Chapter 1 Test Bank PDF

Chapter 1 Test bank Q1.MCQ: 1. What is the primary goal of a business? A. To generate profit B. To provide employment C. To satisfy customer needs D. To contribute to society 2. What is the primary focus of Business Management? A. Daily operational effic...

Chapter 1 Test bank Q1.MCQ: 1. What is the primary goal of a business? A. To generate profit B. To provide employment C. To satisfy customer needs D. To contribute to society 2. What is the primary focus of Business Management? A. Daily operational efficiency. B. Overseeing financial transactions and records. C. Setting strategic objectives and leading the organization toward long-term goals. D. Compliance with legal regulations. 3. Role of the manager in Business Management is focused on: A. implementing procedures B. developing policies C. Operation plan D. developing and executing strategic plans. 4. The principle of "customer-centricity" emphasizes: A. Prioritizing employee satisfaction B. Focusing on financial performance C. Meeting customer needs and expectations D. Adhering to ethical standards 5. External factors that can influence a business include: A. Company culture B. Employee morale C. Economy D. Organizational structure 6. Which of the following is an example of a SMART business objective? A. To improve customer satisfaction. B. To launch a new product line within the next year, increasing revenue by 20%. C. To expand the business globally over time. D. To establish leadership in the industry. 1 7. A non-profit organization is primarily focused on: A. Generating profit B. Providing social welfare C. Engaging in business activities D. Competing in the market 8.Which of the following best defines Business Administration? A. Setting the long-term vision and strategy for a business. B. Managing day-to-day operations such as finance, HR, and compliance. C. Identifying and responding to market trends and customer needs. D. Developing business plans for future growth. 9.What is a key difference between Business Administration and Business Management? A. Business Administration is more focused on leadership. B. Business Management is tactical, and Business Administration is strategic. C. Business Administration focuses on internal operations, while Business Management focuses on overall strategy. D. Business Management emphasizes human resources, while Business Administration emphasizes marketing. 10.The concept of "corporate social responsibility." A. A company's commitment to ethical and sustainable practices B. The legal obligations of a corporation C. The responsibility of a company to maximize profits D. The relationship between a company and its shareholders 11.A business's value proposition is: A. The price it charges for its products or services B. The unique value it offers to customers C. The profit it generates D. The resources it has available 12.Which of the following is a SMART objective? A. To increase sales B. To become the best company in the industry C. To improve customer satisfaction D. To increase sales by 15% within the next quarter 13. What is one of the primary economic goals of businesses? a. Creating leisure activities b. Generating profits c. Reducing workforce 2 d. Conducting research for free 14. What does risk-taking in business typically involve? a. Ignoring market trends b. Taking calculated risks to achieve goals c. Avoiding any form of risk d. Investing without any planning 15. What type of resources do businesses allocate to achieve their objectives? a. Only financial resources b. Resources that do not include time c. Money, time, and personnel d. Only physical resources 16. Why is innovation important for businesses? a. To stay competitive, improve efficiency, and create new products or services b. To remain stagnant c. To increase employee turnover d. To reduce production 17. What distinguishes social enterprises from other types of businesses? a. They do not aim to generate any revenue b. They combine business principles with social goals c. They operate solely for profits d. They avoid innovation 18. What does customer-centricity prioritize to build loyalty and create value? a. Employee needs b. Shareholder interests c. Customer needs, wants, and expectations d. Supplier demands 19. Which guiding principle focuses on encouraging experimentation and continuous improvement? a. Integrity b. Accountability c. Innovation d. Respect 3 20. How does the principle of integrity guide business conduct? a. By prioritizing profits over ethics b. By upholding high moral principles and values with honesty and transparency c. By avoiding risk-taking d. By fostering diversity and inclusion 21. According to the principles, what is the importance of respect? a. Treating all stakeholders with respect, dignity, and empathy b. Ignoring stakeholder contributions c. Prioritizing profits over people d. Avoiding open communication 22. How does collaborative leadership contribute to a positive work culture? a. By avoiding employee empowerment b. By leading by example and facilitating open communication c. By prioritizing hierarchical decision-making d. By focusing solely on individual achievements 23. What is the goal of social responsibility for businesses? a. Maximizing short-term profits b. Recognizing the organization's impact on society and contributing positively through corporate social responsibility initiatives c. Avoiding community engagement d. Focusing