Syed Muhammad Muzammil Ali Qazi

17569 Spring 2021

Final Examination

Student I.D: 17569 Date: 04 /August /2021

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Course Title: Fundamentals of Management Course Code: MGT - 281

Program: BBA / ADP Teacher Name: Usama Iqbal

3
Semester: Spring 2021(H) Marks: 40

Instructions:
• Type your Student ID in the above box
• Read the given case/questions carefully
• All questions are compulsory.
• Mention Your Program or Highlight it
• No Copy Pasting allowed.

SECTION A: (Theoretical and Conceptual Answers)

Question No.1 (Marks 6)

Explain the five functions of management by providing one example of each category.

Question No.2 (Marks 6)

Explain any one role of Manager with its subcomponents.

Question No.3 (Marks 6)

Briefly Explain the concepts and steps of Planning.

Question No.4 (Marks 6)

Explain the concept and highlight the importance of Organization Life cycle or Product
Life Cycle.

Question No.5 (Marks 6)

Explain the theory of Maslow Hierarchy of needs

SECTION B (Short Answers)

Question No.6 (Marks 10)

Answer the following Short Questions in succinct manner.
• Differentiate between Ethnocentric and Polycentric attitude of Organization.
• Differentiate between Objective and Goals.
• Differentiate between Vision and Mission.
• Explain the concept of Behaviorism.
• Explain the Concept of “Centralization”.

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 Syed Muhammad Muzammil Ali Qazi
17569

Name : Syed Muhammad Muzammil Ali Qazi

ID. : 17569
Course: Fundamentals of Management
Program : ADP
Teacher Name: Usama Iqbal

Question No.1:

Function of Management:
Managers just don’t go out and haphazardly perform their responsibility Good managers
discover how to master five basic function: planning, organizing staffing leading and
Controlling.

Planning:
This step involves mapping out exactly How to achieve a particular goal say.

For example: that the organization goal is to improve company sales .the manager first
sends to decide which step are necessary to accomplish that goal these step may include
increasing Advertising, inventory, and sales staff. These Necessary steps are developed into
a plan. When the plan is in place. The manager can Follow it's to accomplish the goal of
improving camp any sales.

Organizing.
After a plan is in place. A manager Needs to organize his/her team and materials According
to his/her plan. Assigning work and Granting authority are two important element Of
organizing.

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For example: For example, preparation of accounts, making sales, record keeping, quality
control, inventory control, etc. All these activities have to be grouped and classified into
units.

Staffing:
After a manager discerns his area's need He/she may decide to beef up his staffing by
recruiting. Selecting. Training. And developing employees. A manager in a large organization
often works with the company human resources department to accomplish this goals.

For example: Staffing is what we at Morales Group do: brief, temp-to-lease, direct hire,
seasonal, bilingual, staff development, and so forth. Example recruitment strategies consist
of attracting and screening capability candidates.

Leading:
A manager needs to do more than just plan. Organize, and staff her team to achieve a goal.
She must also lead. Leading involves motivating, communication, guiding, and encouraging.
It's requires the manager to coach assists and problem solve with employees.

For example: A CEO. The CEO is answerable for the overall success of an organization and
for making top-stage managerial selections. Read a job description may additionally
discourage pointless spending.

Controlling:
After the order elements are in place a manager s job is not finished. He needs to
continuously check results against goals and talk any corrective action necessary to make
sure that his area plans remain on track.

For example: A sales manager makes a target to make the sales of five million in a single
zone with five salespersons operating in his group, then he will supply the goal of 1 million
to every shop clerk and could manipulate their movements to reap the favored effects.

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Question No.2:

Interpersonal Role:
Interpersonal roles are roles that involve interacting with other people inside and outside
the organization.

Management jobs are people-intensive i.e it involves Human being

Managers get things done through their network of interpersonal relationships.

Mintzberg identified three types of interpersonal roles:

• Figurehead:
Symbolic head; obliged to perform a number of routine duties of a legal or social nature

• Leader:
Responsible for the motivation of subordinates; responsible for staffing, training and
associated duties.

• Liaison:
Maintain self-developed network of outside contacts and informers who provide
information and favors.

Question No.3:

Concept of Planning:
Planning is predicated on the idea of “thinking before acting”. Planning is an integral a part
of our life. We make plans in each and each step of life whether it’s to travel to high school
or to shop for household goods during shopping. We make plans according to the
limitations of our budget and resources to get maximum satisfaction and to fulfill goals from
our activities.

Planning is that the most elementary and first function of management. It is the pre-decided
outline of the activities to be conducted within the organization. Planning is that the process
of deciding when, what, when where and the way to try to to a particular activity before
beginning to work. It is an intellectual process that needs tons of thinking before the
formation of plans. Planning is to line goals and to form certain guidelines achieve the goals.

