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Business, Finance, Technology > 2: Managing a Business > Flashcards

2: Managing a Business Flashcards

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1
Q

What are the four things management do?

A

Planning

Organising

Controlling

Leading

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2
Q

What is power, and the 7 types?

A

The ability to get things done

Reward
Coercive
Referent
Expert
Legitimate
Negative

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3
Q

Define authority?

A

The right to something or the right to request and expect another person to do something

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4
Q

Define responsibility?

A

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

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5
Q

Define accountability?

A

Liability to be called into account for the fulfillment of a task

Cant be delegated

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6
Q

What is delegation?

A

Giving a subordinate the responsibility and authority to carry out a given task

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7
Q

Four types of manager

A

Line manager - direct authority over subordinates

Staff manager - authority in advisory capacity

Functional manager - hybrid of above

Project manager - temporary team manager

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8
Q

3 key manager roles

A

Informational

Interpersonal

Decisional

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9
Q

What is culture?

A

The common assumptions, values and beliefs that people share

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10
Q

The four types of business culture?

A

Human relations culture
- flexible
- inward looking

Open systems culture
- flexible
- outward looking

Rational goal culture
- controlled
- outward looking

Internal Process culture
- controlled
- inward looking

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11
Q

What are the 5 key functions of a business

A

Marketing
Operations
HR
Finance
IT

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12
Q

What are the four marketing concepts

A

Marketing orientation

Sales orientation

Production orientation

Product orientation

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13
Q

What are the two markets marketing works in?

A

Consumer markets - things bought for the use of individuals and their families

Industries markets - products bought for the use of companies

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14
Q

What are the 4ps (and 7ps)

A

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

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15
Q

6 key strategies for digital marketing?

A

Search engine optimisation
Pay per click
Social media marketing
Content marketing
Affiliate marketing
Email marketing

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16
Q

What is operations?

A

Transformational process of changing input into outputs to add value

Involves design, creation, implementation and control

17
Q

What are the four Vs involved in operations?

A

Volume
Variety
Variation in demand
Visibility

18
Q

Three kinds of R&D involved in operations?

A

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

19
Q

What are the four aspects of procurement?

A

Quantitiy

Quality

Price

Lead times

20
Q

What’s an integrated supply chain?

A

Members of the supply chain working collaboratively with shared goals.

Facilitated by integrated information systems

21
Q

Two approaches to HR?

A

Hard - emphasis on resource element

Soft - emphasis on human element

22
Q

What are the four Cs used when evaluating HR effectiveness?

A

Commitment

Competence

Congruence

Cost effective

23
Q

Four IT considerations?

A

Plan in house IT activities

Consider outsourcing or external help

Beware of IT possibilities

Innovation and investment

24
Q

What is the organisational iceberg?

A

The balance between:

Overt (visible) parts of the business

Covert (invisible) behaviours of the business

25
Q

Maslow’s heirarchy of needs?

A

Self fulfilment
Ego
Social
Safety
Basic

26
Q

What are Tuckman’s 4 stages of groups?

A

Forming - collection of individuals
Storming - members for group roles
Norming - group norms emerge
Performing - operating to full potential

27
Q

What are Belbin’s 9 group roles?

A

Leader
Shaper
Plant
Monitor-evaluator
Resource-investigator
Company worker
Team worker
Finisher
Specialist/expert

28
Q

What are Likert’s leadership styles?

A

Exploitative authorative - act as individuals

Benevolent authorative

Consultative

Participative - act as team

29
Q

Define a function manager?

A

Has authority in certain areas over other departments

Ie. An IT manager implementing systems used by many departments

30
Q

What is a staff manager?

A

Gives advice and guidance to another.

Closest to HR

31
Q

What are Mintzberg’s managerial roles?

A

Interpersonal: listening to employees and giving feedback

Decisional: making decisions

Informational: distributing info to staff, including disseminating

32
Q

What is a marketing mix?

A

A set of variables managed to achieve a desired response from the company’s various target markets

33
Q

What are influencers an example of?

A

Affiliate marketing

Business, Finance, Technology (14 decks)

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