Unit 1:

1. What is management?
Management is the process used to accomplish organizational goals through planning,
organizing, leading and controlling people and other organizational resources.
2. What are main functions of management?
Planning: anticipating the trend and determining the best strategies and tatics to achieve.
Organizing: designing the structure of organization and create conditions and systems in
which everyone works together.
Leading: guiding, training, coaching and motivating other to work effectively to achieve the
organizations goals and objectives.
Controlling: establishing clear standards to determine whether or not an organization is
progressing, rewarding for a good job, taking corrective action if they are not.
3. Differentiate a leader and a manager
Manager: management is about efficiency and getting results through systems, processes,
proced, control and structure; managers look at the details, welcome stability are good at
supervising and work well as team members.
Leaders: leadership is about effectiveness through trust, in spiration and people; leaders look
at the big picture, welcome change, are good at motivating and influencing and work well
alone.
4. What make a good leader/manager?
Vision: this mean generating ideas about the way ahead and then getting buy-in from other
people.
Motivation: as well as obvious things like salary, this includes praise, appreciation and
recognition.
A sense of humour: the ability a laugh at yourself is a good way to bring theirs along with
you. It demonstrates a degree of self-knowledge.

Unit 2:
1. What is motivation at work?
Motivation is factor that influence that behavior of workers forwards achieving business
goals.
2. What is job satisfaction?
Job satisfaction is the enjoyment a worker gets from feeling that they have done a good job.
3. What is theory X/theory Y?
Theory X: the average person does not like work. Workers must be constantly supervised so
they will work. Motivation is from external factors.
Theory Y: the average person is motivated by internal factors. To motivate workers, you need
to find ways to help workers take an interest in their work.
4. What are implication of theory X/theory Y?
Theory X: encourages use of tight control and supervision. It implies that employees are
reluctant to organizational changes. Thus, it does not encourage innovation.
Theory Y: the managers should create and encourage a work enviroment which provides
opportunities to employees to take initative and self-direction. It recommended
decentralization of authority, team work and participate decision making in an organization.
5. What are limitations of theory X/ theory Y?
Theory X: cause people to become demotivated and non-cooperative if the approach is too
strict
Theory Y: gives people to much freedom if may allow them to stay from key objectives or
lose focus.
6. What is Maslow’s hierarchy of needs?
Maslow is well renowed for proposing the hierarchy of needs theory in1943, which states that
human behavior is driven by a sesies of hierarchy needs. There are 5 stages from low to
high:physiological needs, safety needs, social needs, esteem needs, self-actualization.
7. What are implication of Maslow’s hierarchy of needs?
Physiological needs: the managers should give employees appropriate salaries to purchase the
basic necessities of life. Breaks and eating opportunities should be given to employees.
Safety needs: the managers should provide the employees job security, safe and hygienie
work environment and retirement benefits so as to retain them.
Social needs: the managers should encourage teamwork and organize social events.
Esteem needs: the managers can appreciate and reward employees, higher job rank/position.
Self-actualization needs: the managers can challenging jobs, growth opportunities.
The management can give the deserved employees higher job rank in the organization and the
employees challenging jobs in wich the employee’s skills and competences are fully utilized.
8. What are limitations of Maslow’s hierarchy of needs?
Not everyone has the same needs; Money is necessary to satisfy the other level of need. High
incomes can increase status and esteem.
9. What is Herzberg two-factor theory?
Herzberg two-factor theory discover those factor that led to them have a job satisfaction and
job dissatisfaction.
Job satisfaction results from 5 main factors: achievement, recognition for achievement, the
work it self, responsibility and advancement.
Job dissatisfaction results from 5 main factors: company policy and administration,
supervision, salary, relationship with others and working conditions.
10. What are implications of Herzberg two-factor theory?
This theory emphasizes upon job enrichment so as to motivate the employees. The job must
utilize the employees skills and maximize the competences for improoving work-quality.

Unit 3:
1. What is organisational structure?
It is the level of management and division of responsibilities within an organization.
2. Differentiate centralization and decentralization?
Centralization: decision-manking authority is concentrated at the toplevels of management,
often found in smaller organizations or those with a need for tight control over operations.
Decentralization: disperses decision-making authority across various levels and departments,
typical in larger organizations that need to be agile and responsive to changes.

