Exam (elaborations)

MNB1501 Latest Exam Pack 2024

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Course
Business Management IA (MNB1501)

Institution
University Of South Africa (Unisa)

Latest MNB1501 exam pack - This document will help you pass the module with ease. The document contains summary notes, previous exam/assignment questions, & answers.

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Uploaded on September 10, 2023
File latest updated on February 1, 2024
Number of pages 253
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

mnb1501

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,MNB1501 - ALL-IN-ONE EXAM PACK

 All answers were researched using the study guide, prescribed book and memo’s
 Please note that human errors are possible in this document.

TABLE OF CONTENT
Topic 1 : Introduction To Business Management
Learning Unit 1 : The business world and business management Page 3
Learning Unit 2 : Entrepreneurship Page 6
Learning Unit 3 : Establishing a business Page 9
Learning Unit 4 : The business environment Page 13
Learning Unit 5 : Corporate and social responsibility Page 18
Topic 2 : The Management Process
Learning Unit 6 : Introduction to general management Page 26
Learning Unit 7 : Planning Page 28
Learning Unit 8 : Organising Page 30
Learning Unit 9 : Leading Page 33
Learning Unit 10 : Controlling the management process Page 35

MULTIPLE CHOICE
May/June 2015 Page 37
October/November 2015 Page 48
May/June 2016 Page 59
October/November 2016 Page 70
May/June 2017 Page 81
October/November 2017 Page 92
May/June 2018 Page 103
October/November 2018 Page 114
May/June 2019 Page 125
October/November 2019 Page 136
May/June 2020 Page 147
October/November 2020 Page 158
Assignments & Online Revision Page 167
Test Bank Page 182

, LEARNING UNIT 1 : THE BUSINESS WORLD AND BUSINESS MANAGEMENT

1.1 The role of business in society

 Transformation of resources into goods and services society needs.
 Business cannot operate without society.
 Needs and values of society influence what business does. i.e. protecting the environment.
 Organisations influence behavior patterns of people in a particular society by developing new products. I.e.
Impact of cell phones, tablets etc. on social life.
 Success of business has an impact on the prosperity of a society. i.e. mining towns.

1.2 Needs and need satisfaction

 Humans have many varied and seemingly unlimited needs.
 Society has limited resources to satisfy those needs, which requires a choice to be made about how best to
utilize the limited resources.
 Most people have limited resources (money) to afford our unlimited wants, so we have to decide how best to
utilize the little we have to obtain the greatest satisfaction.
 Decision to obtain the maximum benefit (satisfaction) with the limited resources = Economic Principal.
 Consumerism = The social force that protects consumers from unsafe products and malpractices by exerting
moral and economic pressure on business.
 According to Maslow, all humans have same basic needs, but not everybody strives to satisfy the same ones.
 According to Maslow, once basic needs (hunger) are satisfied, we strive to satisfy the next level i.e. security
etc.

 Unlimited needs (Maslow’s hierarchy) :
 Physiological Needs (hunger, thirst)
 Security Needs (protection)
 Social Needs (love, recognition)
 Esteem Needs
 Self-Realisation Needs

 Limited resources in society :
 Natural Resources (land, forests, water)
 Human Resources (labour, physical and mental talents)
 Capital (buildings, machinery, computers – Not for final human consumption)
 Entrepreneurship (Individuals who accept the risk, also rewarded with profits for the risks)

, 1.3 Main economic systems

 The world is divided into three basic economic systems :
 The free-market economy
 Socialism
 The command economy

 Free Market Economy (Free Enterprise System)
 Products and services demanded by a community is supplied by private organisations seeking profit.
 Members of a community may possess assets and earn profits from them.
 Allocation of resources are affected by free markets.
 Community can freely choose between products, services, place to stay etc.
 Minimum interference from the state.
 Right for individuals to possess property such as land, buildings equipment vehicles etc.
 People are free to do with their assets as they wish (freedom of distribution).
 Freedom of choice - producers can decide whether they can profitably produce products.

 Command Economy
 Alternative to Market Economy.
 Known as communism.
 State owns and controls resources and factors of production.
 System of communal ownership. Individuals own no land, factories or equipment.

 Socialism
 Compromise between Free Market and Command Economies.
 State owns and controls the principal/strategic industries (steel manufacturers,transportation,
communication, health and energy).
 Private initiative controls less important and smaller maters such as trade and construction.
 Strategic and basic resources should belong to every member of the community (Command Economy), the
rest operate within the Free Market Economy.

 Mixed Economy
 Includes a mix of both public and government control (capitalism and socialism).
 Degree of private economic freedom with centralized economic planning and government regulation.

 The prevailing economic system is South Africa is a Socialist-Oriented economy with a High degree of
government participation and control.

1.4 The need-satisfying institutions of the free market economy

 The functioning of the South African economy is aff ected by need-satisfying institutions such as :
 Business organisations
 Government institutions
 Non-profit-seeking institutions

 Business Organisations
 Also known as Profit Seeking Businesses.
 Most are privately owned (Private Enterprises), but state can also own businesses.
 State owned business = Public corporations (Transnet etc.).

 Government Organisations
 Do not operate on a profit-seeking basis.
 Also known as Government Departments.
 Provide a service to the community.
 Obtain funds from Treasury (people pay for these services through taxes).

 Non-Profit-Seeking Organisations
 Owned by state and private organisations.
 Do not strive to make a profit.

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