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Unit 1 & 2 Marketing 2

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  • Name the four main functions of management.
    Planning, Leading, Organizing, Controlling
  • Which management function checks progress and makes corrections?
    Controlling
  • What’s the final step in the decision-making process?
    Evaluate the decision
  • Which type of planning is used to prepare for emergencies or unexpected events?
    Contingency
  • What type of ownership protects personal assets and separates the owner from the business
    LLC
  • What is licensing in business ownership?
    Allowing another company to use your brand, technology, or product for payment
  • Who owns a corporation?
    Shareholders
  • What’s the first step in the decision-making process?
    Identify the problem
  • What type of ownership involves two or more people sharing responsibility, profits, and decision-making?
    Partnership
  • Which style may cause employees to only work hard when rewards are offered?
    Transactional
  • Which leadership style encourages group participation?
    Democratic
  • What is the main disadvantage of a Ccorporation?
    Double Taxation
  • What is one advantage of owning a franchise?
    Access to an established brand and system
  • Which type of planning focuses on the big picture and long-term goals (3–5 years)?
    Strategic
  • Which leadership style lets employees make most decisions?
    Laissez Faire
  • Which type of planning is short-term and focuses on day-to-day operations?
    Operational
  • A manager makes a weekly schedule for employee shifts. What type of planning is this?
    Operational Planning
  • Which type of planning breaks down strategic goals into specific steps for departments or teams?
    Tactical
  • What makes an entrepreneur different from a manager?
    Entrepreneurs create ideas; managers run daily operations
  • 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)
  • In a general partnership, who is responsible for the business debts?
    All Partners
  • Which leadership style inspires and motivates employees with a strong vision?
    Transformational
  • Which leadership style makes all the decisions?
    Autocratic
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