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Business, Technology and Finance > Chapter 2 Managing Decks > Flashcards

Chapter 2 Managing Decks Flashcards

1
Q

What 4 points does the management cover to achieve good results

A
  • Organise (allocate resource&process to meet plans)
  • Plan (look forward to set direction of business i.e strategies)
  • controlling (corrective action if direction of business differes from expectations)
  • Leading (managers exercise their authority, influence people so they can contribute to the organisation.
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2
Q

What are the three key management roles and how are they defined?

A

Informational - Collect and disseminate info
Interpersonal - Acting as effective leader and co-ordinator
Decisional (key role) - 1. resourcing allocation
2. handling issues
3. negotiating
4. problem solving
5. entrepeneurship - find opportunity

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3
Q

What is defined by the power in management for a business?

A

Reward power - reward for carrying out orders and meeting requirements
coercive power - punish for not meeting requiremens, (opposite of reward power)
expert power - person with relevant expertise or special knowledge
referent power - person’s desire to identify/imiatet another
Legitmate power - person i a position of authority
negative power - ability to disrupt operations/sabotage

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4
Q

What is the definition of authority in the business

A

right to do something or the rigth to requqest and epxect another person to do something (decision making power) and assing task

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5
Q

What is the definition of responsbility within a business?

A

obligation to fulfill a task assigned to them

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6
Q

What is the definition of accountability with a business?

A

Persons liability to called account for the fulfilment of a task.

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7
Q

Whhich of the three can be delegated to subordinates?
authoirity
accountability
responsbility

A

authority

responsbility

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8
Q

What is the definition of delegation?

A

Giving a subordindate responsbility and authority, and managers keeps overall responbility

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9
Q

What are the pros of delegation?

A
  • relieves senior of less important duties
  • quicker decisions
  • flexibility increased
  • interesting for subordindate
  • career development
  • gather skills and ideas
  • motivation raised
  • performance appraisal
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10
Q

What are the cons of delegation?

A
  • over-supervision can waste time and de-motivating
  • under-supervision -> inferior product
  • delegate boring work
  • delegate impossible work
  • inadequate training
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11
Q

What types of managers are available?

A

Line manager - direct authority over subs (prodcution manager)
staff maanger - authority in avisory capacity (IT manager advises production manager)
functional manager - hybrid of staff and line; authority to control activities (finance manager requiring timely reporting)
- project manager -temporary team manger

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12
Q 
What is the order of the below management hierarchy?
Middle managment 
first line management 
direct operation staff
top management
A

Top - manage whole business (chief)
middle - manage other managers (director)
first - manage operational parts of business
direct - supervisors and operational staff

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13
Q

What is defined by the organsational culture

A

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

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14
Q

Wat are the four features of a business culture?

A

Flexible – allow change/initiative
Controlled – does business seek stability and order?
Inward-looking – focus on internal operation
Outward-looking – adapt to external change and opportunities

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15
Q

What are the types of cultures (C) and associated flexibility (F), outlook (O) and features (T)

A 
Internal process (C): Controlled (F), inward looking (O), rigid&stable organisation; driven by procedures (T)
Rational goal (C): Controlled (F), outward looking (O), procedurally driven; adopts to external conditions (T) 
Open system (C): Flexible (F), outward looking (O), flexible internally; adopts to constantly changing external environment (T) 
Human relations (C): Flexible (F), inward looking (O), business is highly focused on being flexible to internal needs (T)
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16
Q

How is Organisational behaviour defined?

A

Understanding the individual/- group behaviour and pattern of structure to improve organisational efficiency and performance

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17
Q

Which part of the business below are overt (visible) and covert (invisible)
Rules/regulation; products; attitudes; financial resources; informal communication; conflict; personalities; physical assets; conflict

A

Overt: Rules/regulation; products; financial resources, physical assets
Covert: attitudes, informal communications; personalities; conflict

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18
Q

How are the business function strategezied?

A 
Finance 
human resource management 
marketing
procurment
research&development
operations
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19
Q

What is the human resource management?

