Management Flashcards
What are the three types of business goals by term, and in what order are they established?
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.
What is aim of management?
To achieve synergy, making the most out of the least.
Identify six skills of management.
Interpersonal Problem Solving Flexibility Reconciling Conflicts of Interest Vision Strategic Thinking
What is the triple bottom line?
The three types of business goals:
- Financial
- Social
- Personal
What five things do business goals need to be?
Specific Measurable Attainable Realistic Timed
Identify five financial goals.
Profitability Market Share Growth Share Price Product Width/Depth
Describe how a business increases profitability.
Increase revenue by increasing sales or price.
Decrease expenses through cost centres.
Why would a business want to increase its share price?
To stimulate investment to spend on expansion, R+D, innovation, etc.
What is the difference between product width and product depth?
Product width is the number of types of products a business sells.
Product depth is the number of products in each type of product.
Identify six social goals.
Sponsorship of events Supporting charities Providing employment Using sustainable practises Minimising waste and pollution Recycling
Identify three personal goals.
Employing family
Feeling important
Supporting personal causes
Why can it be beneficial to a business to decrease profitability?
It can increase long term profitability through increasing market share or reputation.
How does staff involvement help improve a business?
It improves motivation, productivity, innovation and problem-solving.
Identify three strategies for motivating employees.
Asking for input
Being transparent
Having clear goals and expectations
Identify two advantages and two disadvantages of training.
Advantages: Multiskilling and Internal Promotion
Disadvantages: Cost and Lack of Assurance employees will stay
Describe the contingency management approach.
A modern approach to management in which any aspect from any management theory is used if it benefits the business.
State and advantage and a disadvantage of the contingency management style.
It allows for greater flexibility.
It requires great skill to manage.
Identify the four key functions of business.
Operations
Marketing
Finance
Human Resources
What does the operations function of business focus on?
Producing goods and services.
Describe five things that must be managed in operations.
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.
Describe the three stages of the production process.
Input Buying and storing materials. Transformation Changing the state, location or ownership of the input. Output Storage, warehousing and distribution.
Identify four quality management techniques.
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.
Identify a form of quality assurance.
Meeting the ISO standards.
Identify a form of quality control.
Inspections.
What does the marketing function of business focus on?
The managing of the marketing mix.
What are the three approaches to marketing?
Production Approach -Make it and it sells. Selling Approach -Consumers require convincing. Marketing Approach -Make a product or service people want or need.
What four factors are target markets identified by?
Demographic
Geographic
Behavioural
Lifestyle
Describe market segmentation.
Dividing the mass market into smaller markets in order to find a target market.
Identify the four P’s of the marketing mix.
Product
Price
Promotion
Place
Identify some things included under the ‘product’ section of the marketing mix.
Logo, packaging, image, brand and quality.
Identify some things included under the ‘price’ section of the marketing mix.
Pricing strategies
Achieving profitability
Increasing market share
Describe some things included under the ‘promotion’ section of the marketing mix.
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.
Identify some things included under the ‘place’ section of the marketing mix.
The location, storage, distribution and transport of goods and services.
Channel choice.
Distribution channels.
Describe the three channel choices.
Exclusive - One location
Selective - Several locations
Intense - Everywhere
Describe the five components of distribution channels.
Producer, Agent, Wholesaler, Retailer, Consumer
Added from retailer backwards as it gets longer.
What does the finance function of business focus on?
Managing profitability, solvency/gearing, liquidity and financial goals.
What does the human resources function of business focus on?
Managing the relationships between employees and employers.
Identify the four stages of the HR cycle.
Acquisition
Development
Maintenance
Separation
What are the two different types of acquisition and how are they different?
Recruitment is getting qualified internal or external applicants.
Selection is hiring the most suitable candidate(s).
What is competency based training?
Training that results in either a pass or fail mark.
Describe the three types of employment contract.
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
Describe CSR.
Corporate Social Responsibility is about business having non-financial goals.
What is a way that businesses often uphold CSR?
Codes of Conduct
Identify six ethical issues in business.
Marketing to children Creation of needs Fine print Environmental sustainability Child labor Truth in advertising
Identify four reasons that the rate of change is increasing.
Technology
Globalisation
Education
Competition
Describe three changes in business that have occurred due to the rate of change increasing.
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
Identify five ways to manage change.
Identify the need for change. Set achievable goals. Force field analysis. Change agents. Management consultants.
Describe force field analysis.
Maximising driving forces and minimising restraining forces.
Describe a change agent.
An influential employee that can convince others to accept change.
Describe a management consultant.
A giver of expert advice which helps businesses utilise ‘world’s best practise’.
Identify four reasons for resistance to change.
Inertia
Cost
Retraining
Job loss
Define management.
The coordination of financial, human and physical resources to achieve operational, tactical and strategic goals.