only on internal operations 24.Which of the following is a core objective related to a company's financial health? a) Customer acquisition b) Employee training c) Secure funding d) Improve productivity Answer: c) Secure funding 25. Which objective falls under the category of "Customer Focus"? a) Expand product lines b) Optimize processes c) Develop a strong company culture d) Provide exceptional customer service 4 Answer: d) Provide exceptional customer service 26. Which objective focuses on improving operational efficiency within a company? a) Increase market share b) Secure additional funding c) Develop new products d) Reduce costs Answer: d) Reduce costs 27. Which objective is most closely related to creating a positive and productive work environment? a) Optimize processes b) Enter new markets c) Achieve profitability d) Recruit and retain talent Answer: d) Recruit and retain talent 28. Which objective focuses on adapting to future trends and staying competitive? a) Secure funding b) Customer retention c) Enhance quality control d) Embrace new technologies Answer: d) Embrace new technologies 29.Which of the following is a characteristic of a business goal? a) Specific and measurable b) Time-bound and realistic c) Actionable and detailed d) Broad and aspirational Answer: d) Broad and aspirational 30.What is the primary purpose of business objectives? a) To define the company's long-term vision b) To provide a roadmap for achieving goals 5 c) To track the company's financial performance d) To motivate employees to work harder Answer: b) To provide a roadmap for achieving goals 31. Which of the following is an example of a business objective? a) Become a leader in the sustainable energy sector b) Launch a new product line by the end of the year c) Increase customer satisfaction d) Create a positive work environment Answer: b) Launch a new product line by the end of the year 32. What is a key benefit of defining clear business goals and objectives? a) Increased employee turnover b) Improved decision-making c) Reduced profitability d) Lowered customer satisfaction Answer: b) Improved decision-making 33. How do business objectives relate to business goals? a) Objectives are more important than goals. b) Objectives are a substitute for goals. c) Objectives are specific steps and road map towards achieving goals. d) Objectives are not necessary for successful businesses. Answer: c) Objectives are specific steps towards achieving goals. 34. Which strategic consideration involves understanding customer needs, market trends, and competitors? a) Business Strategy b) Financial Planning c) Risk Management d) Market Analysis 6 Answer: d) Market Analysis 35. Which external factor can significantly impact a business's operations? a) Company Culture b) Employee Skills c) Economy d) Organizational Structure Answer: c) Economy 36. What internal factor is crucial for effective business operations? a) Social & Cultural Trends b) Technology c) Communication & Collaboration d) Regulations & Laws Answer: c) Communication & Collaboration 37. Which key concept defines the unique value offered to customers? a) Competitive Advantage b) Customer Relationship Management (CRM) c) Value Proposition d) Innovation Answer: c) Value Proposition 38. Which core function is responsible for managing computer systems, networks, and data? a) Research & Development (R&D) b) Information Technology (IT) c) Marketing & Sales d) Operations Answer: b) Information Technology (IT) 39. Which strategic consideration focuses on identifying and mitigating potential risks? a) Business Strategy 7 b) Market Analysis c) Financial Planning d) Risk Management Answer: d) Risk Management 40. Which internal factor shapes the values, beliefs, and behaviors within a company? a) Organizational Structure b) Leadership c) Company Culture d) Employee Skills & Motivation Answer: c) Company Culture 41. What key concept outlines how a business generates revenue and sustains itself? a) Value Proposition b) Competitive Advantage c) Customer Relationship Management (CRM) d) Business Model Answer: d) Business Model What are the Key differences between business administration and business management? 1. Scope: Business Administration focuses on the internal operations of a business, while Business Management focuses on the overall direction and strategy of the organization. 2. Level: Business Administration is more tactical and operational, while Business Management is more strategic and managerial. 3. Focus: Business Administration focuses on efficiency and effectiveness in the day-to-day operations, while Business Management focuses on achieving long-term goals and objectives. 4. Skills: Business Administrators typically require strong technical skills in areas like accounting, finance, and HR, while Business Managers require strong leadership, communication, and problem-solving skills. 8 What are the Key Components of a Business? 1. Goods or Services: Businesses provide tangible products (goods) or intangible services to meet the needs or desires of customers. 2. Profit Generation: The primary aim of most businesses is to make a profit by selling goods or services at a price higher than the cost of production or delivery. 3. Customers: Businesses rely on customers to purchase their products or services. Understanding customer needs and preferences is crucial for business success. 