Business Management Concepts

Front

What is the primary goal of management?

Back

To achieve organizational goals efficiently and effectively.

Front

What are the four functions of management?

Back

Planning, Organizing, Leading, and Controlling.

Front

What is a SWOT analysis?

Back

A tool for assessing Strengths, Weaknesses, Opportunities, and Threats of a business.

Front

What is the difference between leadership and management?

Back

Leadership focuses on inspiring and motivating people, while management focuses on organizing and coordinating resources.

Front

What is a budget?

Back

A financial plan that outlines expected income and expenses over a specific period.

Front

What does TQM stand for?

Back

Total Quality Management.

Front

What are the three levels of management?

Back

Top-level, Middle-level, and Lower-level management.

Front

What is the purpose of a business plan?

Back

To outline the business goals, strategies, and how to achieve them.

Front

What is organizational culture?

Back

The shared values, beliefs, and practices within an organization.

Front

What does the term "stakeholder" refer to?

Back

Any individual or group affected by or having an interest in a company's actions.