Business management Flashcards
Main aspects of management
Working with and through others coping with changes to business environment getting most from limited resources achieving goals of businesses balancing efficiency and effectiveness
Management skills
Interpersonal skills
communication skills
problem solving and decision making skills
flexibility and adapting to change skills
re conciliating the conflicting needs of stakeholders
What are smart goals
Specific measurable achievable realistic timebound
Financial business goals
maximise profits
maximise growth
increase market share
improve share price
Business goals non-financial
social goals (community service, provision employment)
environmental goals
personal goals of owner/manager
How to involve staff
motivation
training
mentoring
What are main ways to motivate staff
safe work environment
delegate responsibility
communicate regularly with staff
Main management approaches
Classical approach
Behavioural approach
Contingency approach
Main features of classical approach
management as planning/organising/controlling
hierarchical organisational structure
autocratic leadership style
behavioural approach features
management as leading/motivating/communicating
teams
participative/democratic leadership style
Contingency approach
adapting to changing circumstances
Main management roles
combine the business resources to effectively achieve business goals
What is transformation process
Where business transforms inputs into goods and services that customers are willing to pay for
What are inputs
Transformed resources which include material, information and people such as customers
What are three main strands of quality management
quality control, quality assurance and quality improvement
what is quality control
sets minimum quality for goods/services, review of everything involved in production process
what is quality assurance
monitoring and evaluating production process person outside of production process
what is quality improvement
improves rate at which mistakes occur in production
what is target market
specific segment of total market that product is aimed at
What is the marketing mix
Product
Price
Place
Promotion
What is distribution channel
The link between producers and customers
Main types of distribution intensity
intensive channel distribution
selective channel distribution
exclusive channel distribution
What does distribution intensity effect
affects type of customer
perception of product
ease of access
What is indirect distribution
when firms sell products through intermediaries such as retailers
