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Business & Finance

Chapter # 2: Managing a business
Business & Finance Q-35) Discus McGregor’s model: Theory X
Chapter # 2 and Theory Y
Managing a Business Q-36) What is motivation?
Q-37) What is the hierarchy of needs
Q-1) What is management? suggested by Abraham Maslow for
Q-2) What is governance? an individual’s motivation? [MJ10] 5
Q-3) What is power? Q-38) Discuss Herzberg’s content theory:
Q-4) Explain types of power. Hygiene factors and Motivating
Q-5) What is authority? factors
Q-6) What is responsibility? Q-39) What is delegation?
Q-7) What is accountability? Q-40) What are advantages of delegation?
Q-8) What is delegation? Q-41) What are the problems caused by
Q-9) Discuss types of manger. poor delegation?
Q-10) Management process.
Q-11) What are the types of managerial
role?
Q-12) What do managers do as decisional
role?
Q-13) What is culture?
Q-14) Discuss types of culture.
Q-15) What is marketing?
Q-16) What is marketing mix?
Q-17) What are the components of
marketing mix?
Q-18) What is product?
Q-19) What are the elements of a product?
Q-20) What factors to be considered when
taking a product from basic to actual
and augmented?
Q-21) What are the advantages of direct
sell and through intermediaries?
Q-22) What is promotion?
Q-23) How many types of promotion?
Q-24) What are promotion techniques?
Q-25) What are the elements of service
marketing mix?
Q-26) What is operations (or production)
management?
Q-27) What are the key variables that
organization is concerned with
balancing?
Q-28) What are the key decisions in
operations?
Q-29) What is human resource
management?
Q-30) What are the functions of human
resource management?
Q-31) What are the approaches to HRM?
Q-32) What is 4Cs model of HRM?
Q-33) What is organizational behavior?
Q-34) What are components of
organizational metaphors?
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Business & Finance
Chapter # 2: Managing a business
What is management? Q-7) What is delegation?

Management is ‘getting things done The principle of delegation is that a

through other people’. manager may make subordinates
responsible for work, but remains
accountable to his her own manager for
Q-1) What is governance? ensuring that the work is done, that s/he
retains overall responsibility.
Governance is the system by which
businesses are directed and controlled.

Q-8) Discuss types of manger.

Q-2) What is power?
Types of manager:
Power is the ability to get thing done. 1) Line manager,
2) Staff manager,
3) Functional manager,
Q-3) Explain types of power. 4) Project manager,

French and Raven classified power into

six types or sources: Q-9) Management process.
1) Coercive power
2) Reward (or resource) power The management Process:
3) Legitimate (or position) power 1) Planning,
4) Expert power 2) Organizing,
5) Referent (or personal) power 3) Controlling,
6) Negative power (Handy) 4) Leading,

Q-4) What is authority? Q-10) What are the types of

managerial role?
Authority is the right to do something, or to
ask someone else to do it and expect it to Mintzberg (1973) defined what mangers do
be done. in terms of three key roles:
Authority is thus another word for position (i) Informational role,
or legitimate power. (ii) Interpersonal role,
(iii) Decisional role,

Q-5) What is responsibility?

Responsibility is the obligation a person
has to fulfill the task s/he has been given.
Q-6) What is accountability?
Accountability is a person’s liability is to be
called to account for the fulfillment of task
s/he has been given by persons with
legitimate interest in the matter.
Q-11) What do managers do as
decisional role?
(i) Allocate resources to operations,
(ii) Handle disturbances,
(iii) Negotiate for that what they need,
(iv) Solve problems that arise,
(v) Act as entrepreneur,
Q-12) What is culture?

