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Prelim Business Studies > Management > Flashcards

Management Flashcards

1
Q

What are the three types of business goals by term, and in what order are they established?

A

Strategic goals are long-term, and established first.
Tactical goals are shorter-term, and established next.
Operational goals are day to day goals, established last.

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2
Q

What is aim of management?

A

To achieve synergy, making the most out of the least.

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3
Q

Identify six skills of management.

A 
Interpersonal
Problem Solving
Flexibility
Reconciling Conflicts of Interest
Vision
Strategic Thinking
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4
Q

What is the triple bottom line?

A

The three types of business goals:

  • Financial
  • Social
  • Personal
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5
Q

What five things do business goals need to be?

A 
Specific
Measurable
Attainable
Realistic
Timed
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6
Q

Identify five financial goals.

A 
Profitability
Market Share
Growth
Share Price
Product Width/Depth
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7
Q

Describe how a business increases profitability.

A

Increase revenue by increasing sales or price.

Decrease expenses through cost centres.

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8
Q

Why would a business want to increase its share price?

A

To stimulate investment to spend on expansion, R+D, innovation, etc.

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9
Q

What is the difference between product width and product depth?

A

Product width is the number of types of products a business sells.

Product depth is the number of products in each type of product.

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10
Q

Identify six social goals.

A 
Sponsorship of events
Supporting charities
Providing employment
Using sustainable practises
Minimising waste and pollution
Recycling
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11
Q

Identify three personal goals.

A

Employing family
Feeling important
Supporting personal causes

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12
Q

Why can it be beneficial to a business to decrease profitability?

A

It can increase long term profitability through increasing market share or reputation.

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13
Q

How does staff involvement help improve a business?

A

It improves motivation, productivity, innovation and problem-solving.

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14
Q

Identify three strategies for motivating employees.

A

Asking for input
Being transparent
Having clear goals and expectations

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15
Q

Identify two advantages and two disadvantages of training.

A

Advantages: Multiskilling and Internal Promotion

Disadvantages: Cost and Lack of Assurance employees will stay

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16
Q

Describe the contingency management approach.

A

A modern approach to management in which any aspect from any management theory is used if it benefits the business.

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17
Q

State and advantage and a disadvantage of the contingency management style.

A

It allows for greater flexibility.

It requires great skill to manage.

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18
Q

Identify the four key functions of business.

A

Operations
Marketing
Finance
Human Resources

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19
Q

What does the operations function of business focus on?

A

Producing goods and services.

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20
Q

Describe five things that must be managed in operations.

A 
Rostering
-Too many staff increases costs, too few reduces sales and satisfaction.
Staffing
-Maximise efficiency and output.
Production Levels
-Based on supply and demand.
Training
-Improve skills.
Level of Service
-Affects staffing requirements.
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21
Q

Describe the three stages of the production process.

A 
Input
Buying and storing materials.
Transformation
Changing the state, location or ownership of the input.
Output
Storage, warehousing and distribution.
22
Q

Identify four quality management techniques.

A

TQM
Making the whole business aim for quality
Customer Focus
Using surveys or focus groups to determine customer satisfaction.
Quality Assurance
Assuring that products meet a certain standard.
Quality Control
Striving for the best quality of a product.

23
Q

Identify a form of quality assurance.

A

Meeting the ISO standards.

24
Q

Identify a form of quality control.

A

Inspections.

25
Q

What does the marketing function of business focus on?

A

The managing of the marketing mix.

26
Q

What are the three approaches to marketing?

A 
Production Approach
-Make it and it sells.
Selling Approach
-Consumers require convincing.
Marketing Approach
-Make a product or service people want or need.
27
Q

What four factors are target markets identified by?

A

Demographic
Geographic
Behavioural
Lifestyle

28
Q

Describe market segmentation.

A

Dividing the mass market into smaller markets in order to find a target market.

29
Q

Identify the four P’s of the marketing mix.

A

Product
Price
Promotion
Place

30
Q

Identify some things included under the ‘product’ section of the marketing mix.

A

Logo, packaging, image, brand and quality.

31
Q

Identify some things included under the ‘price’ section of the marketing mix.

A

Pricing strategies
Achieving profitability
Increasing market share

32
Q

Describe some things included under the ‘promotion’ section of the marketing mix.

A

Reminding and informing customers about business.
Personal selling provides an individualised experience.
Advertising provides high coverage for low cost.
Sales promotion: free samples, coupons and loyalty programs.
Publicity is free advertising.

33
Q

Identify some things included under the ‘place’ section of the marketing mix.

A

The location, storage, distribution and transport of goods and services.
Channel choice.
Distribution channels.

34
Q

Describe the three channel choices.

A

Exclusive - One location
Selective - Several locations
Intense - Everywhere

35
Q

Describe the five components of distribution channels.

A

Producer, Agent, Wholesaler, Retailer, Consumer

Added from retailer backwards as it gets longer.

36
Q

What does the finance function of business focus on?

A

Managing profitability, solvency/gearing, liquidity and financial goals.

37
Q

What does the human resources function of business focus on?

A

Managing the relationships between employees and employers.

38
Q

Identify the four stages of the HR cycle.

A

Acquisition
Development
Maintenance
Separation

39
Q

What are the two different types of acquisition and how are they different?

A

Recruitment is getting qualified internal or external applicants.
Selection is hiring the most suitable candidate(s).

40
Q

What is competency based training?

A

Training that results in either a pass or fail mark.

41
Q

Describe the three types of employment contract.

A

Award
-Minimum terms and conditions allowed by law
-Outlines minimum benefits
Enterprise Agreement
-Negotiated contract between employer and a group
Common Law Contract
-Individual contract between an employee and their employer

42
Q

Describe CSR.

A

Corporate Social Responsibility is about business having non-financial goals.

43
Q

What is a way that businesses often uphold CSR?

A

Codes of Conduct

44
Q

Identify six ethical issues in business.

A 
Marketing to children
Creation of needs
Fine print
Environmental sustainability
Child labor
Truth in advertising
45
Q

Identify four reasons that the rate of change is increasing.

A

Technology
Globalisation
Education
Competition

46
Q

Describe three changes in business that have occurred due to the rate of change increasing.

A

Outsourcing
-Cuts costs and removes need for management
-Keeps strengths internal and weaknesses external
Delayering
-Reduces payroll and levels of management, increases innovation
-Wage costs may increase as each employee does more work
Work teams
-Improves innovation and business culture
-Reduces staff turnover and sick days

47
Q

Identify five ways to manage change.

A 
Identify the need for change.
Set achievable goals.
Force field analysis.
Change agents.
Management consultants.
48
Q

Describe force field analysis.

A

Maximising driving forces and minimising restraining forces.

49
Q

Describe a change agent.

A

An influential employee that can convince others to accept change.

50
Q

Describe a management consultant.

A

A giver of expert advice which helps businesses utilise ‘world’s best practise’.

51
Q

Identify four reasons for resistance to change.

A

Inertia
Cost
Retraining
Job loss

52
Q

Define management.

A

The coordination of financial, human and physical resources to achieve operational, tactical and strategic goals.

Prelim Business Studies (5 decks)

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