EC-071
What are the three primary types of business activities?
Operations, Marketing, and Finance
What is the primary definition of management?
The process of reaching organizational goals by working with and through people and other resources
What is the primary role of Human Resources Management?
To manage an organization's employees to improve performance and satisfaction
What is the primary goal of positive customer relations?
To build long term loyalty and repeat business.
This is the process of planning and controlling the day-to-day activities of a business
Operations Management
This business activity involves the process of creating, expanding, and maintaining a customer base
Marketing
List the four main functions of management
Planning, Organizing, Staffing, and Controlling/Leading
This HR process involves searching for and attracting qualified applicants for a job
Recruitment
This mindset involves looking at every interaction through the eyes of the customer
Customer service mindset
This operational activity involves finding and selecting the right suppliers for goods and services
Purchasing
This function is responsible for the day to day activities required for continued business operation
Operations
This management function involves setting goals and determining the best way to achieve them
Planning
What is onboarding?
The process of integrating a new employee into the company and its culture
True or False: Handling a customer complaint effectively can actually increase customer loyalty
true
This term describes the sequence of processes involved in the production and distribution of a commodity.
Supply Chain
Which business activity focuses on obtaining and managing the money needed for a business to function?
Finance/Accounting
This function involves monitoring performance and making adjustments to ensure goals are met
Controlling
This term refers to the total of all rewards provided to employees in return for their labor.
Compensation
What are the three common types of difficult customers?
Arguing/Belligerent, Complaining, and Indecisive/Slow
To maintain efficiency, operations managers use this process to ensure products meet specific standards and are free of defects.
Quality Control
How do business activities interrelate to achieve a common organizational goal?
They are interdependent
Explain the difference between efficiency and effectiveness in a management context
Efficiency is doing things right/minimizing waste and effectiveness is doing the right things/achieving results
Why is strategic HRM different from traditional personnel management?
strategic HRM aligns HR policies and practices directly with the long-term goals and competitive advantage of the company
How do positive customer relations benefit a business beyond just sales?
Word of mouth marketing, reduced marketing costs, and improved brand reputation
Explain how effective operations management contributes to a company's bottom line.
By reducing waste, streamlining production costs, and ensuring timely delivery, which increases overall profitability