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UNI > Business management 2.0 > Flashcards

Business management 2.0 Flashcards

1
Q

What is the definition of management?

A

The process of coordinating people and other resources to achieve the goals of an organization.

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2
Q

How do managers add value?

A

Create value by delivering goods and services that make the
customers feel better.

Increasing the relationship between customer and organisation by providing goods/services that they require and will benefit from therefore adding value.

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3
Q

What is the hierarchy of management?

A
  • General managers
  • Line managers
  • Staff managers
  • Project managers
  • Entrepreneurs

These can be organised by a senior manager.

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4
Q

What is a general manager?

A

Responsible for overall unit performance and relies on
managers in charge of each function.

small Org may have one or two general managers.

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5
Q

What is a line manager?

A

In charge of a function which creates value directly by supplying products or services to customers. They and their staff are in direct contact with customers.

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6
Q

What is a staff manager?

A

In charge of finance, hr, operations, and marketing who
support the line managers. Not usually in direct contact with
external customers.

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7
Q

What is a project manager?

A

In charge of temporary teams created to plan/ implement
change. Short term and go back to line job when change complete

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8
Q

What is an entrepreneur?

A

People who can see opportunities in the market. Mobilize
resources quickly to deliver a profitable product or
service.

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9
Q

How do managers aim to influence businesses?

A

Processes of managing
– how people work together, what they say or do to complete
their task
Tasks of managing
– actual things managers must do, a duty schedule, a piece of software, a report
Shaping contexts
– (environment, situation) – the setting in which people work

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10
Q

How do managers influence the business?
(Planning)

A

Planning – overall direction of work.

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11
Q

How do managers influence the business?
(Organising)

A

Allocating resources, time, effort

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12
Q

How do managers influence the business?
(Activating/Leading)

A

Generating effort and commitment
towards objectives.

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13
Q

How do managers influence the business?
(controlling)

A

Monitor progress, compare with a plan,
and adjust if needed.

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14
Q

What is the purpose of planning?

A

Clarify direction
Motivate
Use resources effectively
Increase control

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15
Q

What are the 5 generic elements of planning?

A

Gathering info
Setting goal
Specifying what had to be done to achieve said goal
Implementing what must be done
Monitoring progress

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16
Q

How would you gather info?

A

Informal- from casual encounters
Formal- analysis of economic and market trends
Competitive- five forces analysis
General- PESTEL analysis
Internal sources- customer data
External sources-public (census analysis) Private (market research)
SWOT

17
Q

What are the five forces?

A

Threats of new entrants
Threats of substitutes
Bargaining power of buyers
Bargaining power of suppliers
Rivalry amongst existing competitors

18
Q

Other planning techniques?

A

Critical success analysis-Aspects of strategy that
must be achieved to secure comparative advantages.

Forecasting-Using past to predict the future.

Sensitivity analysis-Test effects of change in a variable. What are the +/- effects of tax rates on sales?

Scenario planning-How alternatives and plausible futures could affect business. How external forces such as war, technological change, climate change,

19
Q

Why do businesses set goals?

A

Goals (or objectives) give a task focus.
Goals with a set timetable provide a reference point for other decisions.
Ensuring that goals are motivational.

20
Q

What is decision-making?

A

Decisions are choices about how to act in relation to organisational inputs, outputs, and transformation processes.

21
Q

What decisions do managers make?

A

What should be done
* How should it be done
* When and by Whom should it be done
* Is the choice working?

22
Q

What are the diverse types of decisions?

A

A commitment to action (use of resources)
* Strategic or operational
* Programmed or non-programmed
* Dependent or independent

23
Q

What is autocratic decision-making?

A

Managers make the decision themself with only the information currently available to them, without requiring any further input from their team

24
Q

What is an information-seeking decision-making style?

A

Managers collect the information they need from their staff/colleagues but still make the decision themselves

25
Q

What is consulting decision-making?

A

Manager shares the problem and seeks suggestions from individuals one at a time, but still decides alone

26
Q

What is negotiating decision-making?

A

Negotiating is like consulting, but it involves those consulted, discussing the decision amongst themselves. Although the manager still decides alone

27
Q

What is group decision-making?

A

The group is more democratic. The problem is shared, and the group decides, with the manager acting more like a chairperson

28
Q

What are the advantages and disadvantages of the vroom yetton model?

A

Flexible and can be used in many situations.
* There are also issues regarding the ability to
function with a large team or group of
people

29
Q

What is the definition of communication?

A

Communication is the exchange of information through written or spoken words, symbols
and actions to reach a mutual understanding

30
Q

What is a sender?

A

The person who initiates the conversation

31
Q

What is encoding?

A

Process of selecting certain words or non-verbal methods (symbols, signs, body gestures) to translate the information so it can be communicated

32
Q

What is a communication channel?

A

How the message will be delivered. You should find the
most suitable to make the message effective and avoid it being misinterpreted

33
Q

What is a receiver?

A

The receiver is the person the message is for

34
Q

What is decoding?

A

The receiver interprets the message to try and understand it.

35
Q

What is feedback?

A

How the receiver makes sure they have interpreted the message correctly as the sender intended it.

36
Q

What is noise?

A

The communication barrier or barriers that prevent effective
communication.

UNI (24 decks)

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