Briefly describe each of the four key management functions.
What will be an ideal response?
Answer:
The four core functions of management are planning, organizing, leading, and controlling. Planning is specifying the
goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals. Organizing is
assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve
goals. Leading is stimulating people to be high performers. It includes motivating and communicating with
employees, individually and in groups. Controlling is about monitoring performance and making necessary changes
in a timely manner. By controlling, managers make sure the organization's resources are being used as planned and
the organization is meeting its goals for quality and safety.
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An industrial manufacturer that works with one or a few large clients and develops products that only these clients will use is most likely to implement a(n) ________ strategy
A) undifferentiated targeting B) homogeneous C) customized marketing D) bottom-of-the-pyramid E) differentiated targeting
In general, financial managers are concerned with which of the following?
A) Creating economic wealth B) Making investment decisions that optimize economic value C) Making business decisions that optimize economic wealth D) All of the above