Management functions — goals?
Achieve organizational effectiveness and efficiency.
Planning, organising, leading — sequence?
Goals → Plans → Implementation → Monitoring.
Human resource planning steps?
Job analysis, job description, forecasting, future planning.
Supply chain management — focus?
Coordinate activities for product and service delivery.
Marketing mix components?
Product, place, promotion.
Core product — description?
Central offering with technical and physical qualities.
Entrepreneurship — key aspect?
Transforming viable ideas into profitable businesses.
Business plan — purpose?
Guide operations and justify business decisions.
Corporate social responsibility — role?
Proactively contribute positively to society.
Acquisition of capital — includes?
Asset structure, wealth maximization, capital structure.
Efficiency — definition?
Perform tasks using inputs and outputs effectively.
Effectiveness — definition?
Achieving set goals regardless of inputs.
Tactical purchasing — focus?
Medium-term supplier and supply decisions.
Benchmarking — mechanism?
Compare standards to identify improvement areas.
Answer 14 questions on Fundamentals of Business Management.
1. Which statement best describes efficiency in an operation?
2. What are strategic goals in an organization?
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