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Question 1

1. How can we define ‘Management’ and the ‘Management Process’?

Answer 1

Management is the process of achieving goals effectively and efficiently by coordinating people and resources. It includes planning, organizing, leading, and controlling.

Question 2

2. Discuss the difference between an ‘Entrepreneur’ and an ‘Intrapreneur’.

Answer 2

Entrepreneurs own businesses, take high risks, and reap profits. Intrapreneurs innovate within organizations, take lower risks, and benefit the company.

Question 3

3. Briefly discuss the three dimensions of entrepreneurship.

Answer 3

Business Entrepreneurship focuses on profit and innovation; Social Entrepreneurship aims to solve societal issues; Personal Entrepreneurship involves innovating within existing roles.

Question 4

4. What are the main skills needed at the different management levels? Explain.

Answer 4

Top management needs conceptual skills, middle management requires interpersonal skills, and lower management relies on technical skills.

Question 5

5. What are the ‘Stakeholders’ of a company? Discuss + give some examples.

Answer 5

Stakeholders include internal (employees, shareholders) and external (customers, suppliers, governments). They influence and are influenced by the company.

Question 6

6. Why is it so important for an organization to have an insight into the composition of the ‘Stakeholders’?

Answer 6

Understanding stakeholders helps align goals, manage relationships, and ensure sustainable operations by balancing diverse interests.

Question 7

7. What is an ‘Organization’? What are the common characteristics of organizations? Explain.

Answer 7

An organization is a structured group aiming to achieve shared goals. Characteristics include objectives, people, and a defined structure.

Question 8

8. Discuss the horizontal / vertical organization layout.

Answer 8

Horizontal layout divides work by function or department. Vertical layout establishes hierarchy and decision-making levels.

Question 9

9. Briefly discuss the Ashridge ‘Mission Model’.

Answer 9

The model includes Goal, Values, Behavioral Norms, and Strategy to define and evaluate an organization’s mission.

Question 10

10. What is meant by a ‘Matrix Organization’?

Answer 10

A structure with dual management where both functional and project managers share authority for flexible, cross-functional collaboration.

Question 11

11. Give two motivation theories and discuss them briefly.

Answer 11

Herzberg’s theory separates hygiene and motivator factors. Maslow’s hierarchy outlines needs from basic to self-actualization.

Question 12

12. How do we define ‘Innovation’? Why is ‘Innovation’ so important?

Answer 12

Innovation involves creating or improving products, processes, or ideas to enhance efficiency and drive progress.

Question 13

13. What types of decisions should be made within a company?

Answer 13

Strategic decisions are long-term; tactical are medium-term; operational are short-term and execution-focused.

Question 14

14. What is meant by the ‘Span’ of an organization?

Answer 14

Span of control refers to the number of employees managed directly by a supervisor. Narrow spans mean fewer subordinates; wide spans, more.

Question 15

15. Discuss the ‘Two-factor Theory’ of Frederick Herzberg.

Answer 15

Hygiene factors prevent dissatisfaction, and motivators drive job satisfaction, requiring both for employee engagement.

Question 16

16. Important for a company are the ‘Stakeholders’ and ‘Trends and Developments’. Discuss.

Answer 16

Stakeholders and trends guide strategic decisions, ensuring adaptability to societal, economic, and technological changes.

Question 17

17. What is meant by SMART objectives?

Answer 17

SMART objectives are Specific, Measurable, Attractive, Realistic, and Time-bound goals that ensure clarity and feasibility.

Question 18

18. Discuss the ‘Need Pyramid’ of Abraham Maslow.

Answer 18

Maslow’s pyramid ranks needs: Physiological, Safety, Love/Belonging, Esteem, and Self-Actualization, each building on the last.

Question 19

19. Discuss how ‘Trends and Developments’ are important for organizations.

Answer 19

Trends offer opportunities and direction, e.g., technological or societal changes like AI or sustainability initiatives.

Question 20

20. Discuss the control process within the management process.

Answer 20

Control involves setting standards, measuring results, comparing against goals, and making adjustments. Shein’s culture model helps align values.

Question 21

21. Why do you need to have knowledge about motivation theory as a manager/leader?

Answer 21

Motivation theories, like Maslow or Herzberg, help managers inspire employees, ensuring productivity and satisfaction.

Question 22

22. A clear ‘Mission’ and ‘Vision’ … what is it and what is its importance?

Answer 22

Mission defines current purpose; vision sets future direction. Both guide strategy and align employees.

Question 23

23. What is the importance of ‘Entrepreneurship’ for our society?

Answer 23

Entrepreneurship drives innovation, economic growth, and social progress by addressing unmet needs.

Question 24

24. Briefly discuss the ‘Strategic Management Process’.

Answer 24

It includes defining mission, external/internal analysis, SWOT, strategy formulation, implementation, and evaluation.

