Summary: Introduction To Business Administration

Read the summary and the most important questions on Introduction to Business Administration

• Management Chapter 1: Innovative Management

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• What is one of the most significant responsibilities of senior business managers?

  Develop new strategies for the future success of the organisation.

• Name the four management functions and their description.

  
  

  • Planning: Identifying goals and resources for future organizational performance.

  
  

  • Organizing: Assigning tasks, delegating authority and allocating resources.

  
  

  • Leading: The use of influence to motivate employees to achieve goals.
    

  
  

  • Controlling: Monitoring activities and taking corrective action when needed.

• What are the learning intentions by the end of Chapter 8?

  • Analyse the meaning and purpose of business strategy
  • Analyse the meaning and purpose of strategic management
  • Evaluate approaches to developing business strategies including Blue Ocean, Scenario Planning, SWOT, PEST, Porter's Five Forces, Core Competence, Ansoff Matrix, Force-Field Analysis and Decision Trees

• Explain the importance of 'effectiveness' and 'efficiency'.

  
  

  • Effectiveness: degree to which the organizations achieves goals.
    

  
  

  • Efficiency: use of minimal resources to produce desired output.
    

• What is the definition of strategy according to the chapter?

  "Strategy is how we get from where we are now to where we want to be in the future."

• Explain the difference between a company and an organization.

  
  Company = mainly focuses on making profit
  
  Organization = social entity that is goal directed and deliberately
  structured

• What are SMART objectives?

  Specific, Measurable, Achievable, Relevant, Time-bound goals.

• What skills are required to be a successful manager?

  
  1. Conceptual Skills: cognitive ability to see the organization as a whole
  system
  
  2. Human Skills: ability to work with and through other people
  
  
  3. Technical Skills: understanding and proficiency in the performance of
  specific tasks

• What are the three stages of strategic management?

  1. Strategic Analysis: Assess current position
  2. Strategic Choice: Decide long-term direction
  3. Strategic Implementation: Allocate resources and evaluate

• Many managers often fail to comprehend and adapt to the rapid pace ofchange in the world. List common mistakes that are made.

  
  

  • Poor Communication
    
  • Failure to Listen
    
  • Poor Interpersonal Skills
    
  • Treating employees as instruments
    
  • Failure to clarify direction and performance expectations