4. Operations: A business typically has processes in place for production, marketing, sales, and distribution to ensure smooth functioning and growth. 5. Market: Businesses operate within a market, competing with others to attract customers. Market conditions, including supply and demand, pricing, and competition, influence business strategies. 6. Types of businesses can be categorized into: 7. For-profit businesses: Companies that aim to generate profits for their owners or shareholders. 8. Non-profit organizations: Entities that operate without the goal of generating profits, often with a focus on social welfare or public benefit. 9. Social enterprises: Organizations that combine business principles with social goals, aiming to create positive impact while generating revenue. Feature Business Goal Business Objective Broad, overarching, Scope aspirational Specific, detailed, actionable Strategic, high-level, long- Tactical, operational, short- Level term to-medium term Qualitative, general, Quantitative, measurable, Nature conceptual tangible Short-to-medium term Timeframe Long-term (years) (months to years) Examples Become the industry leader Increase market share by 9  in sustainable practices. 15% within the next 2 years. Principle of Business Administration Summer Test Bank Chapter (2) Q -1 Define:- a. Entrepreneur A person who risks time and money to start, manage and expand a business. b. Revenue. The total amount of money a business takes in during a given period by selling goods and services c. Profit. The amount of money a business earns above and beyond what it spends for salaries and other expenses. d. Quality of work life. The general well-being of society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure and rewards that add to the satisfaction and joy that other goods and services provided by nonprofits org. and government agencies. e. Standard of living. The amount of goods and services people can buy with the money they have. f. Outsourcing. It means contracting with other companies to do some function of the firm. g. Loss. When a business’s expenses are more than its revenues. h. Social entrepreneurs Are people who use business principles to start and manage not-for profits and help address social issues. i. Nonprofit organizations Strive for financial gains to meet their social or educational goals rather than for personal profit. 10  j. In sourcing Many foreign companies are setting up design and production facilities in the United States. k. Accountability The process by which a person or persons is required to report to others on the exercise of responsibilities given to those others. l. Business Resources. Are the inputs into processes which turn out products –goods and services –which can be provided for consumers, usually for a price. m. Vision statement A vision statement for a company or organization focuses on the potential characteristic in the company's future, or what they intend to be. n. MISSION Statement Outlines the organization’s fundamental purposes, I t is what you do/the core of the business. o. Lean startups are a methodology for developing businesses and products, which aims to shorten product development cycles and rapidly discover if a proposed business model is viable. This method was popularized by Eric Ries in his 2011 book The Lean Startup. The approach emphasizes the importance of iterating based on customer feedback and focusing on key activities that bring value, allowing startups to grow efficiently and reduce the risk of failure. p. Design Thinking is a human-centered, iterative approach to problem-solving and innovation that focuses on understanding users, challenging assumptions, and redefining problems to create innovative solutions. It emphasizes empathy with users, collaborative ideation, and rapid prototyping. Design thinking is used across various industries for product development, service improvement, and organizational innovation. Corporate social responsibility (CSR) CSR initiatives demonstrate a commitment to ethical practices, environmental sustainability, and social impact, aligning business objectives with broader societal goals. Q-2 Answer the following questions: - 11  a. Give examples of vision statement (one long and two short vision statements) BBC: “To be the most creative organization in the world” Disney: “To make people happy.” Google: “To provide access to the world’s information in one click” IKEA: “To create a better everyday life for the many people” Instagram: “Capture and share the world’s moments” Amazon: “Our vision is to be earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.” b. Give examples of mission statement Company: Google Mission: To organize the world’s information and make it universally accessible and useful. Company: Amazon Mission: We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience. American Express: Become essential to our customers by providing differentiated products and services to help them achieve their aspirations. Essay Questions 1) What are the Types of Quality?  Product Quality: Focuses on the quality of Goods, including physical attributes, Performance, and reliability.  Service Quality: Evaluates the quality of Services based on factors like Responsiveness, reliability, assurance, Empathy, and tangibles.  Process Quality: Examines the quality of The processes used to create products or Services, focusing on efficiency, Effectiveness, and consistency. 2) What are the three Approaches to Quality Management?  