home work in business concepts 1 course short answers 1.
Question 1 & 2
1. In 80 words or more, explain what the founders of AirBnB have done to attract customers.
2. What do you think the owners (the entrepreneurs) should do in order to maintain the viability of their business.
Define 7 of the following concepts. explain each one of them through an example.
- Levels of management
- Managerial skills
- Managerial functions
- Planning (strategic, tactical, operational and contingency)
- Controlling (Setting performance standards; Monitor actual performance; Compare actual performance with the standards; Making corrections if needed)
- Managers use symbols, rituals, ceremonies, and stories to reinforce corporate culture
- SWOT analysis for strategic planning
- Decision making
- Rational decision making model
- Leadership (traits include: Empathy, Self-awareness, and Objectivity in dealing with others)
- Influence through power (legitimate power, coercive power, expert power, charismatic power)
- Leadership styles (autocratic, democratic and free-rein)
- Organizational culture
- Organizational chart (building blocks of the chart: Departmentalization and Specialization)
- Span of management
Line and Staff authority
All Questions can have short answers.