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BTF > 2. Managing A Business > Flashcards

2. Managing A Business Flashcards

1
Q

What is management?

A

The process of dealing with or controlling things or people

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2
Q

What does management do?

A

Planning
Organising
Leading
Controlling

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3
Q

What is power?

A

The ability to get things done

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4
Q

What are the different forms of power?

A

Reward
Coercive
Referent
Expert
Legitimate
Negative

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5
Q

What is reward power?

A

One persons ability to reward another person for carrying out orders or meeting other requirements

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6
Q

What is coercive power?

A

One persons ability to punish another for not meeting requirements. This is the negative side of reward power

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7
Q

What is referent power?

A

One persons desire to identify with or imitate another

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8
Q

What is expert power?

A

Based on the perception/belief that a person has some relevant expertise or special knowledge that others do not

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9
Q

What is legitimate power?

A

Power derived from being in a position of authority within the organisation

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10
Q

What is negative power?

A

The ability to disrupt operations E.g. by industrial action, refusal to communicate information or sabotage

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11
Q

What is authority?

A

The right to do something or the right to request and expect another person to do something. Authority allows individuals to make decisions (within the scope of their authority) and to assign tasks

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12
Q

What is responsibility?

A

The obligation a person has to fulfil a task assigned to them

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13
Q

What is accountability?

A

A persons liability to be called to account for the fulfilment of a task

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14
Q

Which out of authority, accountability and responsibility can be delegated to subordinates?

A

Authority and responsibility

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15
Q

What is delegation?

A

Involves giving a subordinate responsibility and authority to carry out a given task, while the manner retains overall responsibility

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16
Q

What are the different types of managers?

A

Line
Staff
Functional
Project

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17
Q

What is a line manager?

A

Direct authority over subordinates

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18
Q

What is a staff manager?

A

Authority in advisory capacity

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19
Q

What is a functional manager?

A

Has authority in certain circumstances to direct, design or control activities or procedures in another department

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20
Q

What is a project manager?

A

Temporary team manager

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21
Q

What is culture?

A

The common assumptions, values and beliefs that people share that become the way we do things here

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22
Q

What are the different types of business culture?

A

Human relations culture
Open systems culture
Rational goal culture
Internal process culture

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23
Q

What is human relations culture?

A

Flexible
Inward looking
Business is highly focused on being flexible to internal needs

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24
Q

What is open systems culture?

A

Flexible
Outward looking
Flexible internally
Adapts to constantly changing external environment

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25
Q

What is rational goal culture?

A

Controlled
Outward looking
Procedurally driven
Adapts to external conditions

26
Q

What is internal process culture?

A

Corolles
Inward looking
Rigid and stable organisations
Driven by procedures

27
Q

What is marketing?

A

The management process which identifies, anticipates and supplies customer requirements efficiently and profitably

28
Q

What are the four marketing concepts?

A

Marketing orientation
Sales orientation
Production orientation
Product orientation

29
Q

What is marketing orientation?

A

Business focuses on the off potential customers as the basis for its operations. It’s success is dependent on developing and marketing products that satisfy those needs

30
Q

What is sales orientation?

A

Main purpose is to sell more of the product or services already available. There is no attempt to identify customer needs nor create products or services which will satisfy them

31
Q

What is production orientation?

A

Main aim is to make as many units as possible. Customer needs are secondary to increasing output

32
Q

What is product orientation?

A

The company becomes obsessed with developing a highly sophisticated and expensive product way beyond the needs of customers

33
Q

What are consumer markets?

A

Products/services bought for the use of individuals and their families:
Fast moving consumer goods
Consumer durables
Services

34
Q

What are consumer markets?

A

Products/services bought for the use of individuals and their families:
Fast moving consumer goods
Consumer durables
Services

35
Q

What are industrial markets?

A

Products/services bought for the use of companies:
Raw materials
Components
Capital goods
Supplies
Services

36
Q

What are characteristics of industrial marketing?

A

Small number of large customers
Large purchase size
Expert buyers - rational decisions - based on technical/detailed specifications
High bargaining power
Complex negotiation

37
Q

What is the marketing mix?

A

The set of controllable marketing variables that a firm blend to produce the response it wants in the target market

38
Q

What are the 4/7Ps off the marketing mix?

A

Product
ProMotion
Place
Price
People
Processes
Physical evidence

39
Q

What is market segmentation?

A

The division of the market into homogenous groups of potential customers who may be treated similarly for marketing purposes

40
Q

What are operations?

A

Involves the transformational princess of changing inputs into outputs in order to add value. Operations management involves the design, creation, implementation and control of these processes

41
Q

What are the four vs?

A

Volume
Variety
Variation in demand
Visibility

42
Q

What is pure research?

A

Intended to gain new scientific or technical understanding although there is no commercial view point in mind

43
Q

What is applied research?

A

Research aimed at achieving an obvious commercial or practical view point

44
Q

What is development?

A

Takes existing scientific or technical knowledge and uses it to produce new products or systems intended for commercial production

45
Q

What is procurement?

A

The acquisition of goods and/or services

46
Q

What are the main factors of excitement to consider?

A

Quantity
Quality
Price
Lead time

47
Q

What are the five rights of procurement?

A

They highlight what must go well for a supply chain to be deemed effective
Right quality
Right quantity
Right price
Right place
Right time

48
Q

What is a supply chain?

A

The network of organisations, their systems, resources and activities that are required to turn raw resources into a product or service for the end consumer

49
Q

What is an integrated supply chain?

A

Members of the supply chain working collaboratively with the shared goal of satisfying the ultimate consumer through quality and efficiency. This can be facilitated by integrated integration systems

50
Q

What is human resource management?

A

The creation, development and maintenance of an effective workforce, matching the requirements of the organisation and responding to the environment

51
Q

What are the functions of hrm?

A

Personnel planning and control
Job analysis and design
Recruitment and selection
Training and development
Performance appraisal
Discipline, demotion and dismissal
Remuneration and compensation schemes
Meeting legal and ethical standards
Personnel records
Communication/counselling
Workforce diversity issues

52
Q

What is the harvards 4 Cs model which can be used to evaluate the effectiveness of HRM?

A

Commitment
Competence
Congruence
Cost effectiveness

53
Q

What is organisational behaviour?

A

The understanding of individual behaviour, group behaviour and patterns of structure in order to improve organisational efficiency and performance

54
Q

What are overt parts of the business?

A

Visible things such as
Rules/regulations
Products
Physical assets
Financial resources

55
Q

What are covert parts of the business?

A

Invisible things like behaviours such as
Attitudes
Personalities
Conflict
Informal communication

56
Q

What is motivation?

A

A reason for acting in a certain way

57
Q

What are tuckmans stages of development through which groups proceed?

A

Forming
Storming
Morning
Performing

58
Q

What is forming?

A

Initially a collection of individuals

59
Q

What is storming?

A

Members compete for group roles

60
Q

What is norming?

A

Group norms emerge

61
Q

What is performing?

A

Operating to full potential

62
Q

What are belbins group roles?

A

The leader - coordinates the group
The shaper - promotes activity
The plant - thoughtful and thought provoking
The monitor-evaluator - criticises ideas
The resource-investigator - adds to others ideas
The company worker (implementer) - administrator and scheduler
The team worker - defuses potential conflicts
The finisher - progress chaser
The specialist/expert - if required

BTF (14 decks)

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