business unit 3 aos1 definitions Flashcards

1
Q

consultative management style

A

where the manager consults employees before making decisions

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2
Q

management styles types

A

autocratic, persuasive, consultative, participative, laissez-faire

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3
Q

participative management style

A

where the manager unites with staff to make decisions together

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4
Q

autocratic management style

A

where the manager tells the staff what decisions have been made

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5
Q

laissez faire management style

A

where the employees assume total responsibility and control of operations

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6
Q

management styles

A

the behaviour and attitude of the manager when making decisions, directing staff, and implementing plans to achieve business objectives

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7
Q

persuasive management style

A

where the manager attempts to ‘sell’ the decisions made

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8
Q

communication

A

the ability to transfer information from a sender to a receiver and listen to feedback

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9
Q

decision making

A

the ability to identify options available and choose a specific course of action from the alternatives

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10
Q

delegation

A

the transfer of authority and responsibility from a manager to employee to carry out specific activities

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11
Q

interpersonal skills

A

the ability to deal or lialise with people and build positive relationships with staff

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12
Q

leading

A

the ability to influence or motivate people to work towards achieving a business objective

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13
Q

planning

A

the ability to define business objectives and decide on the strategies to achieve them

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14
Q

management skills

A

the abilities or competencies that managers use to achieve business objectives

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15
Q

corporate culture

A

the values, ideas, expectations and beliefs shared by members of the business

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16
Q

directors

A

individuals who have overall responsibility for managing the company’s business activities

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17
Q

interest groups

A

organisations who attempt to directly influence a business’s activities, policies, or processes

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18
Q

key performance indicators

A

specific criteria used to measure the efficiency and effectiveness of a business’s performance

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19
Q

efficiency

A

how well a business uses resources to achieve objectives

20
Q

effectiveness

A

the degree to which a business has achieved its stated objectives

21
Q

competitive advantage

A

when a firm, industry, or economy has a lower cost price structure than its rivals

22
Q

competitors

A

individuals/businesses that offer rival goods

23
Q

contingency management theory

A

stresses the need for flexibility and the adaptation of management styles to suit the situation

24
Q

limited liability

A

when the shareholders in a company wont be held responsible for the debts of the business

25
Q

partnership

A

a business owned by two or more people with unlimited liability

26
Q

private listed company

A

an incorporated business that has a minimum of one shareholder and a maximum of 50 non-employee shareholders

27
Q

public listed company

A

an incorporated business with a minimum of one shareholder and no maximum

28
Q

social enterprise

A

a business with the objectives of fulfilling a social need

29
Q

sole trader

A

business owned and operated by one person with unlimited liability

30
Q

government business enterprise

A

A business that’s government owned and operated

31
Q

liquidation

A

the process of converting a business’s assets into money to pay off debts, with remaining assets being distributed to shareholders

32
Q

incorporation

A

the process that businesses go through to become a registered company and separate legal entity

33
Q

unlimited liability

A

when the business owner is personally responsible for all the business’s debts

34
Q

market share

A

the percentage of total sales in a given market/industry that’s held by a business

35
Q

tactical planning

A

flexible medium term planning over one-two years that assists in implementing the strategic plan

36
Q

strategic planning

A

long term planning over two-five years

37
Q

strategies

A

the actions that a business takes to achieve its objectives

38
Q

suppliers

A

businesses or individuals who supply resources to a business so it can conduct its operations

39
Q

shareholders

A

owners of a business that have bought its shares and expect returns back

40
Q

stakeholders

A

group or individuals who interact with a business and have a vested interest in the business

41
Q

characteristics of stakeholders

A

interests, potential conflicts, csr considerations

42
Q

types of businesses

A
  • Sole trader
  • Partnership
  • Private limited company
  • Public listed company
  • Social enterprise
  • Government business enterprise
43
Q

Areas of management responsibility

A

operations, finance, human resources, sales and marketing, technology support

44
Q

management skills types (6)

A
  • Communicating
  • Delegating
  • Planning
  • Leading
  • Decision making
  • Interpersonal
45
Q

business objective types (5)

A
  • To make a profit
  • To increase market share
  • To fulfil a market need
  • To fulfil a social need
  • To meet shareholder expectations