Question 25

25. What is a ‘SWOT’ analysis?

Answer 25

SWOT identifies internal Strengths and Weaknesses, and external Opportunities and Threats for strategic planning.

Question 26

26. What is the role of ‘Professional Groups’ and ‘Unions’?

Answer 26

Unions protect worker interests; professional groups support industry standards and advocate for employers.

Question 27

27. What exactly is meant by an 'Organizational Structure'?

Answer 27

A framework that defines task allocation, coordination, and supervision to achieve organizational goals.

Question 28

28. What is the 'Managerial Grid' of Robert Blake and Jane Mouton?

Answer 28

It categorizes management styles based on concern for people (low to high) and production (low to high).

Question 29

29. Discuss the 'Deming Circle'.

Answer 29

PDCA (Plan-Do-Check-Act) aligns with management processes: planning, organizing, controlling, and leading.

Question 30

30. What is a ‘Gantt chart’?

Answer 30

A Gantt chart is a visual project planning tool that shows task timelines, dependencies, and progress.

Question 31

31. One of the management processes is ‘Controlling’. Why is it important?

Answer 31

Controlling ensures plans are followed, goals met, and adjustments made to maintain efficiency.

Question 32

32. Which types of 'Developments' influence organizations?

Answer 32

Technological (AI), social (sustainability), economic (inflation), and political (regulations) developments shape strategy.

Question 33

33. How can banks influence organizations? What is special about Triodos Bank?

Answer 33

Banks fund businesses. Triodos focuses on loans for socially and environmentally beneficial initiatives.

Question 34

34. ‘Managers’ and ‘Leaders’. What’s the difference?

Answer 34

Managers ensure order and results; leaders inspire and guide people toward shared goals.

Question 35

35. What is ‘Inflation’?

Answer 35

Inflation is the decrease in currency value over time, raising prices and affecting purchasing power.

Question 36

36. What is meant by ‘Situational Leadership’?

Answer 36

Leadership style depends on task and follower maturity, as per the Hersey-Blanchard model.

Question 37

37. Management strives to high ‘Efficiency’ and high ‘Effectiveness’. Explain.

Answer 37

Efficiency minimizes resource use; effectiveness ensures goal achievement, both vital for success.

Question 38

38. What is a ‘Plan’?

Answer 38

A plan is a structured action roadmap with objectives, timelines, responsibilities, and resources.

Question 39

39. What different types of 'Developments' have an important influence on an organization?

Answer 39

Technological, social, political, and economic developments shape organizational strategies.

Question 40

40. Briefly discuss the PLC (Product Life Cycle).

Answer 40

The PLC includes Introduction, Growth, Maturity, and Decline stages, guiding marketing and production strategies.

Question 41

41. How do selling price, total cost, industrial cost, and proportional cost relate?

Answer 41

Selling price includes costs and profit; total cost covers production and marketing; industrial cost focuses on production.

Question 42

42. What is the difference between historical and standard cost prices?

Answer 42

Historical costs are actual past costs; standard costs predict future expenses for budgeting.

Question 43

43. What is meant by a 'price range'?

Answer 43

A price range defines the acceptable minimum and maximum prices a customer is willing to pay.

Question 44

44. Discuss Edgar Shein's theory in the context of organizational culture.

Answer 44

Shein's Iceberg model includes visible artifacts, values, and underlying assumptions, essential for evaluating culture.

Question 45

45. How can you introduce change in an organization?

Answer 45

Through pilot projects that test new approaches in a controlled setting before wider implementation.

Question 46

46. Discuss the leadership styles in Kurt Lewin's model.

Answer 46

Lewin identified Authoritarian, Participative, and Delegative styles, each suited to different scenarios.

Question 47

47. How is Entrepreneurship connected to social and economic elements?

Answer 47

Entrepreneurship links innovation, product development, cost calculation, and societal prosperity.

Question 48

48. How should you view the Product Life Cycle (PLC) over time?

Answer 48

Monitor each stage (Intro, Growth, Maturity, Decline) to adapt marketing and production strategies.

Question 49

49. What is the value pattern of entrepreneurs?

Answer 49

Entrepreneurs value innovation, risk-taking, and strategic problem-solving to create opportunities and profits.

Question 50

50. Discuss Anthony's Triangle and modern production methods.

Answer 50

Anthony's Triangle aligns decision-making levels. Modern methods flatten hierarchies with tech-driven efficiency.

Question 51

51. What key points recur in organizational reports?

Answer 51

Alignment of strategy, resource efficiency, and adaptability are recurring in successful organizational reports.

Question 52

52. Describe the management process and its steps.

Answer 52

The process includes Planning (goals), Organizing (resources), Leading (motivation), and Controlling (performance).