Helpful Study Material

True And False Question Answer | What Is Competitor Environment (CE) And Its Components? This statement is “False” as Competitive Environment includes not only a company’s close and direct competitors who are rivalries against each other but also includes the impacts of new entrants (entry of new firms), substitutes and complementary products, suppliers and customers. These factors affect the company strategic decisions in a Competitive Environment. 1. Competitors A company, within the industry, has to compete with its direct competitors to survive and, ultimately, to gain competitive advantage in the market and attract more similar customers who may also purchase products of its close competitors. A company can attracts and satisfy more customers by reduces the prices without losing quality, creating new unique products, differentiation in products i.e., adding new features, packaging, designing, etc. 2. New Entrants A new firm also creates an impact of competition for alread...

Answer of MCQ | What Are Social Issues In Organization The correct options of this multiple choice question are A, C and D, as social issues such as inequality, discrimination, education background and job status, employee benefits, ignorance, exploitation, lack of employment and training for new and fresh candidate, etc., affect organizational corporate social actions, strategic decisions about products & services and management of labor force in an organization. Social issues arise because of social injustice in the organization. A management should address these social issues to solve problems and remain competitive in the External Environment. 1. Inequality All the employees working in the organization should be given equal rights and opportunities to get the right position in the organization. For example, suitable and eligible candidates and employees from south region are not given rights to apply for the jobs or to get compensations while others have rights to get the...

Answer of MCQ | What is External Environment The correct option of this multiple choice question (mcq) is A, as in External Environment, we consider all the uncontrollable external environmental factors which affect the company’s business operations, activities and its performance. These factors include economic conditions, technological changes, government laws, suppliers, competitors, customers and Natural Environment . These are the stakeholders of the company who have vested interests in the organization. These can affect and influence the economic decisions of the organization and the management of the organization also takes decisions by considering the effects of these strategic decisions on his organization and its stakeholders. 1. Economic Conditions If there is boom period of economy, then there are lots of opportunities for the organization to grow and such period of economy has positive impacts on the economic decisions of the organization. The inflation rate is dec...

Answer of MCQ | What is Natural Environment? The correct option of this multiple choice question (mcq) is B as Natural Environment includes both living and non-living things such as land air, water, oil, sunlight, soul, animals, plants, heat, etc., which are created by Allah (God) for the benefits of human beings. These are the natural resources (natural blessings) which directly and deeply affect all kinds of organization. Without natural resources, no organization can survive and functional. A company needs natural resources to use them to make / produce products or outputs. For example, a manufacturing company uses raw material (wood) to convert it into useful thing (furniture e.g., chair, table, bed, etc.) Importance of Natural Environment 1. Sources of Production A manufacturing company need natural resources to produce goods to be sold to customers to gain profits and run the business successfully. If there is flood, then, it affects the supply of raw material and products which ...

Answer of MCQ | What Is Cost Leadership Strategy The correct option of this multiple choice question (mcq) is E, as in Cost Leadership Strategy , the Management of the company uses the cost control system to lower the cost of production and operations to cut cost and control it in order to offer lower prices of products or services to customers to gain competitive advantage / edge over its competitors. The management can adopt this strategy internally and control it with cost control system, so this is a controllable environmental factor which can significantly affect the organization. For example, if the manufacturing company wants to increase the sales of cars and gain competitive advantage over its competitors in the market, then it should lower the prices of cars by cutting costs of its production i.e., by utilizing the efficient use of resources without losing the quality of car. How To Reduce Cost: 1. Efficient Use of Resources A company can minimize the cost of production and p...

Before answering this multiple choice question, firstly, let’s know about the term " Technology ". What is Technology? It is simply the use of knowledge, skills, abilities and equipment to produce quality products or service or to enhance the working performance and easily and quickly complete the job tasks with accuracy. For example, use of machinery to make wheat makes the work easier and faster, the use of computer to do office work makes easier and accurate as compare to manual work. Advantages of Technology 1. N ew Competitive Niches In The Markets So, the correct options of this multiple choice question are A, B and C, as due to the vast usage and advancement of technology, there is a need to adopt new and updated technology to compete in the market. It also creates new challenges due to the creation of new product, service, idea, knowledge, market niches, etc. For example, developing a new mobile device creates a new niche in the market where every competitor try to co...

Answer Of MCQ | Disseminator Role And The Spokesperson Role Of Managers The correct options of this multiple choice question (mcq) are A and H, as the main or primary difference between Disseminator Role (DR) and Spokesperson Role (PR) is that in disseminator role, the manager shares information about internal processes within the department, such as share knowledge, ideas, news, meetings, goals etc., of the organization internally i.e., with the staff, colleagues, workers, etc., within the departments, whereas in spokesperson role, the manager shares information of organization to outside his department or organization. He defends organization’s interests and image in public, conferences, media, etc., and acts as a representor. What Are Managerial Roles? Managerial roles are those specific characters, behaviors, habits and actions which are performed by managers while doing managerial works such as Interpersonal, Informational and Decisional Roles. 1. Interpersonal (Includes Figur...

