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Intro To Business Management > Business Management > Flashcards

Business Management Flashcards

1
Q

Define the nine parts of a business plan

A

Customer segmentation

Value proposition

Channels

Customer Relationships

Revenue Streams

Key Resources

Key Activities

Key Partnerships

Cost Structure

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2
Q

Name two successes that a manager is aiming for

A

Organisational success - success of the organisation

Career success - their own success

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2
Q

Name the 4 costs of quality

A

Prevention cost - planning

Apprasial cost - measurement

Internal failure - before it leaves business i.e. waste

External failure - after it gets to customer

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3
Q

Define product / portfolio analysis

A

Boston matrix

Product life cycle

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4
Q

Name the last 2 evolutions of quality management

A

Company Wide Quality Control - Measured thoughout the function connected to production

Total Quality management - Measured throughout the whole company

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5
Q

Name three tasks that can maximise performance

A

Job rotation

Expanded responsiblities

Training (on and off the job)

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6
Q

Define business model

A

A business model describes the rationale of how an organization creates, delivers, and captures value

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6
Q

Name the five approaches to quality

A

Transcendant

Product based

User based

Production based

Value based

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6
Q

Explain the user based approach to quality

A

Viewed from user’s perspective and is dependent on how well does the product meet needs of the consumer.

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7
Q

Goals for HRM

A
  • Getting the right people
  • Maximizing their performance and potential
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7
Q

Name 4 tasks that a manager has to do effectively

A

Recruit

Train

Reward

Evaluate

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8
Q

What 4 roles does a manager need to perform

A
  • Recruit and select the right people
  • Effectively train people in your unit
  • Effectively evaluate employees’ performance
  • To determine reward systems that will motivate employees to perform at a high level
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8
Q

Name three tasks that get the right employees

A

Forecasting demand

Analysing supply

Giving relevant info to applicants

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8
Q

What does high quality do for the business

A

Puts costs down and revenue up

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9
Q

What are the three steps for generating strategic options

A
  • The basis for achieving competitive advantage.
  • Exploring alternative strategic directions.
  • Alternative methods to employ in pursuit of a strategic direction.
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11
Q

Define revenue streams

A
  • For what value are our customers really willing to pay?
  • For what do they currently pay?
  • How are they currently paying? How would they prefer to pay?
  • How much does each Revenue Stream contribute to overall revenues?
12
Q

Name the 4 p’s in the toyota way

A

Problem solving

People

Process

Philosophy

13
Q

Define quality

A

How well the product produced suits the customers needs and requirements

15
Q

Define internal analysis

A

Allows the company to look at itself to see where it can improve in both the long term and short term.

16
Q
A
18
Q

Define analysing the environment

A

Looking at the external forces (e.g. pestlec) could be macro or micro

20
Q

Define Cost Structure

A
  • What are the most important costs inherent in our business model?
  • Which Key Resources are most expensive?
  • Which Key Activities are most expensive?
21
Q

Name the 8 attributes of quality

A

Serviceability

Durability

Percieved Quality

Aesthetics

Performance

Features

Reliability

Conformance

22
Q

Define customer segments

A

For whom are we creating value?

Who are our most important customers?

23
Q

Explain the production based quality approach

A

Measured in how well it conforms to the specification

24
Q

Explain the value based approach to quality

A

Quality is satisfactory, if it provides desired performance at an acceptable price

25
Q

Name the first 4 evolutions of quality management

A

Mass Inspection

Quality Control - baasic planning

Quality Assurance - effort on prevention

Total Quality Control - testing inputs & equipment

26
Q

Explain the transcendant approach to quality

A

No subjective judgement and is estimated by looking at the product

28
Q

Define business plan

A

A written document that describes in detail how a new business is going to achieve its goals.

29
Q

Define the five phases of a channel

A
  1. Awareness
  2. Evaluation
  3. Purchase
  4. Delivery
  5. After Sales
30
Q

Define strategic planning

A

Involves setting goals for the medium term (3 to 5 years) that stretch the business, but the strategic planning element of a business plan should focus on the tangible and concrete rather than the inspirational elements.

32
Q

Explain product based approach to quality

A

Uses a industry benchmark to assess everyones products

33
Q

Define SWOT analysis

A

The analysis of Strengths, Weaknesses, Opportunities and Threats brings together the results of the analysis of the firm (internal), the environmental analysis (external) and the portfolio analysis.

34
Q

Define percieved quality

A

The gap between what the customer expects and what they get.

35
Q

Define the ways that a channel can be distingushed

A

Own / Partner

and

Indirect / Direct

Intro To Business Management (5 decks)

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