Essentials of Business (Revision Kit)

Transcription

1 VILLA COLLEGE Essentials of Business (Revision Kit)

2 Contents Introduction to Business... 2 Business Strategy... 3 Finance and Accounts... 4 Business Environment... 7 Business Objectives and Planning Process... 8 Human Resource (HR)... 9 Marketing Production

3 Introduction to Business 1. Define business? 2. What is the meaning of entrepreneur? 3. List the reasons for starting up business? 4. What are the characteristics of successful entrepreneur? 5. What are the components of business? 6. Write short notes on primary, secondary & tertiary sector? 7. What is the difference between trade and aid to trade? 8. List the factors of production? 9. Describe the different types of economic system which exist in the world? 2

4 Business Strategy 1. What is business strategy? 2. Without a strategy management has no roadmap to guide them Discuss 3. What is the hierarchy of business strategy? 4. Describe strategic business planning process of a typical company? 5. The process of strategy formulation basically involves six main steps Discuss 6. What is the meaning of MBO? Discuss the steps involved in it? 7. Without successive implementation, valuable strategies developed by managers are virtually worthless. What are the essential skills that the manger needs to have when implementing the strategies effectively and efficiently? 3

5 Finance and Accounts 1. Define cost, variable and semi fixed cost. Give an example of each? 2. Define fixed 3. Define marginal costing? 4. Write the formula for TR? 5. What is the difference between normal profit and abnormal profit? 6. Write the purpose/ aim / intentions of maintaining books of account? 7. What is a balance sheet? 8. What is fixed asset? Give 3 examples 9. What is a liability? Give 3 examples 10. What does P & L a/c shows? 11. List 6 stakeholders who are interested in business a/c? 12. Write 3 different types of ratio? Explain each? 13. What is liquidity ratio? 14. A current ratio of a company shows 3.4:1. Interpret the ratio. 15. What are the limitations of ratio analysis? 16. Company A is having difficulty in managing the cash flow of that organization. You are hired as an accounts and finance manager. What are techniques that you will use in overcoming this situation? 4

6 17. Using the following information calculates the ratio. Current Ratio Quick Ratio Fixed Assets Turnover Total Assets Turnover Debt Ratio Profit Margin 18. Calculate N/P & annual sales using below data: Detail Amount (MVR) G/P margin 33⅓%. G/P on sales 1,200 Expenses Calculate ROCE using the information Detail Amount (MVR) Non current asset 450,000 Net current asset 35,345 5

7 Profit before tax 75,900 Profit after tax 55,750 6

8 Business Environment 1. The SWOT analysis framework is a very important and useful tool use in marketing management and other business applications Discuss 2. What are the advantages and disadvantages of SWOT analysis? 3. A PESTLE analysis is a useful document to have available at the start of a business planning process Discuss 4. What are the advantages and disadvantages of PESTEL analysis? 7

9 Business Objectives and Planning Process 1. What is an objective? 2. Write short notes on objectives of hierarchy? 3. What is a corporate objective? Give one example? 4. Explain 8 key areas suggested Peter Druker for corporate objectives to have? 5. What is a functional level objective? Give examples? 6. Explain the criteria that any objective should have? 7. Why do business objectives change over a time? 8. Explain Business Planning Process? 8

10 Human Resource (HR) 1. Define HR? 2. What are the objectives of HR? 3. Write down the importance of HR? 4. What is the difference between recruitment and selection? 5. Define aptitudes test? 6. Define induction? 7. Write down 5 importance of training? 8. Define motivation? 9. What is the importance of motivation? 10. Write an essay on Maslow Hierarchy of Needs 11. Write an essay on Theory X & Y 12. Write an essay on Herzberg Theory 13. Define Job design, job enlargement, job rotation and job enrichment? 14. What are the different types of financial rewards? 9

11 Marketing 1. Define marketing according to CIM 2. What is an objective? 3. What is difference between corporate level objectives and functional level objectives? 4. What are the different types of market research? Explain each. 5. What are the advantages and drawbacks of primary research? 6. What are the advantages and drawbacks of secondary research? 7. Discuss Boston matrix 8. Discuss Ansoff matrix 9. Define market segmentation? 10. What are different types of segmentation? 11. What are the prerequisite of segmentation? 12. Define target market? 13. Define undifferentiated marketing, differentiate marketing and niche marketing? 14. What is the difference between segmented marketing and concentrated marketing? 15. Choose any successful company who used niche marketing? Why they are successful? 16. Define positioning? 17. What is USP? 18. Write an essay on Distribution channel? 19. What is the importance of Wholesaler? 20. Define Marketing Mix? 21. What are the different types of pricing strategies? Explain 22. Define promotion 23. What is the difference between product promotion and institute promotion? 24. Define personal selling, advertising, sales promotion and public relation? 25. What is the importance of advertising? 26. Product life cycle is one of the most important tool in marketing Discuss 10

12 Production 1. What is production 2. Define job, batch and flow production? 3. What are the advantages & disadvantages of job production? 4. What are the advantages & disadvantages of batch production? 5. What are the advantages & disadvantages of flow production? 6. What are the advantages & disadvantages of cell production? 7. Define JIT? 8. What are the advantages & disadvantages of JIT? 9. What are the problems of holding too little stock? 10. What are the problems of holding too much stock? 11. Why is quality concern in business? 12. Write short note on TQM? 13. Write short note on Kaizan? 11