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MNG3701 - Chapter 1 2023 Updated /Questions With Verified Answers (Rated A+)
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MNG3701 - Chapter 1 2023 Updated /QuestionsWith Verified Answers (Rated A+)
Quiz :Purpose of Business Organisation - √Answer :* To the Entrepreneur it is
the profit he makes from his business
* To the consumer it is the value of the service or product
* To employees it is their salary/wage earned
* To an organization it can be selling shares to shareholders
Quiz :Stakeholders - √Answer :Any person or group of people that have (or
claim to have) an interest in an organization and its activities.
Quiz :Stakeholder Expectations - √Answer :* Customers - quality products and
good service
* Suppliers - payment on time
* Community - contribution in form of sponsorships or community projects
* Organized labor - treat employees with fairness, dignity and respect
Quiz :Internal Stakeholders - √Answer :Work directly within the organisation -
business owners, shareholders, investors, employees and management
Quiz :External Stakeholders - √Answer :Not directly associated with the
organization - community, government, organized labor (trade unions),
customers, suppliers.
Quiz :Triple Bottom Line (Expected from Organizations) - √Answer :* Be
profitable
* Take responsibility for the physical environment
* Meet is social responsibilities towards the community in which it operates
Quiz :Manager - √Answer :The person responsible for running a part of or an
entire organization
Quiz :Management - √Answer :The interlocking functions that managers
perform.
Quiz :Management Process - √Answer :"The process of working with and
through others to achieve organizational objectives in a changing
environment."
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