management process Flashcards
what are the four key business functions
operations. marketing, finance, human resources
define synergy
the whole is greater than the sum of all individual parts
outline the relation of the key business functions
the key functions are interdependent and each relies on the other. synergy describes the benefits of interdependence
how does the key business functions work in small and large businesses?
large businesses: will be divided into business functions with each area managed by a different person
small businesses: don’t need to be divided into business functions, one person may have a number of different roles in a small business, incorporating some of operations, marketing, finance and/or HR
define the triple bottom line
the economic, social, and environmental impact of the decisions reached by businesses a.k.a. people, planet and profit
define ethics
are standards that define what is acceptable and unacceptable behaviour
what policy encourages ethics
a code of conduct
define a code of conduct
set of ethical standards for all employees to follow
define business ethics
is the application of moral standards to the business behaviour
when is business ethics applied?
fair and honest practices and truthful communication, conflict of interest situations, accurate financial management
how can a business practice fair, honest and truthful communication
not making claims about a product that are untrue or unsubstantiated
how can a business avoid conflict of interest situations
by ensuring that all employment processes are transparent. e.g. not employing family members, not being biased when recruiting
define conflict of interest
when a person takes advantage of a situation or piece of information for his or her own gain rather for the employer’s interest
how can a business practice accurate financial management
ensuring all financial transactions are accurately recorded, ensuring all decisions are in the best interest of shareholders, preventing fraud or theft
