Business Management Past Paper PDF
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Summary
This document contains questions and answers, including matching questions, short-response questions, and multiple-choice questions on business management topics such as stakeholders, corporate governance, and setting ambitious goals. The document also covers topics such as mission statements, defining goals, and ethical business models.
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Matching: 1) Stakeholder: individuals or groups that have an interest / claim/ state in a company/ what it does/ how well it performs 2) Corporate governance: Mechanisms used to govern Managers & ensure that the actions they take are consistent and in the interest of key shareholders 3) Internal Sta...
Matching: 1) Stakeholder: individuals or groups that have an interest / claim/ state in a company/ what it does/ how well it performs 2) Corporate governance: Mechanisms used to govern Managers & ensure that the actions they take are consistent and in the interest of key shareholders 3) Internal Stakeholders: Employees including executive officers, managers, and board members 4) External stakeholders: all other individuals/ groups that have a claim on the company 5) Strategic Intent: Managers should set an ambitious goal that stretches a company Mission statement r built around 3 elements 6- statement of overall vision or Mission of company 7- statement that indicates key philosophical values that managers are committed to 8- the articulation of key goals that Management believe must adhere to in order to attain Mission Argument for setting an ambitious goaI 9- communicates a sense of direction to those within the company 10- helps active decision making & resource allocation 11- it forces managers within the company to look for significant improvementsIn the way they run the business since that is the only way to attain stretch goals Short Response: 12) Define Mission: formal declaration of what the company is trying to achieve over the medium to long terms. 13) Who said that a company should define itself in 3 dimensions? Derek F. Abell What are those 3 dimensions? 14)- customer groups 15)- Customer needs 16)- Distinctive competencies What questions should we ask to define those categories? 17) What is being satisfied 18) who is being satisfied 19) how are the customers needs satisfied MC: 20) How does the guy in Q13 define a business? A business should be customer oriented rather than product oriented 21) Define a goal: desired future state that a company attempts to realize 22) Name 4 goal characteristics: ~ precise & Measurable ~ ~ address important issues ~ ~ challenging but realistic ~ ~ specify time period in which goal could be met ~ 23) Example of short term problems: cutting expenditures (expenditure for research & development) 24) What method do companies use to guard against the short term failure? Focus on long term goals 25) What is the corporate governance problem? Managers pursuing strategies (desire for power, status, & income) other than those consistent with maximizing stockholders return (on-the-job consumption) 26) Example of a governance mechanism designed to control corporate governance problems? Board of directors, stock-based compensation schemes, corporate takeovers, the exchange of equity for debt in a layout 4 steps to make ethical business model: 27- identify 👀affected stakeholders→ care for the rights of stakeholders violated 28- evaluate decision From ethical standpoint in the context of moral principles 29- establish moral Intent 30- engage in ethical behavior
