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BTF > Chapter 2 - Managing a business > Flashcards

Chapter 2 - Managing a business Flashcards

1
Q

What is managment?

A

Process of dealing with people

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2
Q

What are the four components of management

A
  1. Planning
  2. Organising
  3. Controlling
  4. Leading
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3
Q

What does management do in terms of planning

A

Sets direction and strategy of business

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4
Q

What does management do in terms of leading?

A

Exercise their authority - influencing people

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5
Q

What does management do in terms of controlling

A

Corrective action if expectations aren’t met

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6
Q

What does management do in terms of organising?

A

Allocate resources and processes to meet plans

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7
Q

What is power defined as?

A

Getting things done

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8
Q

What are the 6 forms of power management have?

A
  1. Reward power
  2. Coercive power
  3. Referent power
  4. Expert power
  5. Legitimate power
  6. Negative power
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9
Q

What is reward power?

A

Reward employees for carrying out orders

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10
Q

What is cocervice power

A

Punish another for not meeting requirements

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11
Q

What is referent power?

A

Charismatic - imitate another

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12
Q

What is Expert power

A

Expert in the field

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13
Q

What is Legitmate power

A

Job title - power of authority based off title

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14
Q

What is negative power

A

Disrupts trade unions

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15
Q

How is authority defined?

A

Right to do something or right to request and expect another person to do something

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16
Q

How is responsibility defined?

A

Obligation a person has to fulfil a task assigned to them

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17
Q

How is accountability defined?

A

Liability to be called to account for the fulfilment

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18
Q

Can accountability be delegated?

A

No. However responsibility can.

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19
Q

What is delegation?

A

involves giving a subordinate a responsibility and authority to carry out a given task

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20
Q

What are the Pros of delegating a task?

A
  • Relieves senior of less important activities
  • Quicker decisions
  • Greater flexibility
  • More interesting for the subordinate
  • Allows career development
  • Brings together skills and ideas
  • Greater motivation
  • Allows for performance appraisal
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21
Q

What are the Cons of delegating a task?

A
  • Over-supervision can waste time and is de-motivating
  • Under supervision leads to poor results
  • Manager may only delegate boring work
  • Manager delegates impossible task
  • Manager refuses to delegate enough
  • Inadequate training
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22
Q

What are the four types of managers?

A
  • Line manager
  • Staff manager
  • Functional manager
  • Project Manager
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23
Q

What is the role of a line manager?

A

Direct authority over subordinates

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24
Q

What is the role of a staff manager?

A

Authority in an advisory capacity .e.g IT manager advises production manager

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25
Q

What is the role of Functional Manager

A

Combination of line and staff manager - has authority in certain circumstances to direct, design and control activities or procedures in another department

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26
Q

What is the role of a project manager?

A

Temporary team managre

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27
Q

What are the three key roles within an organisation?

A
  1. Informational
  2. Interpersonal
  3. Decisional
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28
Q

What does informational management role mean?

A

Collect and share relevant information

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29
Q

What does Interpersonal management role mean?

A

Have effective interpersonal skills to lead and co-ordinate

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30
Q

What does decisional management role mean?

A

Make effective decisions regarding resources, problems, issues, negotations

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31
Q

What is culture?

A

Common assumption, values and beliefs that the people become ‘the way we do things around here’

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32
Q

What are the four features of business cultures?

A
  1. Flexible?
  2. Controlled?
  3. Inwards looking?
  4. Outwards looking
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33
Q

What does Flexible business culture mean?

A

Does the business allow change or initiative

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34
Q

What does controlled business culture mean?

A

Does the business seek stability and order?

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35
Q

What does inwards business culture mean?

A

Does the business focus on internal operations

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36
Q

What does outwards-looking business culture mean

A

Does the business adapt to external change and opportunity

37
Q

What are the four types of business cultures?

A
  1. Human relations culture
  2. Open systems culture
  3. Rational goal culture
  4. Internal process culture
38
Q

Define the flexibility, outlook and features of Human relations culture

A

Flexible
In-wards looking
Business is focused on being flexible to internal needs

39
Q

Define the flexibility, outlook and features of Open systems culture

A

Flexible
Outwards looking
Flexible internally
Adapts to constantly changing envrionment

40
Q

Define the flexibility, outlook and features of Rational goal culture

A

Controlled
Outwards-looking
Flexible internally
Adapts to constantly changing external environment

41
Q

Define the flexibility, outlook and features of Internal process culture?

A

Controlled
Inwards-looking
Rigid and stable organisations
Driven by procedures

42
Q

What are the five business functional strategies?

