Share Unit 1 & 2 Marketing 2
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What is the biggest risk of being a sole proprietor?
Unlimited liability
What’s one advantage of a corporation?
Ease of raising capital (Selling Stock)
Which type of planning focuses on the big picture and long-term goals (3–5 years)?
Strategic
Which type of planning breaks down strategic goals into specific steps for departments or teams?
Tactical
Which type of planning is short-term and focuses on day-to-day operations?
Operational
Which type of planning is used to prepare for emergencies or unexpected events?
Contingency
A manager makes a weekly schedule for employee shifts. What type of planning is this?
Operational Planning
Which leadership style makes all the decisions?
Autocratic
Which leadership style lets employees make most decisions?
Laissez Faire
Which leadership style encourages group participation?
Democratic
Name the four main functions of management.
Planning, Leading, Organizing, Controlling
Which management function checks progress and makes corrections?
Controlling
What’s the first step in the decision-making process?
Identify the problem
What’s the final step in the decision-making process?
Evaluate the decision
What makes an entrepreneur different from a manager?
Entrepreneurs create ideas; managers run daily operations
What type of ownership protects personal assets and separates the owner from the business
LLC