What Is Universality Of Management (UM) Approach / Concept According to this approach, the Management System (MS) or Managerial Principles are applicable in every organization (whether Profit or Non-Profit Organization), irrespective of its size (smaller, medium or larger), types (hierarchical, functional, flat, matrix, divisional, etc.), industry (Manufacturing, trading or service), and geographical location (local, international, digital). All the fundamental functions (planning, organizing, leading and controlling), principles, rules and regulations of Management (M) are applicable and can be used successfully in every kind of organization. These principles are not limited to specific organization but generally applicable to all of the organizations at every level of M (Top, Middle and Bottom) as these are common and basic rules for every organization. Importance of UM In Any Organization 1. Proper Management System (PMS) If there is no management at all or poor MS in any o...

Answer Of MCQ | What Is Effectiveness (E), Its Advantages And How To Improve It By A Manager Working In An Organization The correct option of this multiple question (mcq) is C, as in Effectiveness, the manager compares the actual results or organizational goals with the set results or targets or organization goals, the organization wants to achieve or in other words how well the organization achieved the set goals or end results is effectiveness. Effectiveness Formula: Effectiveness equation is used to calculate it as shown below: Effectiveness   =   Actual Or Achieved Results / Set Results Or Goals X 100 Example: Let’s suppose the company’s top management set target of 100 sales within a month for sales manager. At the end of the month, he made 90 sales. What is the Effectiveness in percentage? Here we are given: Achieved Goal = 90 sales Desired Outcome / Set Goal = 100 sales As we know: Effectiveness = Achieved Results / Set Results Or Goals X 100   B...

Answer of MCQ | What Is Organizational Performance The correct option of this multiple choice question is C, as in Organizational Performance (OP), we see both Efficiency and Effectiveness of a manager on how well he uses the available resources at minimum cost without compromising quality to get the desired outcomes or results to achieve Organizational Objectives & Goals (OB & G). Organizational performance can be seen in the forms of operational performance and financial performance. 1. Operational Performance It means the efficient utilizing of resources in conducting business operations and achieve targeted goals at the end. In other words, minimizing cost of production and increasing productivity to achieve goals. 2. Financial Performance It means how well the organization uses its financial resources (monetary assets such as cash, property, etc.) at minimum cost to generate and increase sales and ultimately increase profitability to attract investors to make investment i...

Answer of MCQ | Meaning And Role Of Controlling Function In Management The correct option of this multiple choice question (mcq) is C, as Controlling is the function of management in which the manager compares the actual results with the set target & goals and then takes corrective actions to improve the performance and achieve organizational objectives & goals efficiently and effectively. Functions of Controlling In An Organization For implementing controlling in an organization, different control systems are set which improve the performance of management, departments, workers and employees and overall an organization itself. For example, for measuring and monitoring workers and employees’ performance, wages & salaries standards are set to check and monitor their performances. Based on these standards, the workers and employees who met these standards are paid more than others. In this way, the workers and employees’ performances are increased and they encourage perfo...

Answer of MCQ | Why Should Top-Level Managers Devote Most Of Their Time To Planning And Organizing Tasks Than The Lower-Level Managers The correct option of this multiple choice question (mcq) is A, as at top-level, the managers should think big. They should focus on overall organization’s performance rather than on individuals’ performances as they delegate their authority to their subordinates so they need to spend time on making strategic plans & decisions, vision, mission, long-term goals, policies, etc., for the organization to achieve organization objectives & goals. What Is Planning & Organizing And Role of Top-Level Manager At top-level, the manager needs to spend more time on planning and organizing as their responsibilities are much bigger than lower-level. If their strategic plans fail, then the whole organization will fail in such situation individual performance does not matter as when the organization will down, then everyone working in the organization will s...

Answer To T&F Question This statement is “False” as the more the manager move downward in the hierarchy of Management , the more he has time to manage first-line-manager as his responsibilities to manage lower-level manager increase but the responsibilities to oversee the overall organization decrease and now becoming more specific and not general. Now, he needs to manage business operations, employee performance on daily routine basis by managing lower-level managers. He needs technical skills to look for specific tasks performed by workers and employees performed under the management of first-line managers. For example, an operational manager oversees the daily activities of first-line managers to ensure that the organizational’ s resources are utilized efficiently and effectively to achieve the desired results. Leading And Controlling First-Line Managers A manager, who is moving downward in his position in the organization, needs to guide the lower-level manager, so that he is m...