BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS AND ASWERS A+
GRADED. Buy Quality Materials!
assets
items of value owned by a business
autocratic management style
one where the manager tells staff what decisions have been made
business
any activity conducted by an individual or individuals to produce and sell goods and
services that satisfy the needs of society, as well as making profit
communicating
the ability to transfer information from a sender to a receiver, and to listen to feedback
competitive advantage
occurs when a firm, industry or economy has a lower cost price structure than its rivals.
In this situation, goods and services can be sold more cheaply, undercutting
competitors, and expanding domestic and foreign sales. The concept can also be
extended to product quality range and flexibility in adapting to new trends in the market.
competitors
other businesses or individuals who offer rival, or competing, goods or services to the
ones offered by the business
consultative management style
one where the manager consults employees before making decisions
contingency management theory
stresses the need for flexibility and the adaptation of management styles to suit the
situation
corporate culture
the values, ideas, expectations and beliefs shared by members of the business
corporate social responsibility
the obligations a business has over and above its legal responsibilities to the wellbeing
of employees and customers, shareholders and the community, as well as the
environment
customers
the people who purchase goods and services from the business, expecting high quality
at competitive prices
decision-making
the ability to identify the options available and then choose a specific course of action
from the alternatives
delegating
the ability to transfer authority and responsibility from a manager to an employee to
carry out specific activities
directors
(of a company) the people who have overall responsibility for managing the company's
business activities
effectiveness
the degree to which a business has achieved its stated objectives
GRADED. Buy Quality Materials!
assets
items of value owned by a business
autocratic management style
one where the manager tells staff what decisions have been made
business
any activity conducted by an individual or individuals to produce and sell goods and
services that satisfy the needs of society, as well as making profit
communicating
the ability to transfer information from a sender to a receiver, and to listen to feedback
competitive advantage
occurs when a firm, industry or economy has a lower cost price structure than its rivals.
In this situation, goods and services can be sold more cheaply, undercutting
competitors, and expanding domestic and foreign sales. The concept can also be
extended to product quality range and flexibility in adapting to new trends in the market.
competitors
other businesses or individuals who offer rival, or competing, goods or services to the
ones offered by the business
consultative management style
one where the manager consults employees before making decisions
contingency management theory
stresses the need for flexibility and the adaptation of management styles to suit the
situation
corporate culture
the values, ideas, expectations and beliefs shared by members of the business
corporate social responsibility
the obligations a business has over and above its legal responsibilities to the wellbeing
of employees and customers, shareholders and the community, as well as the
environment
customers
the people who purchase goods and services from the business, expecting high quality
at competitive prices
decision-making
the ability to identify the options available and then choose a specific course of action
from the alternatives
delegating
the ability to transfer authority and responsibility from a manager to an employee to
carry out specific activities
directors
(of a company) the people who have overall responsibility for managing the company's
business activities
effectiveness
the degree to which a business has achieved its stated objectives
