2: Managing a Business Flashcards
What are the four things management do?
Planning
Organising
Controlling
Leading
What is power, and the 7 types?
The ability to get things done
Reward
Coercive
Referent
Expert
Legitimate
Negative
Define authority?
The right to something or the right to request and expect another person to do something
Define responsibility?
The obligation a person has to fulfil a task assigned to them
Define accountability?
Liability to be called into account for the fulfillment of a task
Cant be delegated
What is delegation?
Giving a subordinate the responsibility and authority to carry out a given task
Four types of manager
Line manager - direct authority over subordinates
Staff manager - authority in advisory capacity
Functional manager - hybrid of above
Project manager - temporary team manager
3 key manager roles
Informational
Interpersonal
Decisional
What is culture?
The common assumptions, values and beliefs that people share
The four types of business culture?
Human relations culture
- flexible
- inward looking
Open systems culture
- flexible
- outward looking
Rational goal culture
- controlled
- outward looking
Internal Process culture
- controlled
- inward looking
What are the 5 key functions of a business
Marketing
Operations
HR
Finance
IT
What are the four marketing concepts
Marketing orientation
Sales orientation
Production orientation
Product orientation
What are the two markets marketing works in?
Consumer markets - things bought for the use of individuals and their families
Industries markets - products bought for the use of companies
What are the 4ps (and 7ps)
Marketing
Product - what they are buying
Promotion - raising awareness
Place - distribution
Price - what is charged
For service industry:
People - employees who provide service
Processes - the order
Physical evidence - appearance
6 key strategies for digital marketing?
Search engine optimisation
Pay per click
Social media marketing
Content marketing
Affiliate marketing
Email marketing
What is operations?
Transformational process of changing input into outputs to add value
Involves design, creation, implementation and control
What are the four Vs involved in operations?
Volume
Variety
Variation in demand
Visibility
Three kinds of R&D involved in operations?
Pure research - new science, no commercial view
Applied research - research aimed at obvious commercial view
Development - taking existing science, applying it to produce new products
What are the four aspects of procurement?
Quantitiy
Quality
Price
Lead times
What’s an integrated supply chain?
Members of the supply chain working collaboratively with shared goals.
Facilitated by integrated information systems
Two approaches to HR?
Hard - emphasis on resource element
Soft - emphasis on human element
What are the four Cs used when evaluating HR effectiveness?
Commitment
Competence
Congruence
Cost effective
Four IT considerations?
Plan in house IT activities
Consider outsourcing or external help
Beware of IT possibilities
Innovation and investment
What is the organisational iceberg?
The balance between:
Overt (visible) parts of the business
Covert (invisible) behaviours of the business
Maslow’s heirarchy of needs?
Self fulfilment
Ego
Social
Safety
Basic
What are Tuckman’s 4 stages of groups?
Forming - collection of individuals
Storming - members for group roles
Norming - group norms emerge
Performing - operating to full potential
What are Belbin’s 9 group roles?
Leader
Shaper
Plant
Monitor-evaluator
Resource-investigator
Company worker
Team worker
Finisher
Specialist/expert
What are Likert’s leadership styles?
Exploitative authorative - act as individuals
Benevolent authorative
Consultative
Participative - act as team
Define a function manager?
Has authority in certain areas over other departments
Ie. An IT manager implementing systems used by many departments
What is a staff manager?
Gives advice and guidance to another.
Closest to HR
What are Mintzberg’s managerial roles?
Interpersonal: listening to employees and giving feedback
Decisional: making decisions
Informational: distributing info to staff, including disseminating
What is a marketing mix?
A set of variables managed to achieve a desired response from the company’s various target markets
What are influencers an example of?
Affiliate marketing
