Intro to Business Exercise 4.0

1. What are the main components of the management process? Identify and describe them briefly.

2. What are goals, strategy and tactics? Explain and provide one business-related or one personally-related (e.g. studies, career, relationship, etc.) example regarding them.

3. You have recently started a business with a group of your best friends. While in the planning stage, they think that setting goals is simply a waste of time. Provide TWO (2) reasons to convince them otherwise.

4. Leaders are necessary in various areas of our lives e.g. business, politics, and family. What would happen if there are no leaders or the leaders are ineffective? Choose one area above and discuss TWO (2) negative consequences that may result from lack of effective leadership.

5. Who are managers? Under which form of business (i.e. sole trader, partnership and company) are managers and owners most likely to be the same person? And under which they are not? Why? Discuss.

6. What does a public relations manager do on a daily basis? (Note: You need to conduct research to find the answer.)

7. Identify TWO (2) managerial skills that are important regardless of a person’s (low or high) managerial status and justify your answers.

8. What is control? What are the steps involved in control? With an appropriate example, illustrate how you can use control to help you achieve your goals.