Flashcards: Fundamentals of Business Management — 14 cards

Management functions — goals?

Achieve organizational effectiveness and efficiency.

Planning, organising, leading — sequence?

Goals → Plans → Implementation → Monitoring.

Human resource planning steps?

Job analysis, job description, forecasting, future planning.

Supply chain management — focus?

Coordinate activities for product and service delivery.

Marketing mix components?

Product, place, promotion.

Core product — description?

Central offering with technical and physical qualities.

Entrepreneurship — key aspect?

Transforming viable ideas into profitable businesses.

Business plan — purpose?

Guide operations and justify business decisions.

Corporate social responsibility — role?

Proactively contribute positively to society.

Acquisition of capital — includes?

Asset structure, wealth maximization, capital structure.

Efficiency — definition?

Perform tasks using inputs and outputs effectively.

Effectiveness — definition?

Achieving set goals regardless of inputs.

Tactical purchasing — focus?

Medium-term supplier and supply decisions.

Benchmarking — mechanism?

Compare standards to identify improvement areas.