A
  1. Finance
  2. Human resource management
  3. Marketing
  4. IT
  5. Operations
43
Q

Define marketing

A

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

44
Q

What are the four marketing concepts

A
  1. Marketing orientation
  2. Sales orientation
  3. Production orientation
  4. Product orientation
45
Q

What does marketing orientation mean?

A
  • Business focused on the needs of potential customers as basis for its operations.
  • Dependent on developing and marketing products to satisfy those needs
46
Q

What does sales orientation mean?

A
  • Purpose is to sell more of the product or services already available
  • No attempt to identify customer needs nor create product or services which will satisfy them
47
Q

What does production orientation mean?

A
  • Make as many units as possible.
  • Customer needs are are secondary factor
48
Q

What does product orientation mean

A

Company is obsessed with developing a highly sophisticated and expensive product way beyond needs of customers

49
Q

What are consumer markets?

A

Products/services brought for the use of individuals and their families

50
Q

What are some features of customer markets?

A
  1. Fast-moving consumer goods (low value high volume)
  2. Consumer durables (high value, low volume)
  3. Services (doctor, dentist, holidays)
51
Q

What are industrial markets?

A

Products and services bought for the use of customers

52
Q

What are the examples of products from industrial markets?

A
  • Raw material
  • Components
  • Capital goods
  • Supplies
  • Services
53
Q

What are the characteristics of industrial markets?

A
  1. Small number of large customers
  2. Large purchase size
  3. Expert buyers - rational decisions - based on technical/detailed specifications
  4. High bargaining power
  5. Complex negotiation
54
Q

What is a marketing mix?

A

Set of controllable marketing variables that a firm blends to produce the response it wants in the target market (Kotler)

55
Q

What is the 4P model (or 7)

A

Outlines the marketing mix

P - Product where the customer physically buys
P - Promotion- How awareness is raised of goods to services
P - Place - How goods and services are distrubuted
P - Price - What is charged to customers and other discount loyalty schemes

Service industry specific P

P - People - the employee that provides the rservice
P - Processes - the order and how well things are done
P - Physical evidence - not many tangible products but appearance of employees is an example of how comfy the hotel bed is

56
Q

What is market segmentation

A

Division of market into homogeneous groups of potential customers who are treated same for marketing purposesW

57
Q

What’s a plus of segmentation?

A

Allows organisation to vary its marketing mix to each segment it cares about

E.g. when targeting families it focuses on safety of product whereas if segment is high income group the promotion will focus on the quality or status

58
Q

What is operation management?

A

Involves the transformational process of changing inputs into outputs in order to add value.

Includes: Design, creation, implementation, and control of these processes

59
Q

What are the FOUR Vs from operational management

A

V - Volume - High operations are more capital intensive than low volume operation and more specialisation of labour skills

V - Variety - Some operations handle a wide range of different items. Others can be more restricted

V - Variation in demand - Demand might vary significantly with periods of peak and low demand. [Seasons]

V - Visibility - If customer can see the operations e.g. mcdonalds

60
Q

What is pure research?

A

Intended to gain new scientific or technical understanding although there is no commercial view point in mind

61
Q

What is applied research

A

Research aimed at achieving an obvious commercial or practical view point

62
Q

What is development research?

A

Takes existing scientific or technical knowledge and uses it to produce new products or systems intended for commercial production

63
Q

What is procurement

A

Acquisition of goods or service

64
Q

What are the three factors to consider for procurement

A
  1. Quantity - balance the risk of stock out and holding stock
  2. Quality - Quality of inputs affects the quality of outputs
  3. Price - The best price should be obtained based on weighing up quality, lead times, cost of holding stock
  4. Lead times - time it takes from order to delivery
65
Q

What are the five rights of procurement?

A
  1. The right quality in
  2. The right quantity
  3. The right price
  4. The right place
  5. The right time
66
Q

What is the supply chain?

A

Network of organisations, their systems, resources and activities that are required to turn raw resources into a product or service for end customer

67
Q

What does integrated supply chain mean?

A

Sees members of the supply chain working collaboratively with shared goal of satisfying ultimate consumer through quality and efficiency

68
Q

What is upstream supply chain

A

Supply chain members typically provide the raw materials and components for products e.g. ore mining

69
Q

What is down stream supply chain?

A

Involved in getting finished goods to the ultimate consumer

70
Q

What is human resource management?

A

Defined as the creation, development and maintenance of an effective workforce, matching requirements of the organisation and responding to the environment

71
Q

What are the functions of HR?

