'I1-IE INTAHBE DF WEElET Ill BUSINESS Alrrlost 90% of start-up businesses fail miserably within the rst ve years of starting up. of which almost ears fail due to poor management. Management has always been a core aspect of every business. But unlike the old times. managing the organisation has become a more difcult job due to the increasing competition in the internal as well as the external business environment. Good management can bring the company prot and reputation while poor management can just throw the company outof the competition. Let's take an example of management: Suppose John opened up a small restaurant. Selling quality food to the customers and gaining their loyalty is his aim but that's not his only duly. To make his business run smoothly he needs to take care ofthings like planning menus. maintaining an inventory, ordering what's required. planning the budget. maintaining the standards. dealing with customers' complaints. hiring and training staff and a lot more. if even one of them is overlooked his business will suffer a huge blow. That's where management comes into play. John and his staff can share the duties and work together to attain the goal of the restaurant. To avoid failure they need to work in a coordinated and planned manner. This ensures that no duty is overlooked and the business runs smoothly. NEW Management is the process where a person plans. organises. directs and controls the activities and resources ofthe organisation or company to achieve its goal in an effective and efcient manner in an ever- changing environment. It is the process of supervising and controlling the business aalrs of the organisation. New Management is the process where a person plans. organises. directs and controls the activities and resources ofthe organisation or company to achieve its goal in an effective and efcient manner in an ever- changing environment. It is the process of supervising and controlling the business aairs of the organisation. Management also involves establishing a business environment for the employees and employers so that they can wort: together to achieve the organisation's goal successfully and competently. It guides a group of people to combine their works in a planned manner so as to attain the goal of the organisation. \"tom'lameofh'erngaherl The importance of management can never be underestimated or ignored as it's a proven fact that the success of a company entirely depends on how well it is managed. Here's why management is important for any business: Aligning Goals A company oonsists of employers and sewral employees who work together. Everybody has their own goals. Management gives them a com mon direction to achieve theirgoal together. For exam pie: The goal of a company is to maximize their output and prot The goal of an employee is to get the most out of the company in terms of both salary and recognition. Management helps in aligning these two goals by using effective employee motivation strategies which makes him give his best to the organisation. \f\fthe evidence from the directors. Because of poor management, leaders failed to recognise all these loopholes and the company finally went bankrupt. To conclude, management is important for every business as it can make or break it. Good management can give the business a boost and take it ahead in the competition. So, turning a blind eye to it is not an option. Management skills are required in every industry and every walk of life. So, it is very important to know what role management plays and how great an impact it can have on business. Adapted from source: https://www.feedough.com/importance-of-management-in-business/QUESTION 1 (20 Marks) Refer to heading: Surviving In a Dynamic Environment. The paragraph speaks of surviving in a dynamic environment (macro environment). Identify and explain the ANY FIVE (5) of the extemal environments (dimensions) listed in the paragraph that affects all businesses, provide your own examples for each dimension. QUESTION 2 (20 Marks) Refer to the example of the restaurant provided in the first paragraph. Help John make his business more effective by fully explaining to him how to apply the concepts of: 2.1 Planning (10 marks) 2.2 Organising (10 marks) QUESTION 3 (20 Marks) Since John is a restaurant owner he is classified as an entrepreneur in the economy. Evaluate the personal qualities and characteristics that John should possess as an entrepreneur and how this can be applied to the restaurant industry. QUESTION 4 (20 Marks) John is deciding to expand his restaurant business, however he is unsure of the feasibility of opening a new branch due to financial constraints and a lack of an existing clientele base to generate enough profits. Advise John of the following:4.1 Conduct a feasibility study to identity the success of a new restaurant {to marks] 4.2 Market segmentation in which he identies the FOUR [4} broad types of market womentation to help his clientele base. Provide an example of how each type of segmentation would benet the restaurant. [10 man-rs} GUESTtDH 5 {2o Hades] hcmrding to the Enron htartagemthaitire soeram it can he need that: Enron's executives used aomunting loopholes and false reports to hide billions of dollar debt due to failing projects and deals. They mislead the entire company and forced the auditors to delete and hide the evidence from the directors. Because of poor management. leaders failed to recognise all these loopholes and the company nally went banknipt' it is evident that upper and middle management did not full their duties or functions to their full potential. Evaluate the duties and responsibilities that upper and middle management failed to perform which led to bankruptcy and identify the designated em ployeeis responsible for these inotions in the business