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Also, planning means to formulate policies, segregation of budget, future programs, etc.
These are all done to form the activity successful.

All other function of management is useless if there’s not a correct planning system in a
corporation . So, planning is that the basis of all other functions. Thus, planning is that the
map or a blueprint for the organization. According to Theo Haimann, “Planning is deciding in
advance, what is to be done. When a manager plans, he projects a course of action for the
longer term , attempting to realize a uniform , coordinated structure of operations aimed
toward the specified results.” According to Alford and Beaty, “Planning is that the thinking
process, the organized foresight, the vision supported fact and knowledge that’s required
for intelligent action.” According to ME. Hurley, “Planning is deciding beforehand what’s to
be done. It involves the choice of objectives, policies, procedures, and programs from
among alternatives.”

Steps of planning:
1. Recognizing Need for Action:
An important a part of the design process is to remember of the business opportunities
within the firm’s external environment also as within the firm. Once such opportunities get
recognized the managers can recognize the actions that require to be taken to understand
them. A realistic look must be taken at the prospect of those new opportunities and SWOT
analysis should be done.

Say for instance the govt plans on promoting cottage industries in semi-urban areas. A firm
can look to explore this opportunity.

2. Setting Objectives:
This is the second and maybe the foremost important step of the design process. Here
we establish the objectives for the entire organization and also individual departments.
Organizational objectives provide a general direction, objectives of departments are
going to be more planned and detailed.
Objectives are often future and short term also . They indicate the top result the
corporate wishes to realize . So objectives will percolate down from the managers and
can also guide and push the workers within the correct direction.

3. Developing Premises:
Planning is usually done keeping the longer term in mind, however, the longer term is
usually uncertain. So within the function of management certain assumptions will need
to be made. These assumptions are the premises. Such assumptions are made within
the sort of forecasts, existing plans, past policies, etc.

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These planning premises also are of two types – internal and external. External
assumptions affect factors like political environment, social environment, the
advancement of technology, competition, government policies, etc. Internal
assumptions affect policies, availability of resources, quality of management, etc.

These assumptions being made should be uniform across the organization. All managers
should remember of those premises and will accept as true with them.

4. Identifying Alternatives:
The fourth step of the design process is to spot the alternatives available to the
managers. There is no one way to achieve the objectives of the firm, there is a
multitude of choices. All of those alternative courses should be identified. There must
be options available to the manager.

Maybe he chooses an innovative alternative hoping for more efficient results. If he

doesn't want to experiment he will stick with the more routine course of action. The
problem with this step isn't finding the alternatives but narrowing them right down to
an inexpensive amount of choices so all of them are often thoroughly evaluated.

5. Examining Alternate Course of Action:

The next step of the design process is to guage and closely examine each of the choice
plans. Every option will go through an examination where all there pros and cons will be
weighed. The alternative plans got to be evaluated in light of the organizational
objectives.

For example, if it is a financial plan. Then it that case its risk-return evaluation are going
to be done. Detailed calculation and analysis are done to make sure that the plan is
capable of achieving the objectives within the best and most effective manner possible.

6. Selecting the Alternative:

Finally, we reach the choice making stage of the design process. Now the simplest and
most feasible plan are going to be chosen to be implemented. The ideal plan is that the
most profitable one with the smallest amount amount of negative consequences and is
additionally adaptable to dynamic situations.

The choice is clearly supported scientific analysis and mathematical equations. But a
managers intuition and knowledge should also play an enormous part during this
decision. Sometimes a couple of different aspects of various plans are combined to
return up with the one ideal plan.

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7. Formulating Supporting Plan:
Once you've got chosen the decide to be implemented, managers will need to come up
with one or more supporting plans. These secondary plans help with the
implementation of the most plan. For example plans to rent more people, train
personnel, expand the office etc are supporting plans for the most plan of launching a
replacement product. So of these secondary plans are actually a part of the most plan.

8. Implementation of the Plan:

And finally, we come to the last step of the design process, implementation of the plan.
This is when all the opposite functions of management inherit play and therefore the
plan is put into action to realize the objectives of the organization. The tools required
for such implementation involve the kinds of plans- procedures, policies, budgets, rules,
standards etc.

Question No.4:

Concept and highlight the importance of Organization Life cycle or

Product Life Cycle:
About the Product-Life Cycle

Linda Gorchels in her book “The Product Manager’s Handbook” defines the product -life
cycle and offers some key assumptions upon that it’s based mostly. The assumptions
that unit created are:

Products, in general, have a restricted amount of your time. All product can therefore
find yourself passing through a product life cycle.

Each a district of that life cycle presents the business with a bunch of opportunities and
challenges to require advantage of and to beat.