Total Quality Management (TQM): A holistic Approach to quality that emphasizes customer Satisfaction, continuous improvement, and Employee involvement.  Six Sigma: A structured methodology for Process improvement and reducing defects.  Lean Manufacturing: A set of principles and Techniques aimed at eliminating waste and Improving efficiency in production processes. 3) Modern Perspectives: 12   Customer-Centricity: The focus has shifted From meeting specifications to exceeding Customer expectations. This means Understanding customer needs, anticipating Future trends, and creating products and Services that deliver exceptional value.  Digital Transformation: Technology has Revolutionized quality management, enabling Data analysis, predictive modeling, and Automation to improve processes, enhance Decision-making, and create more Personalized experiences for customers.  Sustainability: Increasingly, businesses are Incorporating sustainability into their quality Management frameworks, considering 4) Future of Quality:  Predictive Quality: influencing data analytics and Machine learning to proactively identify and Prevent quality issues before they arise.  Personalized Quality: Tailoring products and Services to meet the individual needs and Preferences of each customer.  Quality as a Competitive Advantage: Quality is no Longer a mere standard; it is becoming a key Differentiator in competitive markets, with Customers increasingly willing to pay a premium For products and services that consistently deliver Exceptional value 5) Define and explain who stakeholders are? All the people who stand to gain or lose by the policies and activities of business and whose concerns the business needs to address  Customers  Employees  Owners/stockholders  Suppliers  Bankers  Media  Local community 6) Compare between Stakeholder and stockholder? Stakeholder: All the people who stand to gain or lose by the policies and activities of business and whose concerns the business needs to address Stockholder: Owner of the business – one of stake holder. 7) How can governments promote effective business environment and entrepreneurship? 1. Minimizing spending and keeping taxes and regulations to a minimum. 2. Allowing private ownership of businesses. 3. Minimizing interference with the free exchange of goods and services. 13  4. Passing laws that enable businesspeople to write enforceable contracts. 5. Establishing a currency that’s tradable in world markets. 6. Minimizing corruption. 1. There are a number of ways in which resources can be categorized. Explain the five "factors of production" As that common one.  Land (or natural resources) The space occupied to carry out any production process, such as the space for a factory or office. The basic resources within land, extracted for productive use, such as metal elements, coal and oil.  Labor (workers) Labor covers any mental or physical effort by humans used in a production process.  Capital (This includes machine, tools, and buildings.) Real capital consists of the tools, equipment and human skills employed in production. Financial capital is the fund of money which, in a modern society, is usually needed to acquire and develop real capital, both physical and human.  Entrepreneurship or Management Skills For a business to become established, grow and become successful, management skills are vital. Most businesses need someone to take a risk and have the necessary ability and skills to set up and run a business.  Knowledge Information and knowledge 1. Classifying the business environment helps businesses understand the factors that influence their operations. By analyzing the internal and external environments, businesses can make strategic decisions to adapt, innovate, and remain competitive. Please explain?  1- External Factors: Economy: Fluctuations in the economy, Interest rates, inflation, and other economic Indicators can significantly impact business Operations. Competition: The presence of competitors, Their products or services, and their pricing Strategies influence business decisions. Regulations & Laws: Compliance with local, State, and federal laws, regulations, and Industry standards is essential. Technology: Rapid advancements in Technology create new opportunities but also Require businesses to adapt and stay current. 14 Social & Cultural Trends: Changing social And cultural values, consumer preferences  Internal Factors: Organizational Structure: The way a business Is organized, including departments, Reporting lines, and decision-making Processes. Company Culture: The values, beliefs, and Behaviors that shape the workplace Environment. Leadership: The role of leaders in setting Direction, inspiring employees, and fostering A positive work environment. Employee Skills & Motivation: The Capabilities and engagement of employees are Crucial for success. Communication & Collaboration: Effective Communication and collaboration among  Internal Environment Example: A company’s internal culture that promotes innovation and creative thinking can foster the development of new products. On the other hand, if a company’s management is rigid and bureaucratic, it may face delays in decision-making.  2. Micro Environment Example: A smartphone company’s relationship with its suppliers may influence production costs. If the supplier raises the price of key components, the company might face  3. Macro Environment Example (PESTLE): Political: A change in trade regulations can Affect a company’s ability to import raw Materials. Economic: During a recession, consumers May reduce spending, impacting sales. 