Business Managment: Nature of Management Flashcards
Nature of Managment
What Is a manager?
Someone who coordinates the business’ limited resources in order to achieve goals.
Features of managment
- working with employees
- using resources efficiently and effectively.
List the managment skills
Interpersonal
Communication
Strategic thinking
Vision
Problem solving
Decision making
Flexiblity
Adaptability to change
Reconciling the conflicting interests of stakeholders
Interpersonal skills
Work and communicate with people to understand their needs.
Communication
Effectively saying what you mean and listen
- verbal e.g. meetings
- non verbal e.g. body language
Strategic thinking
The ability to see the broader picture.
Vision
Shared sense of direction that allows people to recieve a certain goal.
Problem solving
Searching for different ways to solve and issue
Decision making
Choosing a soloution
Flexibility & Adapatability to change
Being able to anticipate and adjust to change.
What are Goals?
A desire outcome to be achieved within a certain time period.
Reconciling the conflicting interest of stakeholders
Managers need to satisfy both stakeholders interest through compromise and problem solving.
What does SMART stand for
S: Specific
M: Measurable
A: Achievable
R: Realistic
T: Time Bound
List the financial Goals
- Maximise profit
- Increase market share
- Increase growth
- Increase share price
Maximise Profit
Managers aim to increase their profit because only businesses that are making money suceed.
