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Business studies > General management and Corporate governance > Flashcards

General management and Corporate governance Flashcards

1
Q

levels of management

A
  • top level management
    -middle level management
    -lower level management
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2
Q
  • top level management
A

board of directors
chief executives
general manager

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3
Q

-middle level management

A

production manager
purchased manager
sales manager
marketing manager
public relation manager

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4
Q

-lower level management

A

foreman
supervisors
section officer
superintendent

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5
Q

general manager consists of

A

admin manager
marketing manager
production manager

they all have a supervisor working under them

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6
Q

Entrepreneur

A

Individual who sees an opportunity in the market and then combines the three factors of production (capital, labour and raw materials) in order to start a new business venture
Usually operates at top management level

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7
Q

Intrapreneur

A

AKA “inside entrepreneur”
Individual that is in an already established business uses their entrepreneurial qualities to transform innovative ideas into profit within the organization

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8
Q

Entrepreneurial qualities and skills

A

Initiative
Risk taker Information gatherer
Planner
Self-confidence Problem solver
Persistence Assertiveness Credibility
Concern for quality Experience Motivated

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9
Q

leader vs manager

A

A leader has the expertise to make people aware of the advantages of pursuing a certain course of action, thereby creating a desire in people to follow him/her to achieve a common goal.

A manager is appointed in a position of authority which enables him to insist on people doing as he/she instructs.

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10
Q

leader vs manager characteristics

A

manager
=maintains system
= focuses on systems and structure
=relies on control
=accepts the status quo

leader
= develop new methods to do things
= focuses on people
=inspires trust
=challenges the status quo

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11
Q

name the types of management

A

autocratic
democratic
laissez-faire
situational
transformational
transactional

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12
Q

Advantages of a motivated workforce:

A

=Good customer service
=Increases productivity
=Lower absenteeism and staff turnover
=Little or no industrial action
=Positivity
=Boosted morale

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13
Q

Monetary factors to motivate employees:

A

=Salary increase
=Incentives e.g performance bonuses
=Fringe benefits

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14
Q

Non-monetary factors to motivate employees:

A

=Job enlargement
=Job enrichment
=Empowerment and advancement of the employee
=Flexible hours(if possible)
=Recognition
=Appreciation
=Precise instructions
=Wellness programs

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15
Q

what are the management tasks

A

vison /mission
plan
organise
lead
control

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16
Q

Principles of effective planning:

A

=Rational process aimed at the future
=Funnel approach
=Flexible
=Planning takes place at all levels in the business

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17
Q

Rational process aimed at the future

A

The future is anticipated in order to identify and bridge the gap between current status of the business and the projections for the future plans of the business.

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18
Q

Funnel approach

A

Due to various factors such as politics, social and technology it is important to have consistent involvement by management in the process of environmental scanning

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19
Q

Flexible

A

Due to internal and external pressures its important for the business to be flexible

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20
Q

Planning takes place at all levels in the business

A

Management at top level should clearly communicate the long-term direction of the business.

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21
Q

importance of planning

A

=planning -Planning ensures attention is focused on business objectives

=effectiveness -Well though out plan will minimize risks and uncertainty

=success -Planning entails integration of the different business outcomes to ensure there is coordination to achieve overall vision

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22
Q

PLANNING PROCESS

A

=Establishing objectives
= deciding the planning period
= consider alternatives
= implement the plan
= control process

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23
Q

Organising

A

Organizing involve identifying activities that should be undertaken in order to ensure the business objectives are achieved.

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24
Q

steps in the organising step

A

1 . consider objectives
2 identify and grouping activities
3 assigning of duties
4. delegating authority

25
Q

1 . consider objectives

A

Management needs to make sure everybody clearly understands what the objectives are and why it is important to achieve them

26
Q

2 identify and grouping activities

A

Clearly identifying activities assists in avoiding unnecessary duplication

27
Q

Delegating authority

A

Required responsibility and authority is delegated to subordinates

28
Q

advantages of porper organisation

A
  • patterns of communication
  • authority and responsibility
  • create a proper balance
  • stimulate creativity
  • encourage growth.
29
Q

what are the principles of leading

A
  • harmony of objectives
    -effective communication
  • unity of direction
    -direct supervision
    -follow up
30
Q

control

A

Refers to checking the current performance against the predetermined standards that we were set in the planning phase to ensure there is progress in achieving the business objectives

31
Q

Steps in the Controlling Process:

A

establish standards
measuring actual performance
corrective action

32
Q

Components of a good Control Systems

A

=suitable
=flexible
=motivate stuff
=aimed at the future
=economical

33
Q

Communication

A

=Refers to the process of exchanging information, opinion, views and ideas between staff members and management

=Communication happens from the top management down to the lower management - assists with the whats, whys and hows

34
Q

Coordination

A

=Coordinating is vital for the business to succeed, as management deals with a number of aspects within the business including, perceptions, opinions, interests and attitudes of all stakeholders

=It is essential that all aspects are coordinated to ensure that stakeholders contribute toward achieving the same objective

=Tangible and intangible resources need to be used optimally

35
Q

what are the principles of coordinating resources

A
  • clear objectives
  • comprehensive policies
    -induction
  • chain of command
  • liaison between departments
36
Q

Delegation

A

=Refers to the process of allocating the responsibility and authority to subordinates

=Ensures meaningful distribution of work

=Continuous monitoring by the manager of the process is required to assess effectiveness of the designated task

