Management Answer Note #3

Question 1 Exercise#1 Q#1. Write the definition of management, identify four managerial positions, and give practical examples of how each involves the five functions of management? Q#2. Explain what is meant by the phrase “The management process”. Q#3. Assume the role of the investigative reporter for the television series “60 Minutes”. Report a specific situation showing why it is important for the management to understand how an organization is influenced by its general environment? Q#4. Discuss why the economy is an important component of the general environment? Q#5. As a future manager, why should you want to know about the motivation? Q#6. Imagining that you are a potential investor, perform a brief “SWOT” analysis on a business {Mc McDonald’s or Pizza Hut} in your city? Answer 4. Discuss why the economy is an important component of the general environment? The economy plays a crucial role as an external factor that can significantly influence an organization. The state of the economy, whether it is booming or in a recession, affects consumer spending, inflation rates, interest rates, and labor market trends. For businesses, a strong economy means increased consumer demand, higher spending, and more employment opportunities. This creates a favorable environment for companies to grow and expand. On the other hand, during a recession, consumer spending decreases, and businesses may struggle to maintain profitability, leading to downsizing and lay-offs. Additionally, the state of the economy also impacts the cost of resources, such as raw materials and labor, which can directly affect the production costs and pricing strategies of businesses. Therefore, it is crucial for organizations to monitor the economy and its trends to make informed decisions and adapt to changing market conditions. Question 2 Exercise#1 Q#1. Write the definition of management, identify four managerial positions, and give practical examples of how each involves the five functions of management? Q#2. Explain what is meant by the phrase “The management process”. Q#3. Assume the role of the investigative reporter for the television series “60 Minutes”. Report a specific situation showing why it is important for the management to understand how an organization is influenced by its general environment? Q#4. Discuss why the economy is an important component of the general environment? Q#5. As a future manager, why should you want to know about the motivation? Q#6. Imagining that you are a potential investor, perform a brief “SWOT” analysis on a business {Mc McDonald’s or Pizza Hut} in your city? Answer 5. As a future manager, why should you want to know about motivation? Motivation is a critical component of the workplace and can significantly impact employee performance and productivity. As a future manager, understanding motivation is essential because it allows us to identify and address the individual needs and desires of employees, ultimately leading to a more engaged and motivated workforce. Motivated employees are more likely to put in extra effort, be innovative, and have a sense of commitment towards their work. Therefore, by understanding different motivation theories, such as Maslow's hierarchy of needs or Herzberg's two-factor theory, managers can use appropriate strategies to motivate their employees effectively. Question 3 Exercise#1 Q#1. Write the definition of management, identify four managerial positions, and give practical examples of how each involves the five functions of management? Q#2. Explain what is meant by the phrase “The management process”. Q#3. Assume the role of the investigative reporter for the television series “60 Minutes”. Report a specific situation showing why it is important for the management to understand how an organization is influenced by its general environment? Q#4. Discuss why the economy is an important component of the general environment? Q#5. As a future manager, why should you want to know about the motivation? Q#6. Imagining that you are a potential investor, perform a brief “SWOT” analysis on a business {Mc McDonald’s or Pizza Hut} in your city? Answer 3. Assume the role of the investigative reporter for the television series “60 Minutes”. Report a specific situation showing why it is important for the management to understand how an organization is influenced by its general environment? In recent years, there has been a growing awareness of the impact of climate change on businesses and the importance of sustainability. As an investigative reporter, I came across an incident where a clothing company, known for its commitment to ethical and sustainable practices, was found to be using sweatshops in developing countries to produce their products. This situation highlights the importance for management to understand how an organization is influenced by its general environment. This includes external factors such as social, cultural, legal, technological, and ecological aspects that may affect the business. In this case, the clothing company failed to consider the impact of their supply chain on the environment and the well-being of their workers. Not only did this harm their reputation and financial bottom line, but it also raised ethical concerns and legal issues. Had the management been aware of and proactively addressing the influence of the general environment, this situation could have been avoided. They could have implemented ethical sourcing policies and closely monitored their suppliers to ensure compliance. This incident serves as a reminder of the importance of considering the external environment and its influence on an organization's operations. Question 4 Exercise#1 Q#1. Write the definition of management, identify four managerial positions, and give practical examples of how each involves the five functions of management? Q#2. Explain what is meant by the phrase “The management process”. Q#3. Assume the role of the investigative reporter for the television series “60 Minutes”. Report a specific situation showing why it is important for the management to understand how an organization is influenced by its general environment? Q#4. Discuss why the economy is an important component of the general environment? Q#5. As a future manager, why should you want to know about the motivation? Q#6. Imagining that you are a potential investor, perform a brief “SWOT” analysis on a business {Mc McDonald’s or Pizza Hut} in your city? Answer 6. Imagining that you are a potential investor, perform a brief “SWOT” analysis on a business {McDonald’s or Pizza Hut} in your city? SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats of a business. As a potential investor, I would like to perform a SWOT analysis on Pizza Hut in my city. Strengths: 1. Strong brand recognition and global presence. 2. Wide variety of products and menu options. Question 5 Exercise#1 Q#1. Write the definition of management, identify four managerial positions, and give practical examples of how each involves the five functions of management? Q#2. Explain what is meant by the phrase “The management process”. Q#3. Assume the role of the investigative reporter for the television series “60 Minutes”. Report a specific situation showing why it is important for the management to understand how an organization is influenced by its general environment? Q#4. Discuss why the economy is an important component of the general environment? Q#5. As a future manager, why should you want to know about the motivation? Q#6. Imagining that you are a potential investor, perform a brief “SWOT” analysis on a business {Mc McDonald’s or Pizza Hut} in your city? Answer 2. Explain what is meant by the phrase “The management process”. The management process refers to the continuous cycle of planning, organizing, leading, and controlling that managers use to achieve organizational goals. It is an ongoing process that allows managers to adapt and adjust as necessary to meet changing circumstances and achieve desired outcomes. Q