15  Social: A rise in health-conscious consumers Can drive demand for organic food products. Technological: The introduction of 5G Technology could revolutionize the Telecommunications industry. Legal: New data protection laws, like GDPR, May require companies to change how they Handle customer data. Environmental: Pressure to adopt sustainable Q10) What is SWOT? and give an example of a SWOT analysis to a company? SWOT analysis is one of the most commonly used tools and technique in today’s business world. It is a simple structured planning approach to evaluate Strengths, Weaknesses, Opportunities and Threats. Q-4 multiple choice questions:- 1. Which one is not one of the business resources? a. Land a. Labor a. Accountability a. Entrepreneurship or Management Skills 1. …………….Strive for financial gains to meet their social or educational goals rather than for personal profit. a. Social entrepreneurs a. Nonprofit organizations a. Business Environment a. Standard of living 1. Customer Service is an element of the ……………….. a. Competitive environment a. Social environment a. Economic and legal environment a. Global business environment 16  1. All the people who stand to gain or lose by the policies and activities of business and whose concerns the business needs to address a. Entrepreneur a. Investors a. Stockholders a. Stakeholders 1. The process by which a person or persons is required to report to others on the exercise of responsibilities given to those others. a. Standard of living a. Accountability a. Tradable currency a. Bar codes Cases: 1-Facebook wants to launch the new project (Meta Verse) in Egypt, so which one of the Business environment factors they will look into?  The technological environment 2- MacDonald’s in India don’t serve meat products because of their religious view so which factor of the business environment factors they examine before entering the Indian market  The social environment 17 Egcode: BADM 100-BADM101 Revision sheet Chapter (3) Accounting & Finance Q1: Define: a process of identifying, recording, summarizing, and reporting :Accounting -a economic information to decision makers in the form of financial statements reporting of & is primarily concerned with the recording :accounting b- Financial.economic data and activities for a business to external parties uses both financial accounting and estimated data to :Managerial accounting - C support management in running day-to-day operations and in planning future.operations The function in a business that acquires funds and manage those : Finance -d  funds in the business s the study of how people and businesses evaluate investments and raise’Also it  capital to fund.Accountants and their staff who provide services to the public :Public accounting- E is a series of steps performed to analyze, record, :The accounting system -F quantify, accumulate, summarize, classify, report, and interpret economic events and their effects on an organization and to prepare the financial statements 18 :Q:2 Answer the questions below ?Q1-Explain the 4 principles of finance Four PRINCIPLEs of Finance Principle 1: Money Has a Time Value..A dollar received today is more valuable than a dollar received in the future We can invest the dollar received today to earn interest. as a result, in the future, you will have more.receive the interest on your investment plus your initial invested dollar than one dollar, as you will PRINCIPLE 2: There is a Risk-Return.Trade-off.We only take risk when we expect to be compensated for the extra risk with additional return.Higher the risk, higher will be the expected return PRINCIPLE 3: Cash Flows Are The Source of.Value s performance over an interval of ’Profit is an accounting concept designed to measure a business.time.Cash flow is the amount of cash that can actually be taken out of the business over this same interval Profits versus Cash.It is possible for a firm to report profits but have no cash For example, if all sales are on credit, the firm may report profits even though no cash is being.generated PRINCIPLE 4: Market Prices Reflect.Information.Investors respond to new information by buying and selling their investments The speed with which investors act and the way that prices respond to new information determines.the efficiency of the market. In efficient markets like United States, this process occurs very quickly ?studying finance is importance Q2- Why 19 Manage your own funds funds ’Manage a business Fruitful career opportunities Informed policy choices Intellectual curiosity Chapter (4) Q -1 Define: a- marketing The activity set of organizations and processes for creating, communicating , delivering and exchanging offerings that have value for customers, clients, partners and society at large about an organization, its products, or other given issues. b- product Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand c- brand name A word, letter, or group of words or letters that differentiates one Seller's goods and services from those of competitors d- consumer market All the individuals or families that want goods and services for personal consumption or use e- Customer relationship management (CRM) the process of learning as much as possible about present customer and doing everything