1. What are the four functions of management and how are they interrelated? Provide an example of each function in a business context. - The four functions of management are planning, organizing, leading and controlling. Planning involves setting goals and strategies for achieving them. Organizing involves arranging resources and tasks to implement the plans. Leading involves motivating and influencing people to work towards the goals. Controlling involves monitoring and evaluating the performance and taking corrective actions if needed. These functions are interrelated because they depend on each other and influence each other. For example, a manager may plan to launch a new product, organize the marketing team and budget, lead the team by communicating the vision and providing feedback, and control the results by measuring the sales and customer satisfaction. 2. What are the three levels of strategy in an organization and what are their main characteristics? Give an example of each level of strategy. - The three levels of strategy in an organization are corporate, business and functional. Corporate strategy deals with the overall scope and direction of the organization, such as its mission, vision, values, goals and objectives. It also involves decisions about diversification, acquisition, merger, alliance and divestiture. An example of corporate strategy is Amazon's decision to expand into cloud computing, e-commerce, streaming and artificial intelligence. Business strategy deals with how the organization competes in a specific market or industry, such as its competitive advantage, target market, positioning and differentiation. It also involves decisions about product development, pricing, distribution and promotion. An example of business strategy is Apple's decision to focus on innovation, design, quality and customer loyalty in the smartphone market. Functional strategy deals with how the organization supports the business strategy through its various functions or departments, such as finance, marketing, operations, human resources and research and development. It also involves decisions about resource allocation, policies, procedures and standards. An example of functional strategy is Netflix's decision to invest in original content production, data analytics, user interface design and customer service. 3. What are the main differences between a centralized and a decentralized organization? What are the advantages and disadvantages of each type of organization? - A centralized organization is one where most of the decision-making authority is concentrated at the top level of management or at a single location. A decentralized organization is one where most of the decisionmaking authority is delegated to lower levels of management or to multiple locations. The advantages of a centralized organization are that it can ensure consistency, coordination, control and efficiency across the organization. It can also facilitate faster and easier communication and implementation of decisions. The disadvantages of a centralized organization are that it can reduce flexibility, responsiveness, innovation and motivation among employees. It can also create bureaucracy, rigidity and delays in decision-making. The advantages of a decentralized organization are that it can increase flexibility, responsiveness, innovation and motivation among employees. It can also encourage local adaptation, empowerment and participation in decision-making. The disadvantages of a decentralized organization are that it can create inconsistency, duplication, conflict and inefficiency across the organization. It can also complicate communication and coordination of decisions.