Вопрос
Question Three a) Using relevant examples , describe four types of utility as used in business.10 marks. b) Discuss public limited companies as a form of business ownership. Question Four a) Using examples, examine five factors in the macro environment of a business likely to affect a business. b) Analyze five major features of business ethics. 10 marks Question Five a) Assess five things a small business manager must embrace so as to attain success in his /her business. 10 marks b) Examine five major functions undertaken by the human resource department in a business organization. 10 marks
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Ответ
Question Three:a) The four types of utility in business are:1. Form utility: This refers to the value added to a product through a change in its form or shape. For example, a manufacturer who takes raw materials and transforms them into a finished product is providing form utility.2. Place utility: This refers to the value added to a product by making it available in a location where customers can easily access it. For example, a retailer who sells products online is providing place utility.3. Time utility: This refers to the value added to a product by making it available at a time when customers want it. For example, a company that offers 24-hour customer service is providing time utility.4. Possession utility: This refers to the value added to a product by transferring ownership or possession from the seller to the buyer. For example, a car dealership that allows customers to test drive cars is providing possession utility.b) Public limited companies (PLCs) are a form of business ownership where the company's shares are publicly traded on a stock exchange. This allows anyone to buy and own a portion of the company. PLCs are subject to regulations and reporting requirements, and they must adhere to corporate governance standards. They can raise capital by issuing shares to the public, and they are required to disclose financial information to shareholders and regulatory bodies.Question Four:a) The five factors in the macro environment of a business likely to affect it are:1. Economic factors: These include factors such as inflation, interest rates, and economic growth, which can impact a business's sales and profitability.2. Social and cultural factors: These include factors such as demographics, lifestyle trends, and cultural values, which can influence consumer preferences and behavior.3. Technological factors: These include factors such as technological advancements and innovations, which can impact a business's operations and competitiveness.4. Environmental factors: These include factors such as climate change, resource scarcity, and environmental regulations, which can impact a business's operations and sustainability.5. Political and legal factors: These include factors such as government policies, regulations, and political stability, which can impact a business's operations and compliance requirements.b) The five major features of business ethics are:1. Honesty and integrity: This involves being truthful and transparent in all business dealings and maintaining high ethical standards.2. Fairness and justice: This involves treating all stakeholders fairly and without discrimination, and ensuring that business practices are fair and equitable.3. Responsibility and accountability: This involves taking responsibility for the actions and decisions of the business, and being accountable for the consequences of those actions.4. Respect for others: This involves treating all stakeholders with respect and dignity, and valuing the rights and interests of others.5. Sustainability: This involves conducting business in a way that is environmentally, socially, and economically sustainable, and minimizing the negative impact of business operations on the environment and society.Question Five:a) Five things a small business manager must embrace to attain success in their business are:1. Vision and strategy: A clear vision and strategy are essential for guiding the business towards its goals and objectives.2. Adaptability and innovation: The ability to adapt to changing market conditions and customer preferences, and to innovate and stay ahead of the competition, is crucial for success.3. Customer focus: Building strong relationships with customers and understanding their needs and preferences is essential for driving sales and growth.4. Financial management: Effective financial management, including budgeting, forecasting, and cash flow management, is critical for ensuring the financial health and sustainability of the business.5. Leadership and teamwork: Strong leadership and the ability to build and manage a high-performing team are essential for driving the business forward and achieving its goals.b) The five major functions undertaken by the human resource department in a business organization are:1. Recruitment and selection: This involves identifying and attracting potential candidates, conducting interviews, and selecting the best candidates for the organization.2. Training and development: This involves providing employees with the necessary skills and knowledge to perform their jobs effectively, and supporting their professional growth and development.3. Compensation and benefits: This involves designing and implementing compensation and benefits programs that are fair, competitive, and aligned with the organization's goals and objectives.4. Performance management: This involves setting performance goals, monitoring and evaluating employee performance, and providing feedback and coaching to help employees improve their performance.5. Employee relations: This involves managing employee relations, including resolving conflicts, addressing grievances, and ensuring a positive and productive work environment.