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ACA Business, Tech, Finance > Managing a Business > Flashcards

Managing a Business Flashcards

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1
Q

What is an organisation?

A

Social arrangement pursuing collective goals - has its own performance and a boundary that separates it from its environment (could be social or physical)

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2
Q

How can organisations vary?

A

Size, ownership, legal status, activities, access to finance, tech

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3
Q

What is a business?

A

An organisation that looks towards making a profit - can be not for profit

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4
Q

How to ID profit and Not for Profit?

A

The primary aim of the organisation - is it to maximise wealth or to maximise benefits for the beneficiaries

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5
Q

What are secondary objectives for?

A

They exist to support the primary objective. They may be very similar in each case so it is just a matter of looking at whether they intend to make money

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6
Q

What is a mission?

A

The most generalised objective. Communicated to the wider population through a mission statement. What is the organisations basic function within society.

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7
Q

What does a mission statement contain?

A

Purpose, Strategy, Policies, Values

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8
Q

Difference between mission and goals?

A

Mission = overall plan. Goals = smaller targets that support the overall objective.

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9
Q

What is a non-operational goal? (Aim)

A

Qualitative. Provides greater flexibility. There is a general aim but getting to it is much easier to achieve.

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10
Q

What is an operational goal? (Objective)

A

Quantitative. Can be realised and measured numerically. They should be SMART goals.

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11
Q

What is a SMART goal?

A

One that is Specific. Measurable. Achievable. Relevant. Timed. They are clear, you know how they can be achieved, it relates to the mission, and you have a time period for achieving it in.

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12
Q

How are objectives broken down?

A

Primary and secondary.

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13
Q

What is profit satisficing?

A

Alternative to profit max. Making only satisfactory profits.

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14
Q

What is revenue maximisation?

A

Alternative to profit max. Focusing on increasing sales rather than profit.

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15
Q

What is a plan?

A

What should be done to achieve the operational objectives.

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16
Q

What are standards and objectives?

A

The desired level of performance for the business.

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17
Q

What is a physical standard?

A

The minimum aim for how much to produce in a set time frame.

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18
Q

What is a cost standard?

A

The minimum aim for anticipated costs in a set time frame.

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19
Q

What is a quality standard?

A

The target for the min/max number of quality related issues in a given time frame.

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20
Q

What is the process for setting goals?

A

Set the goal, look at performance, compare with targets, make amendments to ensure next time targets align with goals.

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21
Q

What is a stakeholder?

A

Anyone with an interest

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22
Q

What is a primary stakeholder?

A

Anyone with a share in the business

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23
Q

What are secondary stakeholders?

A

Everyone else who could be impacted. Management, employees, customers, suppliers, lenders, government, society.

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24
Q

What does sustainability mean to an organisation?

A

The ability to meet the needs of the present without compromising the needs of future generations.

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25
Q

What is natural capital for organisations?

A

The worlds stock of natural assets - of which there are a finite amount. What does the world provide to us so that we may live.

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26
Q

What is business sustainability?

A

How far do businesses go to operate in a sustainable way - how does It interact with others. Links to corporate responsibility.

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27
Q

What are the sustainable development goals of the UN?

A

Decent work, Economic growth, Sustainable industry, innovation and infrastructure, and responsible consumption/production. Can the business SUSTAIN the way of functioning in these areas.

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28
Q

How does management link to goals?

A

The business management leads to the results - are they good or bad.

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29
Q

What are the four roles of management?

A

Organising, Planning, Controlling and Leading

30
Q

Organisation by management

A

Allocating resources and processes to meet plans

31
Q

Planning by management

A

Setting the direction and strategies of the business. Formulating the goals.

32
Q

Leading by management

A

Exercising authority, influencing people so that they contribute to the objectives. Helping to obtain compliance and motivation

33
Q

Controlling by management

A

Corrective actions to ensure that the business moves in the right direction. Reviewing what is and isn’t working. Controlling the situation so that it does work.

34
Q

Who do managers act for?

A

Shareholders

35
Q

What is the informational role of management?

A

Collect and disseminate info

36
Q

What is the interpersonal role of management?

A

Act as an effective leader and co-ordinator - the one that joins the two sides of the business together.

37
Q

What is the decisional role of management?

