Question

QUESTION 3

“Based on your experience and management qualification, your team has appointed you

as the Managing Director of the company.”

In reference to this statement, fully explain the FOUR (4) management functions that you

would have to perform in order to successfully execute your role as Managing Director.

QUESTION 4

Discuss the Systems apprach with reference to the transformation process and its value

in strategic planning.

QUESTION 5

Discuss the various areas of management and show it value and relationship to strategic

management.

QUESTION 6

“Management does not only apply to big businesses but also to entrepreneurial

ventures. Not everyone can or wants to be an entrepreneur, as it needs some special

grit and commitment”.

Discuss the various personal characteristics of entrepreneurs and the value that they

bring to an economy of a country.

Answer 1

Question 3: Four Functions

• Planning: Managers establish organizational goals and create a course of action to achieve them. During the planning phase, management makes strategic decisions to set a direction for the organization. Managers can make different alternatives to achieve the objective before choosing the best course of action.
• Organising: The purpose of organizing is to distribute the resources and delegate tasks to personnel to achieve the goals established in the planning stage. Managers may need to work with other departments of the organization, such as finance and human resources, to organize the budget and staffing.
• Leading: Leading consists of motivating employees and influencing their behavior to achieve organizational objectives. Leading focuses on managing people, such as individual employees, teams and groups rather than tasks. Managers can foster a positive working environment by identifying moments when employees need encouragement or direction and using positive reinforcement to give praise when employees have done their jobs well.
• Controlling: It is the process of evaluating the execution of the plan and making adjustments to ensure that the organizational goal is achieved. During the controlling stage mangers perform tasks such as training employees as necessary and managing deadlines. Managers monitor employees and evaluate the quality of their work.

Question 4: Strategic management involves decision-making about an organization's objectives together with the formulation and implementation of plans, particularly regarding the allocation of resources, to support their achievement. It is a dynamic and complex process involving consideration of internal and external factors, and the short and long term.The effectiveness of an organization's strategic management can critically impact upon its viability.

Question 5 : Areas of management

• Human resource management
• Production management
• Office management
• Financial management
• Marketing management

Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. It's strategies consist of five basic strategies and can differ in implementation depending on the surrounding environment. Strategic management applies both to on-premise and mobile platforms.

Question 6:

• Self-Motivation: The most important traits of entrepreneurs is self-motivation. When we want to succeed, we need to be able to push yourself.
• Take Risks: Successful entrepreneurs know that sometimes it’s important to take risks. Playing it safe almost never leads to success as a business owner.  
• Basic Money Management Skills and Knowledge: If we want to be successful, we should still have basic money management skills and knowledge. Understand how money works so that we know where we stand, and so that we run our business on sound principles.
• Flexibility: To a certain degree, we need to be flexible as an entrepreneur. Be willing to change as needed.
• Passion: Successful entrepreneurs are passionate. They feel deeply about their product or service or mission. .