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Business Management > LSO & internal environment > Flashcards

LSO & internal environment Flashcards

0
Q

What are the management functions

A 
Operations
Finance
Research and development
HR
Marketing
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1
Q

List 8 stakeholders of an LSO

A 
Managers
Employees
Shareholders
Customers
Competitors
Suppliers 
Unions
Community
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2
Q

Define planning

A

The setting of achievable goals or objectives within a given timeframe

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3
Q

Define organising

A

The coordination of resources and systems necessary to achieve plans

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4
Q

Define controlling

A

The necessary monitoring and evaluation to ensure that organizational objectives are being met

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5
Q

Define leading

A

The process of influencing workers so that they want to do their best to achieve organizational objectives

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6
Q

List 9 kpi’s

A 
Percentage of market share,
Net profit,
Rate of productivity growth,
Results of a staff/customer satisfaction survey,
Number of sales,
Level of staff turnover,
Level of wastage,
Number of customer complaints,
Number of workplace accidents
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7
Q

List 4 examples of internal environment

A

Employees
Corporate culture
Policies
Organizational structure

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8
Q

List 4 in the operating environment

A

Customers
Suppliers
Unions
Competitors

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9
Q

List 5 in the macro environment

A 
Economic influences
Legal influences
Globalisation 
Technological development
Social attitudes
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10
Q

Define policies

A

Documents that outline the regulations and rules that must be followed in an organization

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11
Q

What are the 7 steps in policy development process

A
  1. Issue identification-become aware of the need for a new policy or the need to change an existing one
  2. Research and analysis- what exactly needs to be changed
  3. Stakeholder input- what do those affected by the new policy think
  4. Policy development- preparation of a proposed policy(draft policy)
  5. Draft policy’s posted- draft policy is placed in public area with stakeholders given the opportunity to make comments
  6. policy approval- this is what the policy is going to be
  7. evaluation- did the new policy help achieve organizational objectives
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12
Q

Name the 3 levels of planning and who they would apply to

A

Strategic planning, long term 2-5 years done by senior management

Tactical planning medium term 1-2 years done by middle management

Operational planning short term day to day up to a year done by front line managers

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13
Q

Problem solving process

A
  1. Identify the problem or issue
  2. Conduct a swot analysis
  3. Based on swot results devise a number if planning options
  4. Select best option and implement it
  5. Monitor this plan and evaluate effectiveness
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14
Q

What are the 2 types of culture

A

Real culture- which reflects the way things actually operate in the organization
Official culture- is that written in corporate documents

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15
Q

Name 8 management skills

A 
Communication
Decision making
Delegation
Analytical
Negotiation
People skills
Technical skills
Time management
16
Q

What are some benefits of being ethical and socially responsible

A

Shareholders may be attracted to invest in an organization tht acts in an ethical and socially responsible manner
Better quality employees will be attracted to organizations that work in this way. They may become an employer of choice

17
Q

What are 4 positive contributions LSO’s have on the economy and why

A

GDP- gross domestic product is the value of goods and services produced within a given time period
Employment- LSO’s employ a significant percentage of Australia’s labour force
Exports- account for a large amount of exports which contribute positively to our balance of payments
Research and development- because of high cost involved LSO’s are generally the only ones who can afford it

18
Q

What is a negative contributions of an LSO on the economy

A

Price setting-when a small number of large businesses control prices

19
Q

Define corporate culture

A

The shared values or beliefs of the people within an organization

20
Q

8 indicators of corporate culture

A 
Communication channels
Dress code
The willingness to achieve
Socialization
Degree at which risk taking is encouraged
Rituals
Written documents (policies)
21
Q

What are 5 causes if a change of culture

A 
Time 
New managers
New employees
Business mergers
Macro factors

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