A

the creation, development and maintenance of an effective workforce, matching organisations and responding to envirionment

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20
Q

What is the function of the human resource management?

A 
Personnel planning 
Job analysis 
recruitment
training
performance appraisal
dicipline
remuneration
personell records
communication
workforce diversity (equal diversity)
21
Q

Which of the below are hard and soft approached to HRM?

  • goal to create human asset
  • dictoriaial/control business culture
  • training focused on personal
  • centralised structure
  • long-term perspective
  • short term perspective
  • emphasis on human element
  • MGMT style top down imposed
  • emphasis on resource element of HRM
A

Hard

  • dictoriaial/control business culture
  • short term perspective
  • MGMT style top down imposed
  • centralised structure
  • emphasis on resource element of HRM

soft:

  • goal to create human asset
  • training focused on personal
  • long-term perspective
  • emphasis on human element
22
Q

What are the for 4 C’s modelledby Harvard to evaluate the effectiveness of HRM

A

Commitment - assess employees motivations, loyalty
Competence - look at skills, abilities and potential
Congruence - do MGMT and employees share same vision and goals
Cost-effectiveness - operational efficiency and productivty

23
Q

What is the scientfic approach to a good management? as Taylor stated that people are similar and can be treated in standardised fashion

A
  • developlement of true science of work e.g. work study and planning
  • scientific selection and development of staff
  • the assumptions are:
    1. people are often concerned with economical gain
    2. people respond as indv. not as groups
    3. mostly all can be treated in same way
  • workers need to get told by MGMT
  • higher wages = higher motivation
24
Q

What does Mcgregors theory of X/Y tell about people

A

X: people dislike work and responsbility and avoid it
hence need to be coerced
hence MGMT is dictorial
Y: physical and mental effort at work is natural
hence people have real potential
hence MGMT help realise it