Products would force totally utterly totally different efforts from vogue, development,
marketing, purchasing, etc. throughout every a district of their life cycle.

The Product Life Cycle

The a district of the merchandise Life-Cycle.

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Market Introduction

Product disapproval and quality area unit determined.

Any possession protection is obtained.

Pricing is to boot either be low (to gain market share) or high (to quickly recoup
development costs)

Distribution is selective (pending market acceptance of the product)

Marketing is targeted at innovators and early adopters to undertake to to and

encourage speedy awareness building for the merchandise

At the aim of market introduction:

1. Costs area unit highest. This may be as a results of economies of scale unit
however to be completed and there unit few (if any) sales to drive prices down.
2. Sales volumes area unit comparatively slow to start with. Market adoption takes
time to realize.
3. Little or no competition. It’s hoped, tho’ not invariably the case, that there’ll be
very little or no competition for a replacement product.
4. Demand wants making. Promoting is extremely important to make demand
5. Customers have to be compelled to be compelled to be galvanized and educated
to use the merchandise.
6. Profitability, if any, are low

Growth:

Quality is maintained and development prioritizes any selections, complementary

product and support

Pricing area unit maintained as a results of the merchandise is probably getting to get
pleasure from a competitive advantage

Distribution is raised to accommodate raised demands

Marketing focuses on a wider audience

At the aim of growth:

1. Costs begin to say no as economies of scale kick in.

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2. Sales volumes rise appreciably compared to the introduction [*fr1].
3. Profitability can rise
4. Brand/product awareness can rise
5. Competitors unit probably to enter the market

Maturity

Product selections can commonly be exaggerated to alter sturdy differentiation of the

merchandise from competitive product

Prices may have to be move keep cornered competitive threats

Distribution can become countless intense and new incentives is to boot introduced to
undertake to to and encourage sales vs. competitors’ product

Marketing focuses on the differentiation of the merchandise within the market

At the aim of maturity:

1. Costs decrease to repeat rising sales volumes and then the expertise of the
business in manufacturing the merchandise
2. Sales volume reaches a peak and market saturation is attained
3. Further competitors enter the market
4. Prices can drop supported competition
5. Brand differentiation and merchandise diversification becomes a realizable
strategy to safeguard market share
6. Profitability begins to say no

Decline

Attempts unit created to recreate the merchandise through new uses or by

considerably dynamic the merchandise

The product could become a present providing sold-out to a particular part cluster

Costs unit reduced as methodology as realizable

Finally, the merchandise is interrupted once it’s not economically viable to sell

At the aim of decline:

1. Costs begin to diminish than optimum

2. Sales volumes decline considerably
3. Prices fall additional

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4. Profitability depends less on sales than the efficiencies of production and
distribution efforts

It is price noting that whereas product unit usually interrupted at the best of the
lifecycle; the business can usually keep and should worry in numerous product by this
stage.

How to Tell What Stage within the Product-Life Cycle a Product is At

It is important to notice that the diagram of the product-life cycle represents associate
excellent product-life cycle that the majority product don’t follow the curve in associate
extraordinarily wonderful manner. There is together sudden dips, in sales throughout
growth or maturity, that don’t accurately replicate the position of the merchandise
within the lifecycle, as associate example.

Thus there aren’t any absolute indicators for the position of a product throughout the
life cycle. However, there unit general indicators that may well be applied – within the
context of your own observations over time – which can provide some indication of a
product’s position in its lifecycle.

Challenges of victimization the Product-Life Cycle

It is important to notice that a product life cycle could also be a advanced issue. Some
product have life-cycles measured in months or years whereas others is to boot
measured in decades or centuries.

Rising sales don’t invariably indicate growth, falling sales don’t invariably indicate
decline. Some product will not expertise a decline among the smallest amount at
intervals the number of the business management team (think concerning Coca -Cola as
associate example that has enjoyed comparatively consistent sales for over one
hundred years).

Because of this, it’s necessary to use the product-life cycle as a suggestion to it

Brobdingnagian quantities of sense have to be compelled to be applied instead of to
use it as a rigid tool for higher information. Maturity and decline, specifically, is tough
to spot with any reasonably preciseness and strategic picks have to be compelled to be
approached with caution to deliver the expected outcomes.

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The product-life cycle provides steering to a business as a results of it progresses a
product from introduction, through growth and maturity to say no. it’s not designed to
be a rigid tool and it’s necessary that sense and general understanding of the market be
used aboard the product-life cycle therefore on urge the foremost worth from it.
Designers unit in all probability to be committed the stages of introduction, growth and
maturity and be moving on to new comes once a product is in decline.

