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BTF > Chapter 1, 2, 3, 4, 5 > Flashcards

Chapter 1, 2, 3, 4, 5 Flashcards

1
Q

Organisation

A

A social arrangement which pursues collective goals, controls its own performance and has a boundary separating it from the environment.

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2
Q

Primary objective of a profit orientated business

A

Maximise wealth of the shareholders

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3
Q

Primary objective of a non - profit orientated business

A

To maximise benefits to beneficiaries

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4
Q

Mission

A

The most generalised type of objective which can be though as an expression of reason of existence.

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5
Q

Mission statement

A

Includes, purpose, strategy, Policies and Values

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6
Q

Vision

A

How does the organisation see itself in the future

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7
Q

Aims

A

Qualitative goals

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8
Q

Objectives

A

Quantitative goals

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9
Q

Plans

A

What needs to be done to achieve objectives

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10
Q

SMART Targets

A

Specific, measurable, achievable, relavent and timely

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11
Q

Stakeholders

A

Virtually everybody who has anything to do with the business

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12
Q

Business sustainability

A

Considers how far a business goes to operate in a sustainable way and how it interacts with others to do so.

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13
Q

Sustainable development

A
  • Decent work + economic growth
  • Industry innovation and infrastructure
  • Responsible consumption and production
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14
Q

Organising

A

Allocating resources and processes to meet plans

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15
Q

Planning

A

Looking forwards to set the direction of the business

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16
Q

Controlling

A

Corrective action if direction of business differs from expectations

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17
Q

Leading

A

How managers exercise their authority

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18
Q

Reward power

A

One persons ability to reward another person for carrying out orders or meeting other requirements

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19
Q

Coercive power

A

One persons ability to punish another for not meeting requirements

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20
Q

Expert power

A

Based on the perception that a person has some relevant expertise or special knowledge that others do not

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21
Q

Referent power

A

One persons desire to identify with or imitate another

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22
Q

Legitimate power

A

Power derived from being in a position of authority within the organisation

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23
Q

Negative power

A

The ability to disrupt operations

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24
Q

Authority

A

Allows individuals to make decisions and to assign tasks

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25
Q

Accountability

A

A persons liability to be called to account for the fulfilment of a task. Cannot be transferred

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26
Q

Staff manager

A

Has authority in an advisory capacity

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27
Q

Top management

A

Manage the whole business

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28
Q

Middle management

A

Manage other managers in the business

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29
Q

First line management

A

Manage operational parts of the business

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30
Q

Direct operation staff

A

Supervisors and operational staff

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31
Q

Internal process culture

A

Inward looking and controlled

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32
Q

Human relations culture

A

Inward looking and flexible

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33
Q

Open systems culture

A

Outward looking and flexible

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34
Q

Rational goal culture

A

Outward looking and controlled

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35
Q

Organisational behaviour

A

The understanding of individual behaviour, group behaviour and patterns of structure in order to improve organisational efficiency and performance

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36
Q

Hard HRM

A

More of a business focus

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37
Q

Soft HRM

A

More of a focus on people/ individuals

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38
Q

HRM can be measured by

A

Commitment, Competence, Congruence and Cost effectiveness

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39
Q

Scientific management

A

People were similar and could be treated in a standardised fashion

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40
Q

X theory

A

People dislike work and responsibility so management need to be dictational

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41
Q

Y theory

A

Physical and mental effort at work is as natural as play or rest. Management need to help them realise potential

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42
Q

Hierarchy of needs

A

People were motivated by a desire to satisfy unfulfilled needs

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43
Q

Hygiene factors

A

Satisfaction comes from the context of the job

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44
Q

Motivating factors

A

Motivation comes from the content of the job

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45
Q

Marketing

A

Management process which identifies, anticipates and supplies customer requirements efficiently and profitably

46
Q

Marketing mix

A

set of controllable marketing variables that a firm blends to produce the response it wants from the target market

47
Q

4P’s model for marketing mix

A

Product, Promotion, Price and Place

48
Q

Push Promotion

A

Ensuring products are available to customers when they need them

49
Q

Pull Promotion

A

Persuade customers they need the product

50
Q

Operations

A

Transformational process changing inputs into outputs in order to add value

51
Q

The 4v’s of Operations

A

Variety, Volume, Variation and visibility

52
Q

Procurement

A

The acquisition of goods and /or services. Quality, Quantity , price and lead times

53
Q

IT Service delivery

A

Data extraction
Capacity monitoring
Customer Billing
Budgeting

54
Q

IT Service support

A

Systems maintenance
IT security Controls
Prevention of IT Problems
Investigation of IT problems

55
Q

Fayols Rules to managerial conduct

A 
Division of work 
unity of command
Unity of direction
Centralisation
Scalar chain
56
Q

Mintzbergs building blocks

A 
Operating core
Middle line
Strategic apex
Technostructure
Support staff
Ideology
57
Q

Mintzbergs coordinating mechanisms

A 
Mutual adjusmtent
Standardisation of outputs
Standardisation of skills
Standardisation of work
Standardisation of norms
Direct supervision
58
Q

(De) Centralisation

A

Refers to the degree of autonomy/decision making ability diffused through the organisation

