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Chapter 2: Managing a Business Flashcards

1
Q

What is management?

A

Management can be defined as the process of dealing with or controlling things or people.

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2
Q

What does management do?

A

Planning - looking forward to the direction of the business and setting strategies.
Organising - allocating resources and processes to meet plans.
Controlling - corrective action if direction of business differs from expectations.
Leading - how managers exercise their authority.

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3
Q

What is power?

A

Power is the ability to get things done.

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4
Q

What are the 6 forms of power that a manager may have?

A

Reward power - ability to reward another
Coercive power - ability to punish another
Referent power - desire to identify with or imitate another
Expert power - belief that some has relevant expertise or knowledge
Legitimate power - derived from being in a position of authority
Negative power - ability to disrupt operations

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5
Q

What is authority?

A

Authority is the right to do something or the right to request and expect another person to do something.

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6
Q

What is responsibility?

A

Responsibility is the obligation a person has to fulfil a task assigned to them.

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7
Q

What is accountability?

A

Accountability is a person’s liability to be called to account for the fulfilment of the task.

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8
Q

What is delegation?

A

Delegation involves giving a subordinate responsibility and authority to carry out a given task, while the manager retains overall responsibility.

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9
Q

What are the pros of delegation? (8 examples)

A

Relieves the 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 performance appraisal

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10
Q

What are the cons of delegation? (6 examples)

A

Over-supervising can waste time and is de-motivating
Under-supervision: inferior product
Manager only delegated boring work
Manager delegated impossible tasks
Manager refuses to delegate enough
Inadequate training

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11
Q

What are the four main types of manager?

A

Line manager: direct authority over subordinates
Staff manager: authority in advisory capacity
Functional manager: hybrid of above
Project manager: temporary team manager

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12
Q

What are the three key manager roles?

A

Informational, Interpersonal and Decisional

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13
Q

What is culture?

A

Culture is the common assumptions, values and beliefs that people share that become ‘the way we do things around here’.

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14
Q

What are the four features of a business culture?

A

Flexible?
Controlled?
Outward-looking?
Inward-looking?

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15
Q

What are the 4 different types of business culture?

A

Human relations culture: flexible and Inward
Open systems culture: flexible and outward
Rational goal culture: controlled and outward
Internal process culture: controlled and inward

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16
Q

What is marketing?

A

Marketing is ‘the management process which identifies, anticipates and supplies customer requirements efficiently and profitably’.

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17
Q

What are the four marketing concepts?

A

Marketing orientations: focuses on needs f potential customers
Sales orientation: purpose is to sell more of the product or services already available
Production orientation: aim is to make as many units as possible
Product orientation: obsessed with developing high sophisticated and expensive product beyond the needs of customers

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18
Q

What are consumer markets?

A

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

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19
Q

What are industrial markets?

A

Products/services bought for the use of companies

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20
Q

What are the characteristics of industrial marketing? (5 examples)

A

Small number of large customers
large purchase size
Expert buyers
High bargaining power
Complex negotiating

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21
Q

What is a marketing mix?

A

Marketing mix is the set of controllable marketing variables that firm blends to produce the response it wants in the target market (Kotler).

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22
Q

What are the 4Ps or a product industry?

A

Product - What the customer is physically buying or experiencing
Promotion - How awareness raised of the goods or services
Place - How the goods and services are distributed
Price - What is charged to the customer and any discount/loyalty schemes offered.

23
Q

What are the 3 additional factors for us in the service industry to create the 7Ps model?

A

People - The employees who provide the service
Processes - The order and how well things are done
Physical evidence - Not many tangible products but appearance of employees is an example of how comfy the hotel bed is

24
Q

What is market segmentation?

A

Market segmentation is ‘the division of the market into homogeneous groups of potential customers who may be treated similarly for marketing purposes’.

