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BusMan 113 > Ch 13, 3, 5, 6, 8, 9 > Flashcards

Ch 13, 3, 5, 6, 8, 9 Flashcards

1
Q

Advantages of using Technology in Business?

A

Organised
Speedy
Creativity
Mobility
Faster Growth

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2
Q

Risk of Technology?

A

Cybersecurity and risk management
Regulatory compliance and governance

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3
Q

Positive effect of technology on environment

A

Renewable Energy
Energy Efficiency
Environmental Monitoring
Waste Management
Precision Agriculture
Conservation

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4
Q

Negative effect on technology on environment

A

Pollution
Resource Depletion
Electronic Waste
Climate Change
Digital Pollution
Loss of Biodiversity

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5
Q

Green technology

A

promoting sustainability and reducing environmental impact.
-renewable energy solutions
-eco-friendly manufacturing process
-digital initiatives to minimise paper usage
-carbon footprint

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6
Q

Effect of technology on society

A

-Communication and Connectivity
-Education
-Work and Employment
-Healthcare
-Entertainment and Leisure
-Social Interaction and Relationships

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7
Q

Technology challenges impacting business

A

-Budget constraints
-Stakeholder retention
-People behind the technology

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8
Q

Methods of entering global markets

A
  1. Licensing
  2. Exporting
  3. Joint ventures
  4. Direct foreign investment
  5. Strategic alliances
  6. Trading Companies
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9
Q

Threats and opportunities in the global marketplace

A
  1. Political considerations, e.g. nationalism and expropriation.
  2. Cultural differences – values, language, customs and traditions
  3. economic environment, e.g. infrastructure, basic institutions and public facilities.
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10
Q

Types of entrepreneurs

A
  1. Classic (Micro/growth oriented)
  2. Multi - preneurs
  3. Entrepreneurs
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11
Q

Why do people become entrepreneurs?

A
  • desire to control their own destiny
  • financial independence
  • personal satisfaction
  • creating the lifestyle they want
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12
Q

Motivation for becoming entrepreneurs?

A
  • Had enough of working for someone else
  • Losing a job- need driven
  • An idea for a new product
  • An opportunity presents itself- opportunity driven
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13
Q

The entrepreneurial personality?

A

-ambitious
-independent
-visionary
-creative
-committed

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14
Q

The following criteria can be used to define a small business?

A
  1. number of employees
  2. total revenue
  3. industry
  4. length of time in business 5. new/start-up business
  5. geographic location
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15
Q

Causes of business failure can be interrelated, some common causes of business closure are:

A
  1. Economic factors- business turndowns and high interest rates.
    2.Financial causes- inadequate capital, low cash balances and high expenses.
  2. Lack of experience- inadequate business knowledge, management and technical expertise. 4. personal reasons- owners may have decided to sell or move to other opportunities.
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16
Q

Advantages of small businesses

A
  1. greater flexibility, uncomplicated company structures, allow small businesses to react more quickly to changing market forces.
  2. innovative product ideas can be developed and brought to market more quickly, using fewer financial resources and personnel. Operating more efficiently keeps costs down.
  3. serve specialized markets, that could not be cost-effective for large companies. 4. provide a higher level of personal service, attention brings many customers back.
17
Q

Disadvantages of small businesses?

A
  1. limited managerial skills
  2. difficulty obtaining adequate financing
  3. complying with laws and regulations are more expensive for small firms 4. requires major commitment by the owner
18
Q

Industries that attract small businesses?

A
  1. distribution
  2. service
  3. production
19
Q

Characteristics of small businesses?

A
  1. low initial capital investments
  2. some special skill requirements
  3. high growth and profit potential
20
Q

Types of franchises?

A
  1. a manufacturer authorizes a retailer to sell a certain brand-name item
  2. a producer licenses distributors to sell a product to retailers
  3. a franchisor supplies brand names, techniques or services instead of a complete product.
21
Q

Role of management Primary functions:

A
  1. Planning
    - Strategic Planning
    -Tactical Planning
    -Operational Planning
    -Contingency Planning
  2. Organising
    * Division of labour
    * Departmentalisation
    * Delegation
  3. Top Management - develop strategic plans
  4. Middle Management - implement plans
  5. Supervisory Management - motivate, daily tasks
  6. Leading
    -autocratic
    -participative
    -free-reign
  7. Controlling
  8. set performance standards (goals)
  9. measure performance
  10. compare actual performance to established performance standards
  11. take corrective action (if necessary)
  12. use information gained from the process to set future performance standards
22
Q

Managerial skills

A
  1. Technical
  2. Human relations
  3. conceptual skills
23
Q

important trends that affect management?

A
  1. Crisis management
  2. Outside directors
  3. Growing use of (information) technology
  4. Increasing need for global management skills to manage multinational cultures
24
Q

Human resource management: 1. Acquiring staff

A
  1. Human resource planning- determining the firm’s HR needs.
  2. Job analysis- determining the exact nature of positions.
  3. recruiting- attracting people to apply for positions
    (internal/external)
  4. Selection- choosing and hiring the most qualified applicants
    – Employment applications
    – Interviews
    – Referrals
    – Assessment centers
    – Social media – LinkedIn
    5.orientation- acquainting new employees with the firm.
25
Q

Human resource management: 2. Training and development

A
  1. analysis of needs
  2. Training objectives
  3. determining training and development methods
  4. assessment of training and development
26
Q

Human resource management: 3. Performance reviews

A
  1. Determine whether the individual is working effectively and whether they can improve.
  2. the basis for merit compensation
  3. helps to monitor recruitment and development process

-objective method
-judgmental method

27
Q

Key motivation techniques?

A
  1. Motivational job design
    1.1 Job enlargement
    1.2 Job enrichment
    1.3 Job rotation
  2. Work scheduling options
    2.1 Flextime
    2.2 compressed work week
    2.3 Four-day work week
    2.4 Telecommuting
    2.5 Job sharing
  3. Recognition and empowerment
    3.1 Formal recognition
    3.2 employee empowerment
  4. Economic incentives
    Piece-rate pans
    Profit sharing
    Gain sharing
    Stock options
    Bonuses
28
Q

Trends in employee motivation

A

Education and training
Employee ownership
Work-life benefits
Nurturing knowledge and learning workers
Coping with the rising costs of absenteeism

BusMan 113 (3 decks)

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