Business Management Flashcards
Definition and challenges of management
Skills of management
- Interpersonal Skills
- Communication skills
- Vision
- strategic thinking
- problem solving
- flexibility / adaptability
Reconciling conflicting interests
Stakeholder Engagment
Shareholder vs society
Shareholder vs employee
Stakeholder engagment refers to the provocative actions of management seeking input from stakeholders and actively involving them in deicison making
Goals
Definition and importance
Goals are desired outcomes (target) that an individual, team, or entire firm intends to achieve within a certain time frame. They are important because they:
- act as a target, focus and energy put in direction
- used as measuring stick, track progress / improvement
- can motivate, inspire the best of people
- increased commitment, when internalised, they become personal achievements.
Types of Goals
There are two distinct types
OP, goals are OP.
Outcome Based Goals: These represent the END RESULT OF AN ACTIVITY. EG. profit levels, market share percentage, total weight loss etc. Necessary but demotivating if too high. Large goals must be broken into incremental goals.
Process Based Goals: These focus on the ACTIONS YOU TAKE IN PURSUIT OF THE END RESULT. EG. improve customer service and adding new products, developing marketing strategies.
S.M.A.R.T. Goals
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Financial Goals
Non-financial Goals
Staff Involvement
Why?; training, motiviation, mentoring
Management Approaches
List the three major approaches
Classical-Scientific Management
Define, founder, 4 pinciples
Classical-Scientific Management
Advantages / Disadvantages
Classical-Bureaucratic Management
Define, features
Classical-Bureaucratic Managment
Advantages / Disadvantages
First 3 Essential Skills of Management
Behavioural Management
Define, founder, features
Behavioural Management
Advantages / Disadvantages
Final 3 Essential Skills of Management
Contingency Management
Description and Features
Contingency Management
Adv / DAvd
Leadership
Definition, continuum
Leadership - Autocratic
Definition, features, adv, dadv
Leadership - Participative / Democratic
Define, features, adv, dadv
Management Process
Four key functions; basic definition
Operations
Define and purpose
Operations
inputs - types
Operations
Transformation
Operations
Outputs - Type
Operations
Manufacturinbg (Secondary)
Operations
Service Business (tertiary)
OperationsOperations
Quality Management
Marketing
Definition and purpose
Marketing
Target Market
Marketing
Segmentation - Four Variables
Marketing
The 4 Ps - Marketing mix
Marketing
Product strategies
Marketing
Price strategies
Marketing
Promotion strategeies
Marketing
Place (Distribution) strategies
Financial Management
Define and purpose
Financial Management
Cash flow statement - features and purpose
Financial Management
Income statement - features and purpose
Financial Management
Balance sheet - features and purpose
Financial Management
Balance Sheet - accounting equation and terms
Human resources management
define and purpose
Human resources management
1: acquisition and recruitment
Human resources management
2: Training and devleopment
Human resources management
3: Maintenance
Human resources management
4: separation
Human resources management
Contracts - rights responsibilities
Human resources management
Legal - NES and Fair Work Act 2009
Ethics
Feine and importance
Ethics
Issues
Managing Change
Definition and challeneges
Managing Change
Transformative Vs. Incremental
Managing Change
Impacts of change - 4 factors
Managing Change
Low risk vs high risk change strategies
Managing Change
Resistance to change
Managing Change
Strategies to reduce resistance
