Definition + varieties of management Flashcards
What is management?
The process of getting other people to transform resources so that the results add value to the organisation in terms of its goals.
Senior managers can be best described as people who…
Set the goals of the organisation and direct the activities of other people.
In which industry do managers add value by transforming the physical form of objects?
Manufacturing
In which industry do managers add value by transforming the time when objects are available?
Storage + warehousing
A manager who notices a gap in the market and who uses their own money to set up an organisation to exploit that gap is usually called…
an entrepreneur
A manager employed by an organisation who notices a gap in the market and who uses the organisation’s resources to exploit that gap is usually called…
an intrapreneur
Approximately what percentage of innovations are made by small companies
55%
Approximately what percentage of small businesses fail within five years of their establishment?
60-80%
What are the four ways in which entrepreneurs can establish new businesses?
- Buy a franchise
- Buy out an existing business
- Be incubated
- Be spun off
What are the two main ways that entrepreneurs can raise money?
Equity finance and debt finance
Company directors are also known as…
Top management
List 3 other names for first-line managers.
Any of the 3 of the below: Supervisors Junior managers Overlookers Foremen
Which type of manager has the primary role of integrating the work of different groups and departments within an organisation?
Middle managers
Katz identified 3 main managerial skills but which is the most important for first-line managers?
Technical skills
Katz identified 3 main managerial skills but which is the most important for middle managers?
Interpersonal / human skills
