Management
What is the role of a business manager in leading a team?
Role includes planning,organizing,leading, and controlling to achieve goals.
What is the purpose of market segmentation?
To divide a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.
What is a balance sheet?
A financial statement that reports a company's assets, liabilities, and shareholders’ equity at a specific point in time.
What is the concept of "lean manufacturing"?
A production practice that aims to minimize waste and maximize productivity.
Why is R&D important for businesses?
R&D helps companies innovate, develop new products, and stay competitive in the market.
Name one key leadership style?
Autocratic, democratic, transformational, transactional
What is a "unique selling proposition" (USP)?
A marketing concept that describes how a product or service is different and better than the competition.
What is an income statement?
A financial statement that shows a company’s revenues, expenses, and profits or losses over a specific period.
How can a company improve its supply chain management?
By optimizing inventory, improving supplier relationships, and enhancing logistics efficiency.
What is an ERP system?
Enterprise Resource Planning (ERP) systems integrate various business processes into one unified system.
What does “strategic planning” refer to in business management?
The process of defining a company's direction and making decisions on allocating resources to pursue that direction.
What is the marketing "4 P's"?
Product, Price, Place, Promotion.
Name a key metric used to evaluate a company's profitability.
Profit margin, return on investment (ROI), or earnings before interest and taxes (EBIT).
What is "just-in-time" (JIT) inventory management?
A strategy that aims to increase efficiency by receiving goods only as they are needed in the production process.
How does R&D contribute to product development?
R&D generates ideas, designs prototypes, tests new concepts, and develops new products or processes.
What is a SWOT analysis used for in management?
To evaluate a company's Strengths, Weaknesses, Opportunities, and Threats.
How does social media marketing contribute to brand awareness?
It helps businesses engage with customers, build relationships, and promote their brand to a larger, targeted audience.
What is accrual accounting?
A method of accounting where revenue and expenses are recorded when they are earned or incurred, rather than when cash is exchanged.
How does automation impact production operations?
Automation can reduce costs, increase production speed, and improve product quality.
How can cloud computing benefit MIS?
Cloud computing provides scalable storage, cost efficiency, and real-time data access.
How can poor management communication affect a company?
It can lead to confusion, misalignment of goals, low employee morale, and inefficiency.
How can a company's brand identity impact its marketing strategy?
A strong brand identity can increase customer loyalty, enhance marketing effectiveness, and set the company apart from competitors.
What is an example of a capital budgeting decision in finance?
Deciding whether to invest in a new manufacturing plant or purchase new equipment.
What are the benefits of continuous improvement in operations?
It leads to greater efficiency, better quality, cost savings, and a culture of innovation.
How can a business balance short-term financial goals with long-term R&D investments?
By allocating resources efficiently, managing risks, and aligning R&D with business strategy to ensure sustainability and profitability.