new definition

• What are the four ongoing challenges that characterize the business landscape?

  Globalization, technological change, knowledge management, and collaboration across boundaries
• What is globalization in the context of business management?

  • Context in which companies operate across borders
  • Involves interaction and integration of people, firms, and governments
  • Companies may have offices and production facilities worldwide
  • Talent can come from anywhere, affecting workforce dynamics
• How do small companies contribute to globalization?

  Small companies can act as suppliers to larger enterprises in the international market
• What are the three phases of the web evolution mentioned in the study material?

  1. Web 1.0: Online consultation, reading, dot-com companies
  2. Web 2.0: Interactive, user-friendly, social media start-ups
  3. Web 3.0: Internet of Things, real-time applications, artificial intelligence
• What is the significance of the internet in business?

  The internet provides information, serves as a marketplace, and acts as a distribution channel
• How does technological change impact businesses?

  Technological change drives down costs, speeds up globalization, and improves decision-making
• What is knowledge management in a business context?

  • Set of practices aimed at discovering and harnessing intellectual resources
  • Involves finding, unlocking, sharing, and capitalizing on knowledge
  • Converts ideas into innovation through expertise, creativity, and relationships
• What is the role of knowledge workers?

  Knowledge workers use and create knowledge to develop ideas and solve problems
• What is effective collaboration in knowledge management?

  • Ensures collaboration among different parts of the organization
  • Requires good communication between departments and divisions
  • Example: T-shaped managers who share knowledge horizontally and remain committed vertically
• What is the primary goal of managing for competitive advantage?

  To stay ahead of the competition by delivering performance better than competitors
• What are the performance indicators for competitive advantage?

  • Turnover
  • Profit
  • Customer satisfaction
  • Market share
• What drives innovation in businesses?

  Innovation is driven by globalization and the need to adapt to consumer demands and competition
• What is the modern approach to quality management?

  • Focus on preventing defects before they occur
  • Achieving zero defects in manufacturing
  • Emphasis on quality during the design phase
  • Total quality management and continuous improvement
• What is the definition of service in a business context?

  Service is giving customers what they want or need when they want it
• Why is speed important in business management?

  Speed is a strategic imperative for timely execution and delivery of results
• What is cost competitiveness?

  • Keeping costs low enough to maximize profit
  • Offering attractive prices to consumers
  • Important for maintaining a competitive edge
• What does sustainability mean in a business context?

  • Avoiding wasteful use of energy
  • Minimizing pollution and resource loss
  • Focusing on long-term environmental and social conditions
• What are the four fundamental functions of management?

  1. Planning: Delivering strategic value
  2. Organizing: Building a dynamic organization
  3. Leading: Mobilizing people
  4. Controlling: Learning and changing

  
• What does planning involve in management?

  Planning involves formulating goals and developing strategies to achieve them
• What is the role of organizing in management?

  Organizing involves assembling and coordinating resources needed to achieve goals
• What is the purpose of leading in management?

  Leading aims to motivate people to be high performers and solve problems
• What does controlling involve in management?

  Controlling involves monitoring performance and making necessary changes

  
• How do managers typically spend their day?

  • Days are often fractionated and filled with interruptions
  • Managers must adapt to unforeseen circumstances
  • Adequate attention is needed for all four management functions
• What are the three levels of management?

  1. Top-level managers: Responsible for overall management (e.g., CEO, CFO)
  2. Middle-level managers: Translate corporate goals into business unit targets
  3. Frontline managers: Supervise operations and liaise with employees

  
• What are the three categories of managerial roles according to Henry Mintzberg?

  1. Decision roles
  2. Informational roles
  3. Interpersonal roles
• What are the must-have management skills?

  • Technical skills: Ability to perform specialized tasks
  • Conceptual/decision skills: Ability to identify and resolve problems
  • Interpersonal and communication skills: Ability to lead and motivate
• What is emotional intelligence in management?

  Emotional intelligence involves understanding and managing oneself and effectively dealing with others
• What is social capital in a business context?

  • Goodwill stemming from social relationships
  • Important for networking and collaboration
• What are the key responsibilities at the beginning of a career?

  • Contributing to employer's performance
  • Leading teams effectively
  • Influencing people without authority
• What is the importance of taking responsibility for your own actions in your career?

  • It shapes the nature of the relationship with your employer
  • It is crucial for personal and professional growth
• How has management evolved over time?

  • Management has been practiced for thousands of years
  • Historically, managers operated on a trial-and-error basis
  • The industrial revolution introduced new challenges and management education
• What were the influences of the Industrial Revolution on management?

  • Introduction of new technologies in manufacturing and transportation
  • Development of new manufacturing processes
  • Shift in management practices due to large-scale production
• How did most managers operate historically before the industrial revolution?

  They operated strictly on a trial-and-error basis.
• What were the new challenges introduced by the industrial revolution?

  Large scale production and the relevance of innovation.
• When did the first management and business education emerge?

  In the late 19th century.
• What are the key changes in management approaches over the past 100 years?

  • Variety of changes in management approaches
  • Past efforts, triumphs, and failures in management practice
  • No single scientific approach encompasses all relevant aspects

  
• What were the two periods of the Industrial Revolution mentioned?

  (1) 1760-1840 and (2) 1870-1914.
• What technological developments were introduced during the Industrial Revolution?

  New manufacturing processes, steam power, chemicals, machine tools, electrical power, gas, and water supply.
• How did communication and transportation advancements affect businesses during the Industrial Revolution?

  They led to growth of businesses, increased quantity and quality, and mass production.
• What is meant by economies of scale?

  Reduction of average cost of production as the scale of production increases.