Managing a business Flashcards
What are the types of power?
Coercive - disciplinary
Reward/resource - access/control over valued resources
Legitimate - authority, job title
Expert - qualifications
Referent - personality
Negative - disruptions
What are the 4 types of manager?
Line - authority over workers
Staff - specialist advice even for another department
Functional - control performance in another department
Project - one off output
What are the 4 parts of the management process?
Planning - plans to direct work, specific aims
Organising - making sure objectives met
Controlling - monitoring events
Leading - generate effort/motivate staff
What are the 3 managerial roles?
Informational - checking data, passing on to relevant people
Interpersonal - leading and representing team
Decisional - allocating, negotiating, solving problems
What are the 4 types of culture and what are they?
Internal process - looks inward, goals unchanged and known, security, stability and order motivate staff
Rational goal - goal-oriented, competition and achievement of goals motivate staff
Open systems - highly flexible, adaptable, staff motivated by growth and creativity
Human relations - staff motivated by sense of belonging
What are the processes in an internal process model?
Rationality
Hierarchal lines of authority
Detailed rules and procedure
Division of labour
Impersonality
Centralisation
What is marketing?
Management process which identifies, anticipates and supplