Q.1.1 A process that determines the mission and goals of the business, including the waysin which the goals are to be reached in the long term, and the resources needed forthis task.Q.1.2 The turnaround/declines strategy can be defined as the selling of a business or partsof it in line with its mission.Q.1.3 The most basic type of organisational structure where activities belonging to eachmanagement function is grouped together.Q.1.4 The type of power based on the manager's ability to influence employees withsomething of value to them. It concerns the power to give or withhold rewards.Q.1.5 Type of leadership that goes beyond charisma and can create a realistic, credible,and attractive vision of the future of the organisation.

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Q.1.1 A process that determines the mission and goals of the business, including the ways in which the goals are to be reached in the long term, and the resources needed for this task.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Concept explainers

Breakeven Analysis

Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.

Process analysis

The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.

Question

Q.1.1 A process that determines the mission and goals of the business, including the ways
in which the goals are to be reached in the long term, and the resources needed for
this task.
Q.1.2 The turnaround/declines strategy can be defined as the selling of a business or parts
of it in line with its mission.
Q.1.3 The most basic type of organisational structure where activities belonging to each
management function is grouped together.
Q.1.4 The type of power based on the manager's ability to influence employees with
something of value to them. It concerns the power to give or withhold rewards.
Q.1.5 Type of leadership that goes beyond charisma and can create a realistic, credible,
and attractive vision of the future of the organisation.

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