management

Question 1

financial goals - management

Answer 1

maximise profits (profit = revenue - cost)
increase market share ( more market share = more sales, higher profit)
maximising growth ( internal and external)
improving share price (= more dividends for shareholders, shows business success)

Question 2

social goals of management

Answer 2

community service - sponsoring sports team, charities

providing employment - those with disability

Question 3

environmental goals - management

Answer 3

sustainability

goals to operate sustainably to meet todays needs and not effect future

Question 4

what is Staff involvement

Answer 4

innovation - creativity
motivation - results in higher productivity, rewards/incentives
mentoring - offer advice and guidance
training - on the job training, seminars

Question 5

different type of training

Answer 5

informal on the job training

formal off the job training

Question 6

management approaches

Answer 6

classical scientific approach ( focus on how to best organise workers )

classical bureaucratic approach ( emphasised how business should be organised or structured)

contingency approach ( management style depends on context of situation)

behavioral approach (all workers participation and contribution to business)

Question 7

classical approach

• features
• roles of management
• structure
• leadership style

Answer 7

focused on the task, jobs broken down into simplest form, one task to master and repeat.
planning organizing and controlling
hierarchy
autocratic

Question 8

behavioral approach

• features
• manger roles
• structure
• leadership style

Answer 8

focused on importance of social relationships and that increased staff wellbeing = increased productivity

• leading motivating and communicating
• teams
• participative / democratic

Question 9

what is contingency approach

Answer 9

stresses need for flexibility, mangers required to mix a wide range of management strategies, adapt to changing circumstances

Question 10

characteristics of mangerment

Answer 10

empathy 
trust 
good communication 
flexibility 
setting the high standard (someone look up to)

Question 11

benefits of team structures

Answer 11

improved communication 
flexible 
responds to change
descions can be made faster 
employees take responsibility

Question 12

Classical approach processes (3)

and leadership style

Answer 12

planning (strategic, tactical, operational)
organizing ( what to do, how to do, who to do)
controlling( compare goals with business growth and take actions if not reaching goals)
autocratic