Unit 4:
6. 3 main dimensions of Hofstefes’s model: power distance, individualism, versus
collectivism, uncertainty avidance.
Power distance: the distribution of power among individuals within a culture and how well
unequal level of power are accepted by those with less power.
Implications: managers in high PDI cultures might need to assert their authority more clearly,
while in low PDI cultures, participative approaches are more effective.
Individualism versus collectivism: individuals are in tegrated into groups; on the individualist
side, everyone is expected to look after himself; on the collectivist side, people from birth on
wards are integrated into strong, cohesive in-groups which protacting them in exchange forr
unquestion loyalty
Implications: marketing strategies, management practices and negotiation styles need to be
adapted to whether a culture values individual or group achievements more.
Uncertainly avoidance: deals with a society’s tolerance for uncertainty and ambigrity; indicate
to what extent a culture programs its members to feel either uncomfortable or comfortable in
unstructured situations.
Implications: businesses in high UAI cultures may need to implement more controls and clear
guidellines, while those in low UAI cultures can afford more flexibility and innovation.
7. What is Lewis model?
Lewis model refer to humans can be divided into different groups based not on nationality or
religion but on behavior (linear-active, multi-active, reactive).
8. Differentiate high context and low context cultures
High context: relies on implicit communication and non-verbal cues, information is often
shared through context rather than explicit work.
Low context: relies on explicit communication and clear messages words are taken at face
value.

Unit 5:
1. What is recruitment?
Recruitment refers to the process of indentifying attracting and selecting qualified candidates
to fill job vacancies within an organization.
2. Differentiate job description and job specification?
Job description: outlines the responsibilities and duties to be carried out by someone
employed to do a specific job.
Job specification: is defined as a document which outlines the requirements, qualifications,
expertise, physical characteristics.
3. Advantages and disadvantages of internal and external recruitment?
Advantage: Internal: cost-effective, quicker, boosts employee morale; External: brings new
ideas, larger pool of candidates, educates training time.
Disadvantages: Internal: limits fresh ideas, can create internal conflict, may require training;
External: more expensive, time-consuming, higher risk of hiring inapprappriate candidates.
4. What is training? What are roles of training?
Training refers to the process of educating and developing employees to acquire the
knowledge, skills and competencies required to perform their job effectively.
Roles of training: introduce a newprocess of new equipment; improve the efficiencyoff the
workforce, decrease the chances of accidents.

Unit 7:
1. Advantages and disadvantages of each type?
Job production: Advantages: high profit margins for bespoke products, employees may again
enjoyment from using their specialist skills, customers get exactly what they want;
Disadvantages: highly skilled staff are required, which increase costs, may not be available,
which can make training staff very expensive.
Batch production: Advantages: able to make a variety of sizres of flavours, can be partially
automated, can produce more products than job production; Disadvantages: not as flexible
regarding customers tastes as job production, as batch production is not fully automated, costs
may be higher than in flow production.
Flow production: Advantages: able to make for largee quantities, consistency in production
means products are indentical, which means customers know exactly what they are buying;
Disadvantages: in competitive markets forr similar mass-produced, profit margins can be very
low, customers like products that are tailored to their specific preferences.
2. What is lean production? Just in time? Cell production?
Lean production covers a variety of techniques used by businesses to cut down on waste of
resources.
Just in time (JIT) is a production method which focuses on reducing of virtually eliminating
the need to hold inventories of raw materials or components and on reducing work in progress
and inventories of the finish product.
Cell production is where the production line is divided into separates, self-contained units
(cells), each making an indentifiable part of the finished product, in stead of having a flow or
most production line.