A
  • Personnel planning and control
  • Job analysis and design
  • Recruitment and selection
  • Training and development
  • Performance appraisal
  • Discipline, demotion and dismissal
  • Remuneration and compensation schemes
  • Meeting legal and ethical standards
  • Personnel records
    -Communication/counselli
  • Workforce diversity issues
72
Q

What are the two approaches of HRM

A

Hard and Soft

73
Q

What are the differences between Hard and Soft HRM

A
  • Hard: Emphasis on resource element HRM
  • Soft: Emphasis on Human element of HRM
  • Hard: Goal is to meet organisational objectives
  • Soft: Goal is to create human assets
  • Hard: Dictatorial/control business culture
  • Soft: Flexible culture
  • Hard: Management style top down, imposed
  • Soft: Management style participative
  • Hard: Training focused on meeting the current needs of the organisation
  • Soft: Training focused on personal and career development
  • Hard: Centralised structure
  • Soft: Devolved, delegation, autonomy
  • Hard: Short-term perspective
  • Soft: Long-term perspective
74
Q

Describe the Harvard FOUR C model to evaluate the effectiveness of HRM

A
  1. Commitment - assess employees’ motivation, loyalty and job satisfaction
  2. Competence - look at skills, abilities and potential
  3. Congruence - Do management and employees share the same vision and goals
  4. Cost-effectiveness - Operational efficiency and productivity
75
Q

What are the four considerations of IT management

A
  1. Plan-inhouse IT activities - Updates and modification to ensure smooth systems
  2. Consider outsourcing or external help - If expert needs cannot be met by internal IT function
  3. Be aware of IT possibilities - Competitiveness
  4. Innovation and investment in service development
76
Q

What is IT delivery?

A
  • Data extraction and reports
  • Capacity monitoring
  • Customer billing
  • Budgeting
77
Q

What is IT service support

A
  • IT maintenance
  • IT security controls
  • Prevention of IT problems
  • Investigation of IT problems
78
Q

What is organisational behaviour?

A

Understanding the individual behaviour, group behaviour and patterns of structure in order to improve organisational efficiency and performance

79
Q

What is overt organisational behaviour?

A

Visible part of the business including
- Rules and regulations
- Products
- Physical assets
- Financial
- Resources

80
Q

What is Covert organisational behaviour?

A

Invisible
- Attitudes
- Personalities
- Conflict
- Informal communication

81
Q

What is motivation?

A

Reason for acting a certain way

82
Q

What are the five layers of Maslow’s hierarchy of needs

A

TOP
1. Self-fullment - what people think about me
2. Ego Needs - Desire to be respected
3. Social Needs - Feel part of a group
4. Safety Needs - Physical safety when dealing with hazardous material
5. Basic Needs - Afford food shelter and clothing

83
Q

What are the characteristics of a group

A
  • Common sense of identify
  • Common aim or purpose
  • Behavioural norms
  • Communication between members
  • Leader
84
Q

Why are groups a good thing?

A
  • Bring together different skills
  • Problem solve
  • Plan/organise
  • Co-ordinate between functions and departments
85
Q

What are Tuckman’s four stages of development for a group

A
  1. Forming - team have no clue about rules
  2. Storming - Conflict through assertion, different POV
  3. Norming - Individual rules have been established
  4. Performing - Operating to full potential
86
Q

What are Belbin’s 8 group roles

A
  1. Leader - co-ordinates the group
  2. Shaper - Promotes activity
  3. The plant - thoughtful and thought provoking
  4. The monitor-evaluator - criticise ideas
  5. The resource-investigator - adds to others ideas
  6. The team worker - defuses potential conflicts
  7. The finisher - progress chase
  8. The specialist/expert - if required

ONLY ONE LEADER AND SHAPER IS REQUIRED. AND ONE FINISHER. Equal numbers of the rest

87
Q

What are four types of Rensis Likert’s leadership roles

A
  1. Exploitative authoritative
  2. Benevolent authoritative
  3. Consultative
  4. Participative
88
Q

What is the difference between the four types of Rensis Liker’s leadership roles

A
  • Exploitative authoritative: Decisions imposed
  • Benevolent authoritative and Consultative: Increased trust in subordinates ability
  • Participative: Complete trust and discussion
    __
  • Exploitative authoritative: Motivated by threats
  • Benevolent authoritative and Consultative:
    Motivated by participative motivation style
  • Participative:
    Motivated by rewards - goals agreed

___

  • Exploitative authoritative: Centralised decisions
  • Benevolent authoritative and Consultative: Increasing delegation
  • Participative: High degree of delegation

__
- Exploitative authoritative: Rare communication

  • Benevolent authoritative and Consultative: Increasing communication
  • Participative: Frequent communication
    ____
  • Exploitative authoritative: Act as individuals
  • Benevolent authoritative and Consultative: Increasing teamwork
  • Participative:
    Act as a team
89
Q
A

BTF (13 decks)

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