you can over time to satisfy them-or even to exceed their expectations with goods and service Q -2 Multiple choice questions 1-………. Is the activity set of organizations and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large a- marketing 20 B-management c- Customer relationship management d-Accounting 2- Which of the following is not a component of marketing concept a- service orientation b- Price orientation c- Profit orientation 3- The marketing mix includes the four Ps of a- public relations, promotion, place and price b- Profitability, promotion, product and place c- Product, Price, Place and Promotion Q 3- answer the following questions Q1- Explain the 4 ears of evolution the marketing ? Production Era Selling Era Marketing Concept Era Customer Relationship Era Q2 what are the six steps of keeping the customer happy and pleased? The cost of acquiring a new customer is 5x the cost of 21 Retaining one. Here’s how to keep them: 1. Build trust 2. Emphasize the long term 3. Listen 4. Treat your customers like stars 5. Show appreciation 6. Remember employees are customers too! Q3 What are the tactics of nonprofit marketing?  Fundraising  Public Relations  Special Campaigns  Ecological practices  Changing public opinions and attitudes  Increasing organizational membership Q4 What are the strategies of nonprofit?  Determine the firm’s goals and objectives  Focus on long-term marketing  Find a competent board of directors  Exercise strategic planning  Train and develop long-term volunteers  Carefully segment the target market Q5 What are the factors that affect pricing the product?  Competitors’ prices  Production costs  Distribution  High or low price strategies 22 Q6 what are the techniques that seller use for promoting the product?  Advertising  Personal selling  Public relations  Word of mouth  Sales promotions Egcode: BADM 100-BADM101 Introduction to Business Revision sheet Chapter (4) Q -1 Define: Analyzing markets to determine challenges and opportunities, and -- Marketing Research.finding the information needed to make good decisions Secondary Data -- Existing data that has previously been collected by sources :Secondary data.like the government.In-depth information gathered by marketers from their own research :Primary Data A group of people who meet under the direction of a :Focus Group All the individuals or households that want goods and services for personal :Consumer Market use and have the resources to buy them Individuals and organizations that buy goods and services to use in :Business-to-Business (B2B) production or to sell, rent, or supply to others.Divides the total market into groups with similar characteristics :Market Segmentation Selecting which segments an organization can serve profitably :Target Marketing Niche Marketing: Identifies small but profitable market segments and designs or finds products for them. One-to-One Marketing: Developing a unique mix of goods and services for each individual consumer. 23 Mass Marketing: Developing products and promotions to please large groups of people. Relationship Marketing: Rejects the idea of mass production and focuses toward custom- made goods and services for customers. Q -2 Multiple choice questions 1. ………. Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions. a. Marketing research a. Management a. Customer relationship management a. Segmentation 1. Existing data that has previously been collected by sources like the government. a. Primary data a. Secondary data a. Marketing research a. Focus group 1. A group of people who meet under the direction of a discussion leader to communicate opinions. a. Primary data a. Secondary data a. Marketing research a. Focus group 1. ………… The process of identifying factors that affect marketing success. a. Primary data 24 a. Environmental Scanning a. Marketing research a. Focus group 1. …………. All the individuals or households that want goods and services for personal use and have the resources to buy them. a. Market segmentation a. Consumer market a. Business to business a. Marketing research 1. ……….. Data that you gather yourself (not from secondary sources such as books and magazine) is called a. Secondary data a. Primary data a. Focus group a. Environmental scanning 1. The process of dividing a market into distinct groups with distinct needs, characteristics is called a. Market segmentation a. Consumer market a. Target marketing a. Niche marketing 1. ………… Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others. a. Target market a. Consumer market a. Focus group 25 a. Business to business 1. ………… Identifies small but profitable market segments and designs or finds products for them. a. One to one marketing a. Niche marketing a. Consumer market a. Mass marketing 1. ………… Developing a unique mix of goods and services for each individual consumer. a. Mass marketing a. Target market a. One to one marketing a. Relationship marketing 1. ………. Rejects the idea of mass production and focuses toward custom-made goods and services for customers. a. Relationship marketing a. Mass marketing a. Niche marketing a. Consumer market 1. ………... Developing products and promotions to please large groups of people. a. Mass marketing a. Niche marketing a. One to one marketing a. Relationship marketing 1. ……… Dividing the market by cities, counties, states, or regions. a. Geographic Segmentation 26 a. Demographic Segmentation a. Psychographic Segmentation a. Benefit