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MNG3701 Chapter 1 2026–2027 Complete Study Guide, Key Concepts & Exam Review.

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MNG3701 Chapter 1 2026–2027 Complete Study Guide is a comprehensive exam preparation resource covering the foundational concepts of strategic management and management theory. This guide reviews the evolution of management thought, responsible management, strategic management principles, stakeholder management, organizational objectives, competitive advantage, and the relationship between management and strategy. It includes chapter summaries, key concepts, practice questions, answer reviews, and structured study materials to help students prepare effectively for assignments, quizzes, and exams.

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MNG3701 Chapter 1 2026–2027 | Complete Study Guide,
Key Concepts & Exam Review
Purpose of Business Organisation - correct answers -* To the Entrepreneur it is the profit he makes from
his business

* To the consumer it is the value of the service or product

* To employees it is their salary/wage earned

* To an organization it can be selling shares to shareholders




Stakeholders - correct answers -Any person or group of people that have (or claim to have) an interest
in an organization and its activities.




Stakeholder Expectations - correct answers -* Customers - quality products and good service

* Suppliers - payment on time

* Community - contribution in form of sponsorships or community projects

* Organized labor - treat employees with fairness, dignity and respect




Internal Stakeholders - correct answers -Work directly within the organisation - business owners,
shareholders, investors, employees and management




External Stakeholders - correct answers -Not directly associated with the organization - community,
government, organized labor (trade unions), customers, suppliers.




Triple Bottom Line (Expected from Organizations) - correct answers -* Be profitable

* Take responsibility for the physical environment


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