25
What are digital marketing techniques? (6 examples)
Search engine optimisation Pay-per-click Social media marketing Content marketing Affiliate marketing Email marketing
26
What is operations?
Operations involve the transformational process of changing inputs into outputs in order to add value. Operations management involves the design, creation, implementation and control of these processes.
27
What are the 4 Vs of Operations?
Volume Variety Variation in demand Visibility
28
What are the three different types of research and development?
Pure research: intended to gain new scientific or technical understanding although there is no commercial view point in mind. Applied research: aimed at achieving an obvious commercial or practical view point. Development: takes existing scientific or technical knowledge and uses it to produce new products or systems intended for commercial production.
29
What is procurement?
Procurement is the acquisition of goods and/or services.
30
What are the 4 main factors to consider of procurement?
Quantity: balance risk of stocks outs against the cost of holding stock Quality: quality input affects quality output Price: weighing up quality, lead times, cost of holding stock etc. Lead times: the time it takes from order to the delivery of the goods.
31
What are the five rights of procurement for a supply chain to be deemed effective.
The right quality, in The right quantity, at The right price, in The right place, at The right time
32
What is a supply chain?
A supply chain is the network of organisations, their systems, resources and activities that are required to turn raw resources into a product or service for the end consumer.
33
What is an integrated supply chain?
An integrated supply chain sees members of the supply chain working collaboratively with the shared goal of satisfying the ultimate consumer through quality and efficiency. This can be facilitated by integrated information systems.
34
What is human resource managment?
Human resource management can be defined as 'the creation, development and maintenance of an effective workforce, matching the requirements of the organisation and responding to the environment'.
35
What are the functions of HRM? (11 examples)
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/counselling Workforce diversity issues
36
What are the hard approaches to HRM? (7 points)
Emphasis on resource element of HRM Goal is to meet organisation objectives Dictatorial/control business culture Management style top down, imposed Training focused on meeting the current needs of the organisation Centralised structure Short-term perspective
37
What are the soft approaches to HRM? (7 points)
Emphasis on human element of HRM Goal is to create human assets Flexibility culture Management style participative Training focused on personal and career development Devolved, delegation, autonomy Long-term perspective
38
What is the Harvards 4 Cs model used to evaluate the effectiveness of HRM?
Commitment: Asses employees' motivation, loyalty and job satisfaction Competence: Look at skills, abilities and potential Congruence: Do management and employees share the same vision and goals? Cost-effectiveness: Operation efficiency and productivity
39
What are the 4 consideration of IT management?
Plan in-house IT activities Consider outsourcing or external help Be aware of IT possibilities Innovation and investment in service development
40
What does IT service delivery do?
Data extraction and reports Capacity monitoring Customer billing Budgeting
41
What does IT service support do?
IT systems maintenance IT security controls Prevention of IT problems Investigation of IT problems
42
What is organisational behaviour?
Organisational behaviour is the understanding of individual behaviour, group behaviour and patterns of structure in order to improve organisation efficiency and performance.
43
What are 5 examples of overt parts of the business?
Rules/regulations Products Physical assets Financial Resources
44
What are 4 examples of covert behaviours of the business?
Attitudes personalities Conflict Informal communication
45
What is motivation?
Motivation is a reason for acting in a certain way.
46
What is Maslow's hierarchy of needs?
Self-fulfilment needs Ego needs Social needs Safety needs Basic needs
47
What is a group?
A group is a collection of people with: a common sense of identity a common aim or purpose behavioural norms communication between members a leader
48
Why are groups important?
To bring together different skills problem solve plan/organise coordinate between functions/departments
49
What are Tuckman's four stages of development through which groups proceeds?
Forming: Initially a collection of individuals Storming: Members compete for group roles Norming: group norms emerge Performing: Operating to full potential
50
What are Belbin's group roles? (9 roles)
The leader - coordinates the group the shaper - promotes activity the plant - thoughtful and thought provoking The monitor-evaluator - criticises ideas The resource-investigator - adds to others ideas The company worker - administrator and scheduler The team worker - defuses potential conflicts The finisher - progress chaser The specialist/expert - if required
51
What are Likert's four basic leadership styles?
Exploitative authoritative Benevolent authoritative Consultative Participative
52
What are the qualities of an exploitative authoritative leadership style?
Decisions imposed Motivated by threats Centralised decision making Rare communication boss/subordinate Act as individuals
53
What are the qualities of a participative leadership style?
Complete trust and discussion Motivated by rewards - goals agreed High degree of delegation Frequent communication Act as a team

BTF (7 decks)

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