Unit 9:
1. What is quality? Quality system? Quality control? Quality assurance?
Quality: to produce a good or a service which meets customers expectations.
Quality control: the checking for quality at the end of the production process, whether it is the
production of a product or service.
Quality assurance: the checking for quality standards throughout the production process,
whether it is the production of a product or service.
2. Why is quality important?
Because it satisfies customers and maintains customers loyalty to the product.
3. Key aspects of quality?
Quality control, quality assurance
4. Advantages and disadvantages of quality control, quality assurance?
Quality assurance: Advantages: tries to eliminate faults or errors before the customer receives
the product or service, fewer customer complaints, reduces costs if products do not have to be
scrapped or reworked or service repeated; Disadvantages: expensive to train employees to
check the product or service, relies on employees following instructions of standards set.
Quality control: Advantages: less training required for the workers; Disadvantages: expensive
as employees need to be paid to check the product or servive, increased cost if products have
to be scrapped or reworked or service repeated.
5. Key differences between QA and QC
The main difference between QA and QC is the focus of the work. QA primarily focus on
processes and procedures that improve quality. QC focuses on the product to find defects left
over cyter the development process.
6. What is TQM? What are key features of TQM?
TQM: the continuous improvement of products and processes by focusing on quality at each
stage of production.
8 key features of TQM: customers focus, total employee involvement, process centered,
integrated system, strategie and systematic approach, continual improvement, fact-based
decision making, communications.
7. What are challenges of TQM?
Limitations of quality culture, look of understanding of customer’s need, incompatibility of
organisational structure.
8. Impacts of TQM on business?
In creased profitability and overall cost reduction for businesses.

Unit 10:
1. What is marketing?
Marketing can thus be defined as any human activity which is directed at satisfying needs and
wants by creating and exchanging goods and value with other.
2. Why is marketing essential?
Marketing is important because of linking the business to customer, aim to indentify
particular wants and needs in a target market, satisfying those needs more effectively than
competitors.
3. What are main goal of marketing?
The main goal of marketing are satisfying the customer’s need and maximize the profits.
4. What is market segment? Market segmentation?
Market segments refers to a group of customers with specific needs, who share one or more
similar characteristics.
Market segmentation is defined as the process of splitting customer into groups based on
shared characteristics as location, age, income, buying habits.
5. Advantages and disadvantages of marketing segmentation?
Advantages: increased resource efficiency, stronger brand image, greater potential for brand
loyalty.
Disadvantages: higher up front marketing expenses, greater risk of misassumptions, higher
reliance on reliable data.
6. What is marketing mix?
The set of all the various elements in a marketing programme, and the way a company
integrates them.
7. What is product life cycle? Briefly describe each stage in thr PLC?
It is defined as the standard pattern of sales of a product over the period that it is marketed.
Introduction: this is the stage when newly launched products need to promote advertising to
attract consumers.
Growth: this is the period when the demand for products is increasing, there are many
competitors and it is necessary to come up with methods to solve the problem.
Maturity: is the most profitable stage, the time when th costs of producing and marketing
decline.
Decilne: this is the period when the product begins to decline because the market is saturated
and there are many substitute products.
8. What is penetration pricing/ market skinming?
Marketing skinming refers to setting a high price for a new product, to make maxium revenue
before competing products appear on the market.
Penetration pricing refers to the price that set lower than the competitor’s price in order to
enter the market.
9. Briefly describes market leader/ market follower/ market challenger/ market niche?
Market leader refers to a company or leand that holds the largest share in a particular industry
and is often considered the indusstry’s dominant force.
Market follower refers to effective copies the market leader while positioning its brand
slightly differently.
Market challenger refers to a firm that actively seeks to gain a market share and challenge the
postion pff the market leader eeithin a specific indusstry.
Market niche refer to a specific, well-defined segment of the market that is addressed by a
particular kind of product or services.

Unit 11:
1. What is advertising?
Advertising refers to all the actions an organization takes to bring its product, opinions or
caused to the attention of the public or a specific audience.
2. Why is advertising important?
Because it helps businesses create and increase awareness of their brand among the target
audience. Moreover, it is a powerful tool for acquiring new customers.
3. What are primary puroposes of advertising? Briefly describe them?
Advertising has 3 primary objectives: to inform, to persuade, to remind.
The primary goals of advertising is to reach and influence potential customers, creating
awareness, generating interest, and ultimately driving them to tke a specific action such as
making a purchase, subscribing to a service or adopting a particular viewpoint.
5. What are advantages and disadvantages of advertising?
Advantages: create a sense of credibility or legitimacy, repeat a message at intervals selected
strategically, a powerful tool for tracking consumer needs.
Disadvantages: increased cost, advertising is a way medium, there is usually little direct
opportuturaity for consumer feedback and interaction.