Business & Finance
Chapter # 2: Managing a business
Culture is the common assumptions, beliefs
that people share, ‘the way we do things
round here.’
Q-13) Discuss types of culture.
(i) Internal process culture,
(ii) Rational goal culture,
(iii) Open system culture
(iv) Human relations culture
Q-14) What is marketing?
The set of human activities directed at
facilitating consummating exchanges. It
therefore covers the whole range of a
business’s activities.
Or
The management process which identifies,
anticipates and supplies customer
requirement efficiently and properly.
A customer, who purchases and pays for a
good or service.
A consumer, who is the ultimate user of
the good or service
Q-15) What is marketing mix?
Marketing mix is the set of controllable
marketing variables that a firm blends to
produce the response it wants in the target
market (Kotler).
Q-16) What are the components of
marketing mix?
(a) Product
(b) Price,
(c) Promotion,
(d) Place
Q-17) What is product?
A product is anything that can be offered
for attention, acquisition, use
consumption that satisfy a want or need. It
includes physical objects, services, persons,
places, organizations and ideas.
3
Q-18) What are the elements of a
product?
There are main three main elements of a
product:
(a) Basic (or core) product- a car,
(b) Actual product – a ford Focus,
(c) Augmented product,- 0% finance
or warrantee,
Q-19) What are the advantages of direct
sell and through intermediaries?
Q-20) What factors to be considered
when taking a product from
basic to actual and augmented?
General factors to be considered when
taking a product from basic to actual and
augmented include the following:
(a) Quality and reliability,
(b) Packaging,
(c) Branding,
(d) Aesthetics,
(e) Product mix,
(f) Servicing/associated services
Q-21) What is promotion?
Promotion is all about communication, thus
informing customers about the product and
persuading them to buy it.
Q-22) How many types of promotion?
There are main four types promotions
(communication mix):
(a) Advertising,
(b) Sales promotion,
(c) Public relation,
(d) Personal selling,
or
Q-23) What are promotion
techniques?
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Business & Finance
Chapter # 2: Managing a business
(ii) Deciding whether products should be
There are two types of promotion made in-house or brought-in from
techniques: outside(make or buy),
(a) Push (iii) Deciding whether to operate on a just-
(b) Pull in-time basis, or hold inventory,
(iv) Deciding inventory level and managing
inventory efficiently,
Q-24) What are the elements of (v) Managing the supply chain, so inbound
service marketing mix? deliveries are tied in properly to the
production/operations plan in terms of
Marketing services as opposed to physical timing and quality,
product, includes consideration of the four (vi) Scheduling resources to meet the plan,
Ps of marketing mix, as well as three added (vii) Ensuring that process used in operation
extra Ps: are managed efficiently,
(a) Product (viii) Ensuring quality,
(b) Price, (ix) Eliminating waste efficiently,
(c) Promotion,
(d) Place
(e) People, Q-28) What is human resource
(f) Process, management?
(g) Physical evidence,
Human resource management is the
creation, development, maintenance of an
Q-25) What is operations (or effective workforce, matching the
production) management? requirements of the business and
responding to the environment.
Creating as required the goods or services - Naylor
that is business engaged in supplying to
customers.
Q-29) What are the approaches to
HRM?
Q-26) What are the key variables that
operation management is Q-30) What are the functions of human
concerned with balancing? resource management?

(i) External and internal demand for

goods and services Q-31) What is 4Cs model of HRM?
(ii) Resources
(iii) Capacity of long term assets of the Q-32) What is organizational behavior?
business
(iv) Inventory level
(v) Performance of the process which Q-33) What are components of
creates the goods or services organizational metaphors?

Q-34) Discus McGregor’s model: Theory X

and Theory Y
Q-27) What are certain key decisions
in operations?
Q-35) What is motivation?
(i) Forecasting demand far enough in
advance,
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Business & Finance
Chapter # 2: Managing a business
Q-36) What is the hierarchy of needs
suggested by Abraham Maslow
for an individual’s motivation?
[MJ10] 5

Self
Actualization 5
needs

Status/ ego needs 4

Social needs 3

Safety needs 2

Basic/Physiological needs 1

The needs start from the bottom of the

pyramid and mores upward as the needs of
the preceding level are satisfied.

Q-37) Discuss Herzberg’s content theory:

Hygiene factors and Motivating
factors
Q-38) What is delegation?
Q-39) What are advantages of delegation?
Q-40) What are the problems caused by
poor delegation?