37
Q

Discipline

A

=Worker discipline is guided by the Labour Relations Act

=Improves future behavior of the employee

=Disciplinary action varies, it includes, verbal warning, written warning, instant dismissal

=Code of Conduct of the business outlines misconducts and their possible disciplinary actions

38
Q

Decision Making

A

Refers to the process to make decisions about the most appropriate course of action

39
Q

External Factors that that influence decision making process

A

==Political e.g Laws
=Economic e.g Taxes
=Social e.g Unemployment rates
=Technological e.g =Increased use of transportation
=Threat of new entrants
=Power of Supplier
=Customer expectation

40
Q

motivation

A

=Employees need to be motivated in order to perform certain expectations

=Employees have to feel that they a special interest in the work and that they want to fulfil this responsibility

41
Q

the otivation formula

A

ability+ willingness= performance

42
Q

global awareness

A

=Includes the interrelatedness of the business world and countries. (You as an organisation might be directly traded with a country, but supplies may originate from that country)
=Being totally aware of the supply chain as a whole

43
Q

Organisational Awareness (Internal and external factors impact the business - a successful business needs to be aware of that
)

Internal factors

A

=Manager should understand the strengths and weaknesses of the business
=Understand all the different functions/departments of the business
=Manager should empathize with and support all business functions in the organization
=Management must understand the organisational culture of the business

44
Q

Organisational Awareness (Internal and external factors impact the business - a successful business needs to be aware of that
)

external factors

A

=Demonstrate an understanding of the opportunities and threats
=Consider national and international trends that may impact the business

45
Q

Strategic Thinking Leading To Strategic Action

A

=Ability to look at the business current position in relation to the rest of the market and to then decide where the business should be in a few months or years (Strategic planning)
=It is important that management understands that industry and market trends will affect the businesses competitive position
=Anticipation and forecast of what will happen in future is important, management can be proactive when implementing plans
=Outcomes of the situations should also be evaluated in order to implement corrective action if needed

46
Q

Teamwork

A

=A good manager will be thoughtful of his team members; ensuring that members complement each other

=Team leader needs to ensure that members of the team listen to each other and find a way to work cooperatively with one another

=Team members need to understand the goals and that all team members are empowered with the necessary skills to achieve these goals

47
Q

Empowerment & Talent Development

A

=Business invests time and resources to assist with employees development to achieve the goals and objectives of the business

=Empowered employees benefit from the process and this is conducive to better morale and motivation

48
Q

Ways to empower and develop employees:

A

=New skills through training
=New responsibilities and authority
=Freedom to choose how to do a task; provided standards are met
=Monitoring performance and then giving constructive feedback

49
Q

initiative

A

=Means that the manager is not waiting for other people to think of new ways to improve his/her department or the overall business

=Manager will also encourage subordinates to think of new ideas and innovations

=Proactiveness and pre-empting issues before they arise in order to create a competitive advantage

50
Q

Judgement/Decision making

A

=Manager continuously has to make judgement calls in different situations

=Apply logical reasoning in any situation

=Employ integrity when making judgement calls/decisions ; demonstrates leadership and a willingness to acknowledge accountability

51
Q

Negotiation

A

=Conveying his/her opinions in a clear and accurate manner to the employees,trade onions, suppliers etc

=A manager who is a skills negotiator will try to facilitate a win-win situation, using compromise to solve problems

=Obtaining buy in

52
Q

Customer Service Orientation

A

=Customer needs are the primary focus area and should be considered in all business decisions

=The business needs to give the customer what he/she expects and requires from the business

=A productive customer relationship will ensure that existing customers keep coming back to buy from the business

53
Q

Corporate Governance

A

=Defined as the set of rules and the processes that are used by Top Management to direct and control the business

=Provides a framework and control measures to look after the bottom line of the business, and consider the interests of all stakeholders

54
Q

King reports

A

=Founded to clarify the concept of Corporate Governance and how it can be implemented in the South African context

=King I Report(1994) - recommended standards of conduct for JSE listed companies and state-owned companies regarding their responsibilities towards citizens in the societies which they function

=Triple Bottom Line reporting (Integrated Reporting) is a requirement for management.

=Management should not only focus on shareholders (profit), all stakeholders should be considered, including consequences of decisions for society (people) and the environment (planet)

55
Q

King II (2002) Principles of good Corporate Governance

A

=Transparency
=Accountability
=Discipline
=Integrity
=Social responsibility
=Fairness
=Responsibility (of directors)

56
Q

Responsibilities of directors:

A

=Act with skill and care
=Act in good faith and honesty
=Try pre-empt risks
=Ethical leadership
=Audit committees should be established
=Ensure Integrated Reporting (Triple Bottom Line Reporting)

57
Q

King III Report (2009)

A

=Includes the responsibility of directors
=Applies to all businesses, public, private or non-profit organizations
=Directors may be held liable in case of misinterpretation
=Focusses on Apply OR Explain
=Requires JSE listed companies to report on sustainability according to the Global Reporting Initiative
=Bigger emphasis on Independent directors
=Requires an Independent Audit Committee
=The company should be a responsible Corporate Citizen

58
Q

King IV (2016)

A

=The focus is Apply AND Explain
=Provides guidelines to help organisations to understand how they should implement the King principles

59
Q

King IV (2016) 4 broad outcomes

A
  • ethical culture
    -good performance
    -effective control
    -trust and good reputation

Business studies (10 decks)

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