Segmentation 1. ………. Dividing the market by age, income, education, and other demographic variables. a. Geographic Segmentation a. Demographic Segmentation a. Volume (Usage) Segmentation a. Benefit Segmentation 1. ……… Dividing the market by group values, attitudes, and interests. a. Geographic Segmentation a. Psychographic Segmentation a. Volume (Usage) Segmentation a. Benefit Segmentation 1. ……….. Dividing the market according to product benefits the customer prefers a. Geographic Segmentation a. Psychographic Segmentation a. Volume (Usage) Segmentation a. Benefit Segmentation 1. ………. Dividing the market by the volume of product use. a. Geographic Segmentation a. Demographic Segmentation a. Volume (Usage) Segmentation a. Benefit Segmentation 27 Q 3- answer the following questions  What is The ABC’s of MARKETING?  Always be customer-focused.  Benchmark against the best firms.  Continuously improve performance.  Develop the best value package.  Empower your employees.  Focus on relationship building.  Goal achievement is the reward 2-There is many ways to segment a market.What are the five characteristics of useful market segments? Explain each one.  Geographic segmentation Dividing a market by cities, counties, states or regions.  Demographic segmentation Dividing the market by age, income, and education level.  Psychographic segmentation Dividing the market using groups, values, attitudes, and interests.  Benefit segmentation Dividing the market by determining which benefits of the product to talk about.  Volume (or usage segmentation) Dividing the market by usage (volume of use) 28  Chapter 6 Management & Leadership Define: DECISION MAKING  Decision Making -- Choosing among two or more alternatives. What are the steps to make a rational decision? 1. Define the situation. 2. Describe and collect needed information. 3. Develop alternatives. 4. Develop agreement among those involved. 5. Decide which alternative is best. 6. Do what is indicated. 7. Determine whether the decision was a good one and follow up. Define: Problem Solving, and its techniques? -- The process of solving the everyday problems that occur; less formal than decision making and needs quicker action. Problem-solving techniques include brainstorming and PMI (Listing all the pluses for a solution in one column, all the minuses in another and the implications in a third.)  Define: Organization Chart A visual device that shows relationships among people and divides the organization’s work; it shows who reports to whom. 29 What leaders must do?  Communicate a vision and rally others around that vision.  Establish corporate values.  Promote corporate ethics.  Grasp change.  Stress accountability and responsibility. Compare between the styles of leadership?  Autocratic Leadership -- Making managerial decisions without consulting others.  Participative or Democratic Leadership -- Managers and employees work together to make decisions.  Free-Rein Leadership -- Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives  Bureaucratic Leadership -- a “go by the book” type of leadership. Processes and regulations are followed according to policy with no room for flexibility.  Transformational Leadership – all about transforming the business or groups by inspiring team members to keep increasing their bar and achieve what they never thought they were capable of. 30  What are the planning functions?  Strategic Planning -- Done by top management and determines the major goals of the organization and the policies, procedures, strategies and resources it will need to achieve them.  Tactical Planning -- The process of developing detailed, short-term statements about what is to be done, who is to do it and how.  Operational Planning -- The process of setting work standards and schedules necessary to implement the company’s tactical objectives. Contingency Planning -- The process of preparing alternative courses of action the firm can use if its primary plans don’t work out What are the management level and skills?  Technical Skills -- The ability to perform tasks in a specific discipline or department.  Human Relations Skills -- Skills that involve communication and motivation; they enable managers to work through and with people.  Conceptual Skills -- Skills that involve the ability to picture the organization as a whole and the relationship among its various parts.  Top Management -- The highest level, consists of the president and other key company executives who develop strategic plans.  Middle Management -- Includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.  Supervisory Management -- Those directly responsible for supervising workers and evaluating daily performance. 31 Canadian International College (CIC) Egcode: BADM 100-BADM101 DR Rawia Introduction to Business Revision sheet Chapter (7) Manager&HR) Q -1 Define: a- Management Management involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively B-Manager Someone who coordinates and oversees the work of other people so that organizational goals can be accomplished c- First line managers Individuals who manage the work of non-managerial employees d- Middle managers.Individuals who manage the work of first-line managers e- Top managers Individuals who are responsible for making organization-wide decisions and.establishing plans and goals that affect the entire organization f- Efficiency ”Doing things right Getting the most output for the least inputs 32 g- Effectiveness ”Doing the right things Attaining organizational goals Q -2 Multiple choice questions Skills refer to the manager's the ability to think about abstract and..