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Business Studies Year 11 > Business Management > Flashcards

Business Management Flashcards

1
Q

Definition and challenges of management

A
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2
Q

Skills of management

A
  1. Interpersonal Skills
  2. Communication skills
  3. Vision
  4. strategic thinking
  5. problem solving
  6. flexibility / adaptability
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3
Q

Reconciling conflicting interests

Stakeholder Engagment

A

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

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4
Q

Goals

Definition and importance

A

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.

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5
Q

Types of Goals

There are two distinct types

OP, goals are OP.

A

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.

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6
Q

S.M.A.R.T. Goals

A
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7
Q

```

Financial Goals

A
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8
Q

Non-financial Goals

A
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9
Q

Staff Involvement

Why?; training, motiviation, mentoring

A
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10
Q

Management Approaches

List the three major approaches

A
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11
Q

Classical-Scientific Management

Define, founder, 4 pinciples

A
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12
Q

Classical-Scientific Management

Advantages / Disadvantages

A
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13
Q

Classical-Bureaucratic Management

Define, features

A
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14
Q

Classical-Bureaucratic Managment

Advantages / Disadvantages

A
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15
Q

First 3 Essential Skills of Management

A
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16
Q

Behavioural Management

Define, founder, features

A
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17
Q

Behavioural Management

Advantages / Disadvantages

A
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18
Q

Final 3 Essential Skills of Management

A
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19
Q

Contingency Management

Description and Features

A
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20
Q

Contingency Management

Adv / DAvd

A
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21
Q

Leadership

Definition, continuum

A
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22
Q

Leadership - Autocratic

Definition, features, adv, dadv

A
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23
Q

Leadership - Participative / Democratic

Define, features, adv, dadv

A
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24
Q

Management Process

Four key functions; basic definition

A
25
Q

Operations

Define and purpose

A
26
Q

Operations

inputs - types

A
27
Q

Operations

Transformation

A
28
Q

Operations

Outputs - Type

A
29
Q

Operations

Manufacturinbg (Secondary)

A
30
Q

Operations

Service Business (tertiary)

A
31
Q

OperationsOperations

Quality Management

A
32
Q

Marketing

Definition and purpose

A
33
Q

Marketing

Target Market

A
34
Q

Marketing

Segmentation - Four Variables

A
35
Q

Marketing

The 4 Ps - Marketing mix

A
36
Q

Marketing

Product strategies

A
37
Q

Marketing

Price strategies

A
38
Q

Marketing

Promotion strategeies

A
39
Q

Marketing

Place (Distribution) strategies

A
40
Q

Financial Management

Define and purpose

A
41
Q

Financial Management

Cash flow statement - features and purpose

A
42
Q

Financial Management

Income statement - features and purpose

A
43
Q

Financial Management

Balance sheet - features and purpose

A
44
Q

Financial Management

Balance Sheet - accounting equation and terms

A
45
Q

Human resources management

define and purpose

A
46
Q

Human resources management

1: acquisition and recruitment

A
47
Q

Human resources management

2: Training and devleopment

A
48
Q

Human resources management

3: Maintenance

A
49
Q

Human resources management

4: separation

A
50
Q

Human resources management

Contracts - rights responsibilities

A
51
Q

Human resources management

Legal - NES and Fair Work Act 2009

A
52
Q

Ethics

Feine and importance

A
53
Q

Ethics

Issues

A
54
Q

Managing Change

Definition and challeneges

A
55
Q

Managing Change

Transformative Vs. Incremental

A
56
Q

Managing Change

Impacts of change - 4 factors

A
57
Q

Managing Change

Low risk vs high risk change strategies

A
58
Q

Managing Change

Resistance to change

A
59
Q

Managing Change

Strategies to reduce resistance

A

Business Studies Year 11 (3 decks)

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