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MNB1501/201/1/2018Tutorial letter 201/1/2018
BUSINESS MANAGEMENT 1A
MNB1501
Semester 1
Department of Business Management
IMPORTANT INFORMATION
Please register on myUnisa, activate your myLife e-mail addresses and
make sure that you have regular access to the myUnisa module
website, MNB1501-2018-S1, as well as your group website.
Note: This is a blended module and therefore it is available on myUnisa. However, in
order to support you in your learning process, you will also receive some study
material in printed format.
, CONTENTS
1. THE ASSIGNMENTS .................................................................................................................. 3
2. COMMENTS ON THE ASSIGNMENTS ....................................................................................... 3
3. ASSIGNMENT 01 ........................................................................................................................ 3
4. ASSIGNMENT 02 ........................................................................................................................ 9
5. EXAMINATION .......................................................................................................................... 17
6. CONCLUDING REMARKS ........................................................................................................ 18
2
, MNB1501/201
1. THE ASSIGNMENTS
Assignment 01 covered chapters 1 to 4 in the 10th edition of the prescribed book Introduction to
Business Management (ITBM), while Assignment 02 covered chapters 5-10 in the 10th edition of
the prescribed book Introduction to Business Management.
Some of you sent your answers directly to the Department of Business Management. Please
do not do this! If you did, we had no choice but to return them to you unmarked. Mark-reading
sheets have to be sent to the Assignment Section. Others of you submitted your answers on a
sheet of paper and these were also returned unmarked. You should have submitted your
answers on a mark reading sheet.
2. COMMENTS ON THE ASSIGNMENTS
We suggest that you do not mark the correct answers on the actual assignment in Tutorial
Letter 101. A very useful method of revision towards the end of the semester is to work through
your assignments again. If you see the correct answer before you even read the question, your
revision will be less effective. It is best to record your own answers separately from the correct
answers.
The following explanations form the most vital part of the teaching process. Go through the
answers now – do not wait until just before the examination. Study the comments carefully and
compare them with the reasoning in your answers. Make sure that you understand our reasons
for the answers.
3. ASSIGNMENT 01
STUDY UNIT 1: THE BUSINESS WORLD AND BUSINESS MANAGEMENT
QUESTION 1
The correct answer is option 3.
This question deals with the role of business in society, and tests your ability to apply what
you have learned in a practical situation.
Business involves exchange and Sasol produces products and services in exchange for money.
Therefore, option 3 is the correct answer.
A business such as Sasol produces products and services in order to meet people’s needs and
not for its own use. Therefore, option 1 is incorrect.
At the heart of all business activity are entrepreneurs (and not banks), who start new ventures
and thereby create jobs, economic growth and hopefully prosperity. Therefore, option 2 is also
incorrect.
3
, A business such as Sasol produces predominantly tangible products (and not intangible
products) as they produce products such as oil, gas and electricity. Therefore, statement 4 is
incorrect.
If your answer was wrong, refer to section 1.2 in the 10th edition of Introduction to Business
Management (ITBM).
QUESTION 2
The correct answer is option 1.
The core of sustainability is the ability of a business to survive and prosper over long periods
of time. Therefore, statement 1 is correct.
If your answer was wrong, refer to section 1.2 in the 10th edition of ITBM.
QUESTION 3
The correct answer is option 2.
The SABC is a business organisation owned by the government and not a private enterprise.
The SABC is a need-satisfying institution where government created the products and services
believed to be of strategic, economic and political importance to the community. It is also
managed under the portfolio of the Minister of Communication. SABC is therefore seen as a
public corporation.
If your answer was wrong, refer to section 1.5.2 in the 10th edition of ITBM.
QUESTION 4
The correct answer is option 1.
This question deals with the characteristics of the different economic systems.
In a market economy, individuals are free to do what they want with their assets. However, in
their decisions concerning production and marketing, they have to take the tastes, preferences
and other demands of consumers into account if they want to make a profit. Therefore, option 1
is correct.
If your answer was wrong, refer to section 1.4.2 in the 10th edition of ITBM.
QUESTION 5
The correct answer is option 4.
Social needs refer to the need for love and affection and a sense of belonging. By using cell
phones to send text messages to friends and access social media sites for personal reasons;
South Africans are satisfying their social needs.
If your answer was wrong, refer to section 1.3 in the 10th edition of ITBM.
4
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