25
``` Rank the below Maslows hierarchy of needs based on what need most to what is the highest form of satisfaction safey needs ego needs basic needs social needs sel-fullfilment needs ```
``` basic needs safety needs social needs ego needs selffullfilment needs ```
26
``` Fredrick identified that works distinguish between hygience factors and motivation factors. which of the below are which and which is related to the control of management and which to the control of the company as a whole - sense of achievement - supervision - salary - the job itself - recognition - relationship with other staff - challenging work - responsbility - company policy ```
``` hygenie factor: related to the company as a whole - supervision - salary - relatinship with other staff - company policy - working conditions ``` ``` motivation factor relates to the control of MGMT - sense of achievement - job itself - challenging work - responsbility - recognition ```
27
What is a group in a business | and how are they important if they get together?
- common sense of identity - common aim or pupose - behavioural norms - communcation betwen members - a leader important because: - bring various skills together - solve problem better and effcient - plan/organise - co-ordinate between functions/departments
28
``` What is Bruce tuckman's stages of development for groups and how are they ordered: norming storming forming performing ```
forming: collection of individuals storming: members compete for group roles norming: group norms emerge performing: operating to full potential
29
What is meant by Meredith Belbin group roles and how are they defined?
leader - co-ordinates group shaper - promotes activity plant - thoughtful and thought provoking evaluator - criticises ideas recoruce investigator - adds other ideas company worker - adminstrator and scheduler team worker - defuses potential conflicts finisher - progress chaser (A leader, shaper and finisher are the key )
30
``` What is defined by Rensis Likerts four basic leadership styles? Split by: 1 Exploitative authoritative 2 Benolvent authoritiative 3 Consultative 4 Participative ```
``` 1.A decision imposed 2&3 A increasing trust in subordinate ability 4 A Complete trust and discussion 2.B Motivated by threats 2&3 B more partcipative motivation style 4 B motivated by rewards - goals agreed 1.C. Centralised decision making 2&3 C increasing delegation 4 C. High degree of delegation 1. D rare communication boss/subordinate 2&3 D increasing communcation 4 D frequent communication 1 E act as individuals 2&3 E increasing teamwork 4 E act as team ```
31
What is the definition of the marketing in a business?
MGMT process identifies, antipates and supplies customer requirements efficiently and profitably
32
How is the market orientation (focus on needs of potential customers) compared with Sales orientation Production orientatio Product orientation
Sales orientation - main purpose to sell more of the product, no attempt to identify customer needs or service to satisfy them production orientation - main aim to make as many units as possible. customer needs are secondary to increasing output product orientation - company becomes obsessed with developing highly sophisticated and expensive product
33
What is defintion of market segementation
division of market into homogenous groups treated similarly for marketing purposes
34
What is the segementation between consumer market
G&S for families and individuals if fast moving consumer good (low value, high volume) if consumer durables (high value, low volume) - white goods (fridges) - brown goods (CD players) - soft goods (clothes) - service (doctor, dentist)
35
What is the segementation between industrrial market
G&S bought for companies - raw materials - components - cpaital goods - supplies - services
36
What are the characterstics of industerical marketing ?
- small number of large customers - large purchase size - expert buyers - rational decisions - high bargaining power - complex negotiation
37
What is the marketing mix and what are the 7Ps (service industry) that (4ps for product industry)
``` set of controllable marketing variables that a firm blends to produce the response. - prodcut - promotion - place - place - price and - people - process - physical proof ```
38
what are the main components of product in the marketing mix
basic product - core benefit actual produt - brand, packing etc. augemented product - G&S for added value
39
What are key factors for pricing in the marketing mix model? The 4C's of pricing
``` costs - covered in long term businesses need to know cost structure customers - customer surplus price sensitivity competition - competitors prices strategy adopted corporate objectives - low prices help increase market share high pricess consistent with premium brand ```
40
Places is part of the marketing mix model which of the below are direct selling and indirect selling channels? - retailers - agents - direct mail order - personal selling - wholesalers - own retail operations - distributions - internet sales
direct selling - personal selling - direct mail order - own retail operations - internet sales indirect sales - wholesalers - agents - distributitors - va retailers
41
What are the purpose of promotions in marketing mix?
to create - awareness - interest - desire - action
42
what is the difference between push and pull promotion
push - G&S available when ulitmate customer is ready | pull - marketing used to persuade ultimate customers (e.g advert on TV)
43
What are the 4 forms of promotions used to attract customers?
advertising - awareness (radio magazines facbook adverts) sales promotion - buying shelf space with retailers (money of coupons, bogof offer) public relations - increase image of brand of company (press release, sponsoring) personal selling - important in industrial selling (sales reps)
44
What is defined by operations?
operations involve transformational process of changing inputs int ouputs to add value. e.g. design creation implementation and control of these processes.
45
What type of four operations can be taken?
Volume - high volume (capital intensive) and low volume operations = greater specialisaitons of labour skills variety - wide range of different inputs/outputs variation on demand - vary significantly with periods of peak and low demand, visibility - operation is highly visible, employees with good communicaiton skills & interpersonal skills in dealing with customers
46
What is the difference between pure research, applied research and development?
pure research - gain new scientifc or technical understanding (no commercial view) applied research - aimed at achieving an obvious commercial or practical view point Development - takes scientific or technical knowledge uses it to produce new products or systems for commercial
47
What is procurement and what factors are included in this?
acquisition of G&S - quantity of holding stock out vs holding - quality of inputs affects quality of outputs price - best price should be obtained by weighing quality - lead times - time it takes from order to delivery
48
What is consindered when managing the IT team?
- Plan inhouse IT activities - consider outsourcing or external hel - aware of IT possibility - innovation and investmnt in service development
49
Which of the of following below are IT service delivery and IT service support? - IT security controls - budgeting - Prevention of IT problems - investigation of IT problems - customer billing - Data extraction & reports - IT system maintenance
It service delivery - budgeting - customer billing - data extraction and reports - capactiy monitoring IT service support - IT security controls - prevention of IT problems - investigation of IT problems - IT system maintenance

Business, Technology and Finance (28 decks)

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