QUIZ #1 | 1. Business profit is: | A. the residual of sales revenue minus the explicit accounting costs of doing business B. a normal rate of return. C. economic profit. D. the return on stockholders’ equity. | 2. In a free market economy‚ the optimal quality of goods and services is determined by: | A. workers. B. firms. C. government. D. customers 3. The optimal decision produces: A. maximum revenue. B.
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certainly is a perfect model for exhibiting these functions just as a successful business will be. Planning is the function in which the decisions are made about the goals and activities that a company‚ organization‚ or part of an organization‚ will pursue. In the Navy‚ operations are planned by our leaders in Washington‚ Fleet Admirals‚ and Base Commanders. These people can be easily compared to top-level management in a business environment. These people map out and set goals for the overall success
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Financial Management Practices Good financial management is crucial for the expansion of any business. Successfully placing finances in order means a business can work more efficiently. One of the essential challenges in health care is to manage effectively the finances of the organization. Health care is unique in the way an organization operates based on the finances. This paper will identify effective and ineffective financial management practices that can help to make a company successful
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214) 11. The final step in the strategic management process is implementing the objectives. (False; easy; p. 216) TYPES OF ORGANIZATIONAL STRATEGIES 12. Corporate-level strategies are developed for organizations that run more than one type of business. (True; moderate; p. 217) 13. One method of implementing a growth strategy is to increase production capacity. (True; moderate; p. 217) 14. A trucking company that grows by purchasing a chain of gasoline stations is engaged in horizontal
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Subject: INTRODUCTORY BUSINESS STUDIES Submission date: Monday 2nd December 2013‚ 11.59pm Recommended length: 1350 – 1650 words‚ with 1.5 line spacing. Submission instructions: Your assignment should be submitted online via the BLE on the above date. Your NAME and ID NUMBER‚ TERM and YEAR‚ and the SUBJECT should be written clearly on the cover sheet. You should also put a word count (not including your bibliography)
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Case Study: QANTAS (Jetstar Pacific) Qantas Airline is considered to provide the longest distance travel in the world’s leading aviation. Qantas works alongside Jetstar‚ which is known as the lowest domestic and international fare provider in Australia and Singapore (Qantas Airways Limited 2013). Qantas has expanded its operations internationally to Vietnam through Jetstar Pacific by the joint venture strategic alliance (Trade Dealer 2012). In this case study it is essential to understand firstly
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According to (Bateman & Snell) scientific management approach advocated the application of scientific methods to analyze work and to determine how to complete production efficiently. Organizations today can use Taylor’s scientific management to streamline their roles within an organization. Develop and train people to be subject matter experts‚ this will in turn put the right people in the right job. The downside to this though is that people may lose interest in their jobs‚ become bored‚ thus
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Lean Management When managing the operation in a skilled industry‚ the business leaders must understand two main goals in creating a successful business - to increase profit and minimize or maintain the costs involved. Targeting these two goals has been a mystery for the entrepreneurs‚ especially with the increasing level of competition. The lean operation offers new perspectives on operation and it will achieve a balanced‚ smooth flow of operations. With lean operation and Just-in-time philosophy
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define a project because they vary according to size; it can be either be really small or large depending. Another definition of a project is a “temporary organization that is created for the purpose of delivering one or more business products according to an agreed Business Case.” Prince2 (2009) manual Some characteristics of a project are it is temporary‚ unique‚ progressive elaboration and focused. “Project Management can be defined as the application of knowledge‚ skills‚ tools and techniques
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1. At the time when the market leader for instant noodles was Nestles Maggi‚ the main challenger was Top Ramen’s Noodles. Applying the concepts of marketing Management‚ what would be your strategic plan in order to keep up the top position of Maggi. Answer: The main strategic plan in order to keep up the top position of Maggi are as follows: 2. Discuss the relationship between ‘Segmentation’ and ‘Positioning’. Explain the major criteria of Segmentation and Positioning. Quote sufficient examples
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