs?
What term describes the financial gain resulting from a business activity, calculated as the difference between benefits and resource costs?
profit
A _______________ business purchases finished products and sells them to customers.
A _______________ business purchases finished products and sells them to customers.
Which of the following is NOT typically a management area within a service-oriented business?
Which of the following is NOT typically a management area within a service-oriented business?
Which of the following is the MOST accurate definition of 'Management' in a business context?
Which of the following is the MOST accurate definition of 'Management' in a business context?
A manager discovers that employee performance is not meeting the set standards. According to the management process, which function should the manager prioritize?
A manager discovers that employee performance is not meeting the set standards. According to the management process, which function should the manager prioritize?
Decision-making, within the context of management, primarily involves setting the organization's long-term strategic goals.
Decision-making, within the context of management, primarily involves setting the organization's long-term strategic goals.
Briefly explain the relationship between organizational goals and resources within a business.
Briefly explain the relationship between organizational goals and resources within a business.
The management function that involves influencing people to work together to achieve organizational goals is known as _______.
The management function that involves influencing people to work together to achieve organizational goals is known as _______.
Which sequence accurately represents the management process?
Which sequence accurately represents the management process?
Match each management function with its corresponding description:
Match each management function with its corresponding description:
Which statement BEST describes a service-oriented business?
Which statement BEST describes a service-oriented business?
Flashcards
Service-Oriented Business
Service-Oriented Business
Creates services as its primary output.
Merchandising Business
Merchandising Business
Purchases finished products and resells them to customers.
Manufacturing Business
Manufacturing Business
Buys raw materials and transforms them into finished goods.
Profits
Profits
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Technology Adoption Factors
Technology Adoption Factors
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Business Tools and Technologies (BTTs)
Business Tools and Technologies (BTTs)
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Organization
Organization
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Goals
Goals
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Resources
Resources
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Management
Management
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Four Functions of Management
Four Functions of Management
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Planning
Planning
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Organizing
Organizing
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Study Notes
- BUSINESS TOOLS AND TECHNOLOGIES (BTTs) are resources that help managers achieve targets productively and make businesses more effective and efficient
- An organization is a group of people who work together in a setting to achieve set goals
- Goals are broad targets set by individuals who are responsible for putting people together to become an organization
- Resources are anything with value or the potential to generate benefit to an individual or organization
- Management is the set of activities employed to meet the goals of an organization
- A manager is the person in charge of managing an area or unit
Functions of Management
- Managers are involved in planning and decision-making, organizing, leading, and controlling
- Planning involves setting the goals of the organization
- Decision-making translates a plan into component actions for a given condition
- Organizing is the process of determining how activities can be grouped and what tasks should people perform
- Leading involves actions to influence people to work together to achieve the goals of the organization
- Controlling includes actions to monitor performance to ensure activities align with the path set by the manager
Service-Oriented Business
- A business or company is an organization that generates income for its owners or investors
- Different business forms can be analyzed by:
- Inputs
- Business processes
- Outputs
- Businesses can be:
- Service-oriented
- Merchandising
- Manufacturing
Types of Businesses
- Service-oriented businesses create services as an output
- Merchandising businesses purchase a finished product and sell it to customers
- Manufacturing Business buys raw materials and transforms them into goods or final product
Special Note
- Some service-oriented businesses provide goods along with service
- Profits are the difference between the value of benefits gained less the cost of the resources used to perform the beneficial activity
Managers in Service-Oriented Business
- Marketing
- Operations
- Human Resources
- Financal
Technology Adoption in Hospitality Businesses
- Technological Considerations
- Benefits
- Compatibility
- Risks
- Organizational Considerations
- Required technical skills
- Financial resources
- Top management support
- Environmental Considerations
- Industry and competition
- Business partners
- Customer expectations
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