MANAGERIAL ECONOMICS Q&A

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Differentiate between an Entrepreneur and a Manager. Discuss the duties of a manager. Answer: An Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hop... e of profit whiles a Manager is a person who directs resources to achieve a stated goal. The duties of a manager are as follows:  Planning: This step involves mapping out exactly how to achieve a particular goal. Say, for example, that the organization's goal is to improve company sales. The manager first needs to decide which steps are necessary to accomplish that goal. These steps may include increasing advertising, inventory, and sales staff. These necessary steps are developed into a plan. When the plan is in place, the manager can follow it to accomplish the goal of improving company sales.  Organizing: After a plan is in place, a manager needs to organize her team and materials according to her plan. Assigning work and granting authority are two important elements of organizing.  Staffing: After a manager discerns his area's needs, he may decide to beef up his staffing by recruiting, selecting, training, and developing employees. A manager in a large organization often works with the company's human resources department to accomplish this goal.  Leading: A manager needs to do more than just plan, organize, and staff her team to achieve a goal. She must also lead. Leading involves motivating, communicating, guiding, and encouraging. It requires the manager to coach, assist, and problem solve with employees.  Controlling: After the other elements are in place, a manager's job is not finished. He needs to continuously check results against goals and take any corrective actions necessary to make sure that his area's plans remain on track. Question 1 Discuss the objectives of a corporation.  Profitability – This is one of the most important objectives of business. We normally setup business to achieve profits for its owner or sha [Show More]

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