Unit 12:
1. What is bank/ banking?
Banking refers to the umbrella of services provided by financial institution, such as accepting
deposits and providing loans.
2. Why is a bank s financial intermediary?
Because banks collect surplus funds from saver and allocate them to those with a deficit of
funds.
3. What are main functions of a bank?
Bank perform a variety of functions that are essential to the functioning of an economy such
as saving accounts, current accounts, fixed accounts and providing loans and advances forr
various purposes like home loans, personal loans.
4. What is retail or personal banking?
Retail known as personal banking refers to financial services provided to individual
consumers and is usually small-scale in nature.
5. What are commercial banks/ investment banks?
Commercial banking is a financial institution that provides a wide range of banking services
to individuals, businesses and governments.
Investment babking refers to mainly deal with the company and other large institutions and
they typically do not deal with retail customers.
6. What is the main difference between a commercial bank and investment bank?
The main difference between the two types of banks is who they provide services to.
Commercial bank accept deposits, make loans, safeguard assets and work with many small
and medium-sized businesses and consumers. Investment banks provide services to large
corporations and institutional investors.

Unit 13:
1. What is accounting?
Accounting: preparing financial statements showing income and expenditures, assets and
liabilities.
2. What is income statement/ balance sheet/ cash flow statement?
Income statement: a statement showing the difference between the revenues and expenses of a
period.
Balance sheet: a statement showing the value of a business’s assets, its liabilities and its
capital of shareholders’s equity.
Cash flow statement: a statement giving details of coming into and leaving the business,
divided into day-to-day operations, investing and financing.
3. Differentiate gross profit and operating profit?
Operation profit: profit relating to a company’s normal activities of providing goods and
service, before tax is deducated.
Gross profit: profit generating from revenue above direct cost asscociated with producing
goods or services sold by a company.
4. Differentiate COGS and operating expense
COGS: refer to the direct cost associated with producing goods or services sold by a
company.
Operating expense: costs relating to a company’s normal activities of providing goods and
services.
5. Differentiate liquidity and solvency
Liquidity refers to the ability to convert asset turning into cash quickly.
Soliency refers to the long time asset’s ability to that are sufficient to cover long tẻm
liabilities.
6. Differentiate accrued expense and prepaid expense.
Accured expense refers to are those where an expense has been incurred, but the money is not
yet paid.
Prepaid expense refers to money paid in advance for goods and services.

Unit 14:
1. What is a business cycle?
A business cycle is a cycle of fluctuations in the GDP around its long-term natural growth
rate.
2. Briefly describe each phase in the business cycle?
The extension when real GDP is increasing; The peak, which marks the end of the extension
and the beginning of a contraction; The contraction when real GDP is falling; The trough
which marks the end of a contraction and the beginning of an expansion.
3. If an economy is growing over time, why do economiest worry about business cycles?
Job losses: reecessions are typically accompanied by rising unemloyment. This can lead to
hardship for families and businesses and it can also have a negative impact on the overall
economy.
Reduce investment: businesses tend to cut back on investment during recessions. This can
slow economic growth in the long run.
4. What is output potential/ negative output/ positive output?
Output potential represents the maximum sustainable level of real GDP.
Negative output gap indicatec underutilization of resources and economic downturns.
Positive output gap indicates an economy operating beyond its capacity, potentially leading to
inflationary pressures.
5. Why does unemployment rise during the recession phase of the business cycle?
Because the aggregate supply is typically more than the aggregate demand so there is less of a
need for employees and fewer goods and services are being produced.
6. What is the difference between a recession and a depression?
It is that a recession is when an economy is on a more gradual decline while a depression is
when an econkmy is on a steep downturn, more than recession.
7. The government intervene in the economy, by creating demand. How could it?
Government can intervene in the economy to create demand or job through several
mechanisms: reducing taxes of individuals or businesses can increase dispisable
income,encouraging spending; central banks can inflience the economy by lowering interest
rates, making borrowing cheaper for consumers and businesses. This can lead to increased
spending and investment, which boosts demand and job creation.