59
Q

Pros of Entrepreneurial structure

A

Flexible decision making
Good control
Close bond to workforce

60
Q

Cons of Entrepreneurial structure

A

Lack of clear structure

May be too centralised

61
Q

Pros of Functional structure

A

Economies of scale
Standardisation/ efficiency
Specialists more comfortable

62
Q

Cons of Functional structure

A

Empire building
Slow to adapt
Conflicts between functions

63
Q

Pros of Divisionalised Structure

A

Enables product or geographical growth
Clear responsibility
Training for GMs

64
Q

Cons of Divisionalised Structure

A

Potential loss of control
Lack of good congruence
Duplication
Specialists feel isolated

65
Q

Organisation chart

A

Concentrates on the shape of the organisation

66
Q

Corporate strategy

A

Overall mission and objectives, expansion strategies and divestments

67
Q

Business strategy

A

How to gain a sustainable competitive advantage

68
Q

Functional strategy

A

Operations, finance, HRM and marketing strategies

69
Q

Strategic plan

A

Statement of long term goals along with a definition of the strategies and policies which will ensure achievement of these goals

70
Q

Resources based strategic advantage

A

Focus on developing internal resources and competences.

71
Q

Risk of Resources based strategic advantage

A

fail to meet the industry trends

Resources no longer valued by customers

72
Q

Positioning based strategic advantage

A

Focus on analysing the external environment to identify customer needs

73
Q

Risk of Positioning based strategic advantage

A

Forced to constantly evolve to meet customer needs

74
Q

Emergent strategies

A

Behaviours which are adopted and have a strategic impact

75
Q

Task Environment

A

Factors of particular relevance to the business

76
Q

General environment

A

Political, legal, social, ecological and technological

77
Q

Porters five force analysis

A

used to assess the attractiveness of an industry in terms of long term profitability

78
Q

Competitor analysis

A

Used to analyse the competitive rivalry within the industry

79
Q

Brand competitor

A

Similar size firm and similar products

80
Q

Industry competitor

A

Similar products but different markets

81
Q

Generic competitor

A

Different products but compete for same disposable income

82
Q

Form competitor

A

Different products but satisfy the same needs

83
Q

9m’s model

A

Used to identify the resources which are available to the business. Men, machines, money, materials, markets, management, methods, management information systems, and make up.

84
Q

Porters value chain analysis

A

Can be used to analyse the sequence of business activities which add value to products + services provided by the company

85
Q

Primary activities of Porters value chain analysis

A

Create value and are directly concerned with providing the product or service. Inbound logistics, Operations, Outbound logistics, Marketing and sales and Service

86
Q

Secondary activities of Porters value chain analysis

A

Do not create value themselves but enable the primary activities to take place with max efficiency. Procurement, Tech development, HRM and Infrastructure

87
Q

Porters generic strategies - Cost leadership

A

Lower cost/ broad target

88
Q

Porters generic strategies - differentiation

A

Differentiation / broad target

89
Q

Ansoff’s Matrix

A

Looks at growth by considering opportunities to sell more existing products/develop new products and building markets share in existing new markets

90
Q

Business plan

A

Sets out the markets to be served, how they will be served and the finance required

91
Q

Risk

A

Possible variation in an outcome from what is expected to happen

92
Q

Uncertainty

A

is the inability to predict outcomes because of lack of info

93
Q

Strategy Risk

A

Type of business risk - choosing and implementing the wrong corporate strategy

94
Q

Enterprise Risk

A

Type of business risk - Success or failure of a business operation

95
Q

Product Risk

A

Type of business risk - Customers do not buy the anticipated amount

96
Q

Economic risk

A

Type of business risk - Unexpected changes in economic conditions

97
Q

Property risk

A

Type of business risk - Losing property or losses arising in accidents

98
Q

Gearing risk

A

Type of financial risk - increase interest charges due to high debt levels

99
Q

Credit risk

A

Type of financial risk - Economic loss suffered due to default of customer

100
Q

Liquidity risk

A

Type of financial risk - Unexpected shortage of cash

101
Q

Market risk

A

Type of financial risk - Exposure to changes in market prices or rates

102
Q

Process risk

A

Type of Operational risk - Companies processes are ineffective

103
Q

People risk

A

Type of Operational risk - arising from staff constraints, incompetency or dishonesty

104
Q

Systems risk

A

Type of Operational risk - arising from information and communication systems

105
Q

Event risk

A

Type of Operational risk - Loss due to single events

106
Q

Risk Awareness and identification

A

Identifying the whole range of possible risks and likelihood of losses occurring

107
Q

Risk Assessment and Measurement

A

Identifies the probability of the risk occurring and quantifies the resultant impact and calculating the potential loss using expected values for gross risk

108
Q

Reporting on Risk management the corporate governance code requires listed companies to:

A

determine the nature and extent of any risks the company is willing to take in order to achieve its objectives and report risk management issues

109
Q

Crisis management

A

A crisis is an unexpected event that threatens the well-being of a business and its normal operations

110
Q

Business resilience

A

considers an organisations ability to manager and survive against unplanned or planned shocks and disruptions to operations

111
Q

Measuring resilience

A

Compliance, Completeness, value and capability

112
Q

Disaster recovery

A

When the business operation or a significant part of them break down for some reason leading to potential losses of equipment or funds.

BTF (4 decks)

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