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Yr11 Business Studies > Business management > Flashcards

Business management Flashcards

1
Q

Main aspects of management

A 
Working with and through others
coping with changes to business environment
getting most from limited resources
achieving goals of businesses
balancing efficiency and effectiveness
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2
Q

Management skills

A

Interpersonal skills
communication skills
problem solving and decision making skills
flexibility and adapting to change skills
re conciliating the conflicting needs of stakeholders

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3
Q

What are smart goals

A 
Specific 
measurable 
achievable
realistic
timebound
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4
Q

Financial business goals

A

maximise profits
maximise growth
increase market share
improve share price

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5
Q

Business goals non-financial

A

social goals (community service, provision employment)
environmental goals
personal goals of owner/manager

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6
Q

How to involve staff

A

motivation
training
mentoring

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7
Q

What are main ways to motivate staff

A

safe work environment
delegate responsibility
communicate regularly with staff

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8
Q

Main management approaches

A

Classical approach
Behavioural approach
Contingency approach

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9
Q

Main features of classical approach

A

management as planning/organising/controlling
hierarchical organisational structure
autocratic leadership style

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10
Q

behavioural approach features

A

management as leading/motivating/communicating
teams
participative/democratic leadership style

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11
Q

Contingency approach

A

adapting to changing circumstances

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12
Q

Main management roles

A

combine the business resources to effectively achieve business goals

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13
Q

What is transformation process

A

Where business transforms inputs into goods and services that customers are willing to pay for

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14
Q

What are inputs

A

Transformed resources which include material, information and people such as customers

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15
Q

What are three main strands of quality management

A

quality control, quality assurance and quality improvement

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16
Q

what is quality control

A

sets minimum quality for goods/services, review of everything involved in production process

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17
Q

what is quality assurance

A

monitoring and evaluating production process person outside of production process

18
Q

what is quality improvement

A

improves rate at which mistakes occur in production

19
Q

what is target market

A

specific segment of total market that product is aimed at

20
Q

What is the marketing mix

A

Product
Price
Place
Promotion

21
Q

What is distribution channel

A

The link between producers and customers

22
Q

Main types of distribution intensity

A

intensive channel distribution
selective channel distribution
exclusive channel distribution

23
Q

What does distribution intensity effect

A

affects type of customer
perception of product
ease of access

24
Q

What is indirect distribution

A

when firms sell products through intermediaries such as retailers

25
Q

What is direct distribution

A

when firms distribute directly to customers

26
Q

What is intensive channel distribution

A

product is made available in as many places as possible

27
Q

What is selective channel distribution

A

used when availability of product and number of distribution channels is limited

28
Q

What is exclusive channel distribution

A

Individual outlets are given exclusive distribution rights usually expensive goods

29
Q

Three types of significant financial statements

A

cash flow statements
income statement
balance sheet

30
Q

How is cash flow statement calculated

A

forecast monthly cash inflows and outflows of business

cash balance+cash inflows (receipts)-cash outflows (payments)=cash situation at end of month

31
Q

How is income statement (profit and loss statement) calculated

A 
outlines revenue (sales) and operating expenses
sales revenue=goods sold 
cost of goods sold (COGS)=opening stock+purchases-closing stock
Expenses=total operating costs
gross profit=sales revenue-COGS
Net profit=gross profit-expenses
32
Q

what is balance sheet

A 
shows financial position of business
shows short and long term assets (what business owns)
short and long term liabilities (what business owes)
and equity (capital provided by business)
33
Q

What is accounting equation

A

total equity=assets-liabilities or assets=liabilities+total equity

34
Q

What are human resources

A

the systems that have been developed to manage people within organisation

35
Q

What does HR involve

A 
planning of staff needs
recruitment
maintenance of employees
training and development
employment contracts
separation of employees
36
Q

Employment cycle

A 
identifying staff needs
recruitment
on-boarding
training and development
retention
separation
37
Q

Four strands of training

A

induction
performance appraisal
training
development

38
Q

different types of marketing approaches

A

mass marketing approach
segmented
niche

39
Q

purpose of goals

A

serve as targets

40
Q

How to calculate profit of balance sheet

A

total assets -liabilities-owners equity

Yr11 Business Studies (4 decks)

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