A

Making the effective decisions over areas that will impact the business. For example resources, problems, entrepreneurial decisions

38
Q

How many types of power might managers have?

A

6

39
Q

What is reward power?

A

The power to reward another person for doing their job

40
Q

What is coercive power?

A

The ability to punish another for not meeting the requirements.

41
Q

What is expert power?

A

The power that comes from the perception that this particular individual has knowledge you do not therefore they should be listened to.

42
Q

What is referent power?

A

The person in power knows that they are able to get others to imitate them and they exert power as such.

43
Q

What is legitimate power?

A

Power derived from being in a position of authority - you have the legitimate authority to exert power over those under you.

44
Q

What is negative power?

A

The ability to disrupt operations - strikes, non-communication.

45
Q

What is authority?

A

The right to request another person to do something and it be completely legit that you are doing so.

46
Q

What is responsibility?

A

The obligation to fulfil tasks given to you.

47
Q

What is accountability?

A

A person’s liability to be held to account for tasks.

48
Q

What can and cannot be delegated?

A

Authority and responsibility can be delegated. Accountability cannot. The buck stops where it stops.

49
Q

What are the cons of delegation?

A

There might not be enough supervision once delegated. You might try and get round your accountability. You only delegate the boring work to get out of doing it yourself. You don’t delegate to someone trained enough. You don’t delegate enough even though you could.

50
Q

What are the pros of delegation?

A

Management get more time. Staff get more responsibility. Decisions can be made faster - not everything happens at the top. It aids career development and motivation.

51
Q

What is the business culture?

A

The common assumptions, values and beliefs that people share that become how things are done within a business.

52
Q

What are the four features of business culture?

A

Flexible. Controlled. Inward Looking and Outward Looking.

53
Q

What is internal process culture?

A

Inward looking, internal environment is very stable and controlled and business goals are generally unchanging.

54
Q

What is rational goal culture?

A

Controlled with a focus on the outward environment. Motivated by competition and goals. Procedure is driven by what is going on around the business.

55
Q

What is an open culture?

A

Exciting and dynamic environment, flexible and outward looking. They are motivated by challenge and creativity

56
Q

What is human relations culture?

A

It is flexible, inward looking, focuses on the well being of staff and creating a sense of belonging in the environment they work in.

57
Q

What are the key functions of a business?

A

Finance. HR management. Marketing. Procurement. Operations. R&D

58
Q

What is marketing in terms of business?

A

Anticipating and identifying customer requirements efficiently and profitably.

59
Q

What is a marketing oriented business?

A

One tat focuses its success on developing and marketing products that satisfy its customers needs.

60
Q

What are the different kinds of markets?

A

Markets are divided with the aim of finding people who are similar. Can include consumer and industrial.

61
Q

What are the four p’s of the marketing mix?

A

Place, product, promotion, price. When it is in the service industry there may also be an additional People, process, physical evidence.

62
Q

What are the four c’s of pricing?

A

Costs. Customers. Competition. Corporate Obj.

63
Q

What are the stages of promotion?

A

Awareness. Interest. Desire. Action. Have to consider whether to go for push or pull promotion.

64
Q

What are the four v’s of ops?

A

Volume - high volume = more capital intensive. Variety - How many different inputs/outputs are there. Variation in demand - Will there be peaks and troughs throughout the year for example if you make scarves. Visibility - is the operation visible e.g an open kitchen, this impacts who you get to work for you.

65
Q

What are the different kinds of R&D?

A

Pure research - for new scientific or technical understanding. There is no commercial incentive.
Applied research - aimed at advancing commercial view point.
Development - Takes what we know and works out how to develop products and systems from it.

66
Q

What must we consider when we think of procurement?

A

Quantity, quality, price, lead times (how long from order to delivery). This links to the five rights - place, price, quantity, quality, time.

67
Q

What is upstream?

A

The supplier.

68
Q

What is downstream?

A

Anyone below the manufacturer - anyone who gets the product to the customer outside of those who made it.

69
Q

What is IT service delivery?

A

Those who use IT to do their job and deliver business aims.

70
Q

What is IT service support?

A

IT techs - those who support the use of IT in the work.

ACA Business, Tech, Finance (10 decks)

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