BUSA 2100 Questions and Answers
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What are the primary functions of management in an organization?
✔✔The primary functions of management include planning, organizing, leading, and controlling
resources to achieve organizational goals efficiently and effectively.
Explain the concept of supply chain management.
✔✔Supply chain management involves the coordination and management of a network of
interconnected businesses that produce, handle, and deliver products or services from suppliers
to customers.
What is the significance of corporate social responsibility (CSR) in business?
✔✔Corporate social responsibility is significant because it demonstrates a company's
commitment to ethical practices, enhances its reputation, fosters customer loyalty, and
contributes to sustainable development.
Define market segmentation and its importance in marketing strategy.
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,✔✔Market segmentation is the process of dividing a broad consumer or business market into
sub-groups based on shared characteristics, which allows companies to tailor their marketing
strategies to specific audiences effectively.
What is the role of financial statements in business decision-making?
✔✔Financial statements provide essential information about a company's financial performance
and position, helping stakeholders make informed decisions regarding investments, credit, and
operational strategies.
How does organizational culture influence employee behavior?
✔✔Organizational culture shapes employee behavior by establishing shared values, beliefs, and
norms that guide how employees interact, make decisions, and approach their work.
What are the key elements of effective communication in business?
✔✔The key elements of effective communication include clarity, conciseness, active listening,
feedback, and appropriate channels to convey messages accurately and foster understanding.
Describe the concept of competitive advantage.
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,✔✔Competitive advantage refers to the attributes or capabilities that allow a company to
outperform its competitors, typically achieved through unique resources, superior technology, or
innovative practices.
How do ethical considerations affect business practices?
✔✔Ethical considerations affect business practices by guiding decision-making, shaping
company policies, and influencing public perception, ultimately impacting a company's long-
term success and sustainability.
What is the difference between quantitative and qualitative research methods?
✔✔Quantitative research methods focus on numerical data and statistical analysis, while
qualitative research methods emphasize understanding underlying motivations, feelings, and
experiences through non-numerical data.
Explain the concept of employee engagement and its significance.
✔✔Employee engagement refers to the emotional commitment and enthusiasm employees have
toward their work and organization, which is significant because it enhances productivity,
reduces turnover, and improves overall organizational performance.
What are the main types of business ownership structures?
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, ✔✔The main types of business ownership structures include sole proprietorships, partnerships,
corporations, and limited liability companies (LLCs), each with distinct legal and financial
implications.
How can effective time management impact productivity?
✔✔Effective time management can significantly impact productivity by allowing individuals to
prioritize tasks, allocate resources efficiently, reduce stress, and meet deadlines consistently.
What is the importance of market research in developing a marketing strategy?
✔✔Market research is important in developing a marketing strategy because it provides insights
into consumer preferences, market trends, and competitive dynamics, enabling businesses to
make informed decisions.
What role does leadership play in organizational success?
✔✔Leadership plays a crucial role in organizational success by setting the vision, motivating
employees, fostering collaboration, and driving change, which ultimately influences the overall
performance and culture of the organization.
Explain the difference between intrinsic and extrinsic motivation.
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