EMA1011 - Management Flashcards
What are the four main fundamentals of management?
- Planning
- Organising
- Leading
- Controlling
What is meant by a “dynamic” environment?
A constant stream f change, often resulting from technology, policy shifts, artificial means, or geopolitical tensions
Why is there no set definition of “Management”?
Management encompasses various types, such as time, stress, conflict and organisation management, making it difficult to have one definitive explanation.
How is management applied in modern contexts compared to the Industrial Revolution?
Today management focuses on producing high-quality goods in the most cost-efficient way, maximising profits from limited resources and ensuring a better return on investment.
This contrasts an Industrial Revolution where the focus was on mass production systems in the cheapest way.
Give some examples about why our environment is dynamic.
Pandemics, cultural differences, advancements in technology, artificial intelligence, and environmental concerns (for example; Tesla with new cars in the automotive industry)
How does management contribute to achieving goals in an organisation?
Management involves making decisions, maximising resources, and efficiently utilising them to reach objectives and achieve the organisation’s goals.
How is an organisation defined?
An organisation is a structured group of people working together to achieve a common goal, which they cannot achieve individually.
What is a goal in the context of management?
A goal is an outcome to be achieved over time through the exercise of management functions and the expenditure of resources
What is an organisation?
A structured group of people working together to achieve a common goal, which they would not be able to achieve on their own.
What is a goal?
A goal is an outcome to be achieved over time through the exercise of management functions and expenditure of resources.
What is market dominance?
It is a situation where a company holds a leading position in a particular market, allowing them to control significant portions of that market’s activities. A company has a substantial share to the total sales/market activity in the industry.
They can set prices or influence market trends, block competitors from entering the market, control the supply of products and use economies of scale to outcompete smaller players.
What is regional dominance?
A company’s leading market position in a specific geographical area (e.g. a country, continent or smaller regions). They are able to control local sales, distribution or production. Regional dominance allows a company to cater specifically to local tastes, regulations and demand, often making it harder from outside competition to gain a foothold.
Why does an organisation put emphasis on the people?
Organisations are the people, relationships, interactions, and communication. An organisation does not exist in a vacuum, but it is continuously changing.
What are the 4 key differences between products and services?
- Intangibility (most important)
- Inseparability (it is hard to separate the service from the provider)
- Variability (no standardised way for a service - human element)
- Perishability (doesn’t work anymore - many services are single us)
Who needs management?
Griffin explains: ‘Any group of 2 or more people working together to achieve a goal - having human, material, financial, or informational resources at their disposal require the practice of management.’
It is essential in businesses, charities, sports, etc.
Define ‘Manager’
A person who allocates human, material and information resources in pursuit of an organisation’s goals.
