Summary MNB1501 - Pass package - 2021

Business Management

MNB1501

,Contents
1. Business world & business management 4
1.1. Key concepts 4
1 2. Role of business in society 4
1 3. Needs & need satisfaction 5
1 4. Main economic systems 6
1.5. Need-satisfying institutions of market economy 7
1 6. Nature of business management & classification 8
2. Entrepreneurship 10
2 1. Key concepts 10
2 2. Entrepreneurs & entrepreneurship 10
2.3. Role of entrepreneurs & small-business owners in society 10
2 4. Entrepreneurial process 11
3. Establishing a business 15
3 1. Key concepts 15
3 2. Importance of geographical location 15
3 3. Legal forms of ownership 15
3 4. Business plan 19
4. Business environment 21
4 1. Key concepts 21
4 2. The organisation & environmental change 21
4 3. Composition of business environment 21
4.4. Micro-environment 22
4 5. Market or task environment 23
4.6. Macro-environment 24
4 7. Environmental scanning 26
5. Corporate social responsibility 28
5 1. Key concepts 28
5 2. Introducing CSR 28
5.3. Terms and trends 28
5 4. Citizenship imperative 28
5.4 1. Global drivers 28
5.4 2. SA Initiatives & imperatives 29


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, 5.5. Business case for CSR 29
5.6. Corporate governance 30
5.7. Stakeholder & stakeholder engagement 31
5.8. Sustainable development 31
5.9. Link between CSR & various business functions 31
6. Planning 33
6.1. Key concepts 33
6.2. Why planning is needed? 33
6.3. Managerial goals and plans 33
6.4. The planning process 34
6 5. Setting organisational goals and developing plans 35
7. Organising 38
7 1. Key concepts 38
7 2. Introduction to organisation 38
7 3. Importance of organising 38
7 4. Fundamentals of organising 38
7.4 1. Specialisation 38
7.4 2. Departmentalisation 39
7.4 3. Reporting relationships 40
7.4 4. Responsibility & authority 40
7.4.5. Co-ordination 41
7 5. Factors influencing organising & organisational design 41
8. Leading 42
8 1. Key concepts 42
8.2. Nature of leadership 42
8 3. Components of the leading function 42
8.3 1. Authority 42
8.3.2. Power 42
8.3 3. Responsibility 43
8.3.4. Delegation 43
8.3 5. Accountability 43
8 4. Leadership theories 43
8.4 1. Trait theory 43
8.4 2. Behavioural theory 43


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, 8.4.3. Contingency (situational) theory 44
8.5. Motivation 45
8.5.1. Basic model of motivation 45
8.5.2. Maslow’s hierarchy of needs 45
8.5.3. Alderfer’s ERG theory 46
8.5.4. Hertzberg’s 2 factor theory & job enrichment 46
8.5.5. McClelland’s theory of needs 46
8.6. Groups and teams 46
8.7. Communication 48
9. Controlling the management process 50
9 1. Key concepts 50
9 2. Introduction to control 50
9.3. Purpose of control 50
9.4. Control process 50
9 5. Types of control 51
9.5 1. Physical resources 52
9.5 2. Financial resources 52
9.5.3. Information resources 52
9.5 4. Human resources 53
9 6. Characteristics of an effective control system 53




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