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Business, Technology and Finance > Managing a Business > Flashcards

Managing a Business Flashcards

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1
Q

What four things does management do

A

Planning
Leading
Organising
Controlling

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2
Q

What are the six different types of power

A 
Reward power
Coercive power
Referent power
Expert power
Legitimate power
Negative power
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3
Q

What is authority

A

The right to do something or the right to request another person to do something

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4
Q

What is responsibility

A

The obligation a person has to fulfil a task

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5
Q

What is accountability

A

A person’s liability to be called to account for the fulfilment of a task

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6
Q

What are the pros of delegation

A 
Greater flexibility
Quicker decisions
Allows career development
Relieves seniors of less important activities
Greater motivation
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7
Q

What are the cons of delegation

A

Only delegated boring work
Work can be too difficult (Inadequate training)
Can be demotivating

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8
Q

What is a line manager

A

Has authority over subordinates

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9
Q

What is a staff manager

A

Has authority in an advisory capacity

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10
Q

What is a functional manager

A

Hybrid of staff and line manager - authority in certain circumstances

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11
Q

What is a project manager

A

Temporary team manager

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12
Q

What two cultures make up a human relations culture

A

Flexible

Inward-looking

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13
Q

What two cultures make up a open systems culture

A

Flexible

Outward looking

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14
Q

What two cultures make up a rational goal culture

A

Controlled

Outward looking

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15
Q

What two cultures make up a internal process culture

A

Controlled

Inward looking

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16
Q

What are the 5(7) key functions of a business

A 
Finance
HR management
Marketing
IT
Operations
-(R&D)
-(Procurement)
17
Q

What are the four main concepts of marketing

A

Sales orientation - aggressive selling strategy
Production orientation - make as many units as possible
Product orientation - develop sophisticated products
Marketing orientation - focus on needs

18
Q

What are the characteristics of a consumer market (B2C)

A

Fast moving consumer goods
Consumer durables
Services

19
Q

What are the characteristics of a industrial market (B2B)

A

Small number of big customers
Large purchase sizes
Expert buyers with high bargaining power

20
Q

What are the 4Ps of marketing

A

Product
Place
Promotion
Price

21
Q

What are the additional 3Ps of service industry marketing

A

People
Processes
Physical evidence

22
Q

What is market segmentation

A

Dividing the market into similar groups (demographic, socio-economic, geography, etc.) to target

23
Q

What are the 4Vs of Operations

A

Volume
Variety
Visibility
Variation in demand

24
Q

What the five ‘rights’ of procurement

A 
Right quality
Right quantity 
Right price
Right place
Right time
25
Q

What is a supply chain

A

A network of organisations and their systems/resources/services that turn raw resources into goods/services

26
Q

What is the difference between hard and soft HR management

A

Hard:
Meet organisation objectives
Short-term perspective
Top-down management

Soft:
Create human assets
Long term perspective
Flexibility

27
Q

What are the 4Cs of HRM effectiveness

A

Commitment
Competence
Congruence
Cost-effectiveness

28
Q

What are the four main components of IT management

A

Plan in-house IT activities
Consider outsourcing or external help
Be aware of IT possibilities
Innovation and investment

29
Q

What are some overt organisational behaviours

A

Rules/regulations
Products
Physical assets

30
Q

What are some covert organisational behaviours

A

Attitudes

Personalities

31
Q

What is the difference between a multi-skill and a multi-functional group

A

Multi-skill: Anyone can do any role

Multi-functional: Individuals are specialised

Business, Technology and Finance (14 decks)

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