Never forget patrician Kotler, the world illustrious marketer’s, recommendation though;
“Watch the merchandise life cycle; however countless necessary, watch the market
lifecycle.” It’s not simply product that come back to associate finish however markets
will too.

Question No.5:

Theory of Maslow Hierarchy of needs:

Maslow's hierarchy of needs is a theory of motivation which states that five categories
of human needs dictate an individual's behavior. Those needs are physiological needs,
safety needs, love and belonging needs, esteem needs, and self-actualization needs.

Maslow's theory is based on a simple premise: human beings have needs that are
hierarchically ranked. There are some needs that are basic to all human beings, and in
their absence, nothing else matters. We are ruled by these needs until they are
satisfied.

The primary needs Maslow identified fall into five groups: Physiological: breathing,
food, water, sex, sleep, homeostasis, excretion. Safety: security of: body, employment,
resources, morality, the family, health, property. Love/Belonging: friendship, family,
sexual intimacy.

The 7 Fundamental Human Needs

1. Safety and survival.

2. Understanding and growth.
3. Connection (love) and acceptance.
4. Contribution and creation.
5. Esteem, Identity, Significance.
6. Self-direction (Autonomy), Freedom, and Justice.
7. Self-fulfillment and sself-transcendence

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Question No.6:

Differentiate between Ethnocentric and Polycentric attitude of

Organization.

Ethnocentric Polycentric

The high-quality paintings procedures
and practices are the ones of the home
u . S . (the us of a wherein the
company’s head quarters are located).
The view that the managers inside the
host united states (the foreign united
states in which the enterprise doing
business) realize the nice paintings
strategies and practices for going for
walks their commercial enterprise.

Differentiate between Objective and Goals:

Objective
Goals can be somewhat abstract and
big picture, but they have set a broad,
broad goal for the company as a whole
to set its sights on. Goals define
general business intentions and
intentions but can be difficult to
measure. Goal setting is an important
part of business planning, as a well-
defined broad primary outcome will
affect areas including your mission
statement, financial goals, corporate
culture and marketing strategy.
Goals
The aim or target that you wish to
attain inside a restricted amount is
understood because the objective.
they're the milestones that assist you
to achieve your goal. that's why
they're conjointly termed as subgoals.
it's a step to achieve a specific
purpose. Suppose i need to get
ninetieth marks in a veryn examination
to urge admission in a sensible
university.

The purpose of a simple action or

Objectives square measure simply
project is encouraging, but adding to
measured once the target is achieved.
the exact goals or objectives will help
as an example, an organization needs
the author to reach his goal effectively.
to extend its sales by five hundredth
within the approaching six months so

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Goal setting helps individuals and once it hits the target it is measured
organizations to draw themselves to a through the sales figure.
destination or success. In a positive
work environment, the development
of lofty goals can increase employee
engagement and create enthusiasm
that speeds up the process. Keep
reading to learn how goals and
objectives work together and how
business results can be achieved with
goal tracking tools.

Differentiate between Vision and Mission:

The primary distinction between a vision and mission statement is that the timeline,
tho’ there’s Associate in Nursing overlap between the two. In general, a mission
statement defines what a company is presently doing, whereas a vision statement is
basically the ultimate word goal of what they’d value more highly to accomplish. The
mission is what people neutralise order to realize the vision. It is the but (mission)
versus the why (vision).

The mission statement will even be used as a cohesive management tool. It’s mutable
and modifications once circumstances or the necessities of the company modification.
Employees’ duties, actions, and behaviors need to all structure the mission of the
organization. As a results of the vision statement is also a goal which can or may not be
elusive, it’s not AN economical due to direct individual employee behavior and
expectations regarding day to day activities. However, it’ll provide Associate in Nursing
employee an inspiration of what the organization hopes to accomplish as a team. The
vision is usually forward-thinking and since of this, it cannot be used for the daily
operations of a company.

At times, fully completely different language is used by companies to clarify vision and
mission statements supported the kind of organization. As AN example, at intervals the
non-profit sector, organizations will generally use the term action plans instead of
“mission statement.” The term core values is often used instead of “vision statement”
furthermore. Despite what term is used, it’s meant to clarify overall goals (mission) and
broad strategy (vision).

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Concept of Behaviorism:
Behaviorism, also referred to as behavioral psychology, is a theory of getting to know
based totally at the idea that all behaviors are acquired thru conditioning. Conditioning
takes place thru interplay with the environment. Behaviorists accept as true with that
our responses to environmental stimuli shape our moves.

Concept of Centralization:
Centralized management is the organizational structure wherein a small handful of
people make most of the decisions in a organisation. ... As a organisation with
centralized control grows, they add new tiers of mid and decrease stage managers,
each of whom answers to a superior, with very strictly described roles within the
business enterprise.

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