…………-1.complex situations concerning the organization A. Technical B. Interpersonal C. Conceptual D. Professional Skills are necessary to know or understand the specific kind of work..……… -2.done in an organization A. Technical B. Interpersonal C. Conceptual D. Professional.skills refer to the manager's ability to work well with other people.………-3 A. Technical B. Human Skills C. Conceptual D. Professional Dealing with members of the organization to accomplish goals is defined -4.……as A. Planning 33 B. Controlling C. Leading D. Organizing Arranging and structuring work to accomplish organizational goals is defined -5.…… as A. Organizing B. Leading C. Planning D. Controlling s goals and deciding how best to achieve those goals ’Setting the organization -6 is defined as A. Organizing B. Leading C. Planning D. Controlling Monitoring and correcting ongoing activities that facilitate goal attainment is -7 defined as A. Organizing B. Leading C. Planning D. Controlling Susan is especially good at communicating company goals to her employees -8.and motivating them to achieve these goals. Susan has good A. Conceptual skills B. technical skills Human skills.C D. Advanced skills Q-4 True or false 34 A- Efficiency means low waste of resource usage (T) B- Frequently, the management functions of planning, organizing, leading, and controlling ( overlap one another ( T F ) C- Middle managers are responsible for designing the long-range plans of the organization ( ( T ) D- Supervisory managers typically need more technical skills than top-level managers ( T ) E- Top managers need conceptual skills than lower level managers ( low attainment of organizational goals( F F- Effectiveness means Q-5 :answer the following questions What Manager Do and needs Function -  Roles -  Needed skills -   Function-1 Planning - Defining goals, establishing strategies to achieve goals, developing plans to integrate and coordinate activities Organizing - Arranging and structuring work to accomplish organizational goals Leading - 35 Working with and through people to accomplish goals Controlling - Monitoring, comparing, and correcting work s Play’Roles Manager-2  Roles are specific actions or behaviors expected of a manager interpersonal relationships, the transfer of information, and decision - making Needed skills-3 - Technical skills Knowledge and proficiency in a specific field - Human skills The ability to work well with other people - Conceptual skills The ability to think and conceptualize about abstract and complex situations concerning the organization What is the definition of the Organization s A deliberate arrangement of people to accomplish some specific ’It.purpose (that individuals independently could not accomplish alone) ?.Explain two of the historical DEVELOPMENT ERAS OF hr OR 1 Discuss the key characteristics of the Early Industrial Revolution (Late 18th - Early 19th Century) ? 36 2 The Personnel Management Era (Late 19th - Mid 20th Century). How did workforce management evolve during these period? 3 Explain the differences between the Human Resource Management (HRM) Era (Mid 20th Century - 1980s) 4 Discuss the Strategic HRM Era (1990s - Early 2000s) in terms of employee development and organizational strategy. 5 Discuss how HR practices transitioned in the Modern HRM the Digital Age (2000s - Present) 6 What advancements in technology and employee focus are shaping the future of HR(Emerging Trends)? ERA -1 Early.2 Personnel.3 Human Resource.4 Strategic.5 Modern-6 Future of.7 PreIndustrial Industrial Management Management Human HRM and the Digital HR Revolution Revolution Era Era Resource Age Emerging ) Late 18 ) thLate 19th – Mid ) (1990s – Early 2000s) Management (Trends Early – (20th Century 2000s – ) (Emerging Trends) 19th (Present (Century minimal managing focusing largely on improving employee shift toward data-driven and focus on attention large administrative performance, skills, aligning HR -employee more to numbers of It was tasks.engagement and practices with centric, with a advanced FOUCS employee workers seen as a organizational growing technology welfare reactive goals to create emphasis on ,integration function with a competitive employee such as AI primary focus.advantages ,experience and and on compliance well-being, and ,automation.discipline organizational personalized.culture employee Key Little to -1 -1 Welfare work-1 Human relations-1 Strategic-1 Data-driven-1 Artificial-1 Characteris no formal Emergenc 1. Labor movement alignment HR Intelligence tics employee e of relations s ’Like Maslow -2 1. and managemen personnel " needs hierarchy of Performance Automation 1. t processes manageme 1. Strategic management -2 Employee Workers -2 "nt management 1. Talent Responsive Bureaucratic experience as were as a management Workforce systems 1. Employee 1. Agility expendable function to Management 1. development 1. and innovation resources handle 1. administrati 1. Legal 1. Learning ve framework Workplace and Motivational Well-being diversity and development theories tasks inclusion -5 1. 1. Scientific -5 -2 Globalization Management Technological Workers Ethical and focus on efficiency ) advancements were Transparent and often Leadership (tasks standardizing seen as part of 37  the production process 38