MNB1501 ASSIGNMENT 1 SEMESTER 2 : THE BUSINESS WORLD AND BUSINESS MANAGEMENT

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QUESTION 1 The primary purpose in a free-market system is _______________________ while satisfying the needs of the people. 1 to work for the glory of the state 2 to ensure sustainability 3 to ma... ke a profit (Refer to Section 1.4.2 in the textbook) 4 to adhere to the ethics code of conduct QUESTION 2 The economy in which Vodacom and MTN function is characterised by intense competition and rivalry. What type of economy is this? 1 Free-market economy (Refer to Section 1.4.2 in the textbook) 2 Competitive economy 3 Socialistic economy 4 Freedom economy QUESTION 3 Charmaine is the owner of an exclusive guesthouse in Paternoster. She is busy planning for the tourist season in 2014 and she is assessing the viability of targeting the German market for the December holidays. Which functional area of her business will be responsible for this task? 1 General management (Refer to Section 1.7 in the textbook)s 2 Operations 3 Marketing 4 Purchasing QUESTION 4 Which social force protects consumers against malpractice and unsafe products from businesses? 1 Consumerism (Refer to Section 4.6.4.5 in the textbook) 2 Business ethics 3 Social responsibility 4 Consumer ethics QUESTION 5 “SAB works with the government to get unlicensed outlets (shebeens) registered.” A shebeen falls in the ________________ sector of the economy. 1 formal 2 informal (Refer to Section 1.2 in the textbook) 3 wholesale 4 municipal STUDY UNIT 2: ENTREPRENEURSHIP It is recommended that you read business case number 1: “Entrepreneurship: MXit” (in the recommended book “Business Cases”) before attempting to answer question 6 to 8. It is not compulsory that you do so, as the answers to the assignment questions can be found in ITBM. QUESTION 6 Herman Heunis would have needed to conduct a feasibility study to establish whether his ICT consultancy company would be a successful venture. Which one of the following statements is true for a feasibility study? 1 A feasibility study is the same as a business plan. 2 A feasibility study is conducted after the business plan has been compiled. 3 A feasibility study mainly entails the gathering of data to help the entrepreneur decide whether or not to go ahead with an idea. 4 A feasibility study identifies and describes the nature of the business opportunity or the new venture. (Refer to Section 2.7 in the textbook) QUESTION 7 Herman Heunis would have needed to consider what the future might offer, how this will affect the business, and what resources and actions are necessary to prepare for it. This refers to the following management skill: 1 Strategy skill 2 Planning skill (Refer to Section 2.7.1 in the textbook) 3 Marketing skill 4 Project management skill [Show More]

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