Review material
Definition
1. A channel of distribution is the route on which a product passes from the producer to the consumer.
2. A Manager is the person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary.
3. Asset structure refers to the proportion of capital employed in each type of asset.
4. An operating lease is a lease whose term is short compared to the useful life of the asset or piece of equipment (an airliner, a ship etc.) being leased.
5. Assets structure can be different according to the nature of the industry in which a company is competing.
6. Business activity refers to the specific things done by a business in order to produce an output --- a good or a service.
7. Centralization and decentralization refer to the degree to which authority is delegated in a business.
8. Communication is about sending and receiving information or is the transmission of information and meaning from one party to another through the use of shared symbols.
9. Competition means activity in which businesses try to win in a certain
market by defeating others which are trying to do the same.
10. Cohesiveness means the degree to which a group is attractive to its members, members are motivated to remain in the group, and members influence one another. In general, it refers to how tightly knitted or united the team is.
11. Debentures, mortgages and loan specialists usually belong to loan capital.
12. Quality control cycles refer to small groups of workers in the same area of production meeting regularly to study and solve production problems: quality and safety, etc.
13. In an organization, vertical communication is communication between those who are on different levels of authority within the company.
14. Lateral communication is important as it can strengthen the understanding and coordination between people in different departments.
15. Leadership can be defined as one’s ability to get others willingly to follow.
16. Leadership is the art of motivating a group of people to act towards achieving a common goal.
17. Level of management in the chain decides the effectiveness of communication.
18. Liquidity refers to the speed with which assets can be converted into cash without suffering any capital loss.
19. Market orientation means that the business places the needs or requirements of consumers at the center of the decision-making process.
20. Market is any place where the buyer and the seller communicate to exchange goods or services.
21. Merchandising is the attempt to influence consumers at the point of sales.
22. Non-financial reward refers to the non-monetary factors to motivate workers and to improve productivity.
23. The purpose of job enlargement is to make employees remain enthusiastic about work.
24. The purpose of job enrichment is to give employees more opportunities of promotion and recognition of achievement.
25. Organization chart is a picture of the reporting structure and the division of labour in an organization.
26. Performance norms refer to shared beliefs or standards about how people should think and behave.
27. PEST analysis is an analysis model examining the external environment and the global factors that may affect a business, which is usually divided into four external influences on a business--- political, economic, social and technological.
28. Recruitment refers to gaining new members for the business.
29. Marketing is the management of process involved in identifying, anticipating and satisfying consumer requirements profitably.
30. The financial assets are often called investments in the balance sheet. 31. Generally, promotion is communicating with the public in an attempt to
influence them toward buying your products or services
Short answers
1. State the advantages of working in teams.
2. In general, there are six major types of business objectives. What are they?
3. A firm’s fixed assets can be classified into three major types. What are they?
4. List internal resources of funds available for a business.
5. The benefits multinational companies will bring to the host country?
6. Marketing is playing a more and more important role in the success of a business. Please list the key factors which have made marketing important for business.
7. What are the advantages of a narrow span of control?
8. There are three major types of decision makers in a business, then state who usually makes what decisions in businesses.
9. What are the four “Ps” in marketing mix?
10. There are many factors to decide the choice of advertising media. What
are they?
11. List three types of incentive schemes for business.
12. Most products pass through 6 stages of product life cycle, what are they?
13. The reasons why might a producer use wholesalers.
14. There are three types of shares in external long-term sources of funds, what are they?
15. Porter’s five forces analysis
16. The factors which have contributed to the growth of globalization
17. List the examples of public relations as an advertising media
18. Briefly explain the advantages and disadvantages of internal recruitment.
19. List the contingency plans a business may develop to solve HR problems?
20. What are the four models of market competition?
21. What are advantages and disadvantages of television advertising?
22. The six major types of business objectives.
23. Three types of incentive schemes for business.
24. The three major communication media?
25. What are the two channels of communication?
26. What factors will affect group decisions?
27. Please list the methods of external recruitment.
28. What are the three major types of strategy for a business?
29. What are the three criteria for assessing team effectiveness?
30. List the qualities of leadership for the success of a business in today’s business environment.
31. What are the categories of job analysis
32. What are the four qualities of leadership?
33. Briefly explain the advantages and disadvantages of internal/external recruitment
34. The types of advertising media
35. What factors are influential when a business chooses its proper sources of funds?
36. The factors to decide the choice of advertising media
37. The types of shares in external long-term sources of funds.
38. The objectives of promotion.
39. Disadvantages/advantages of piece-rate in payment schemes.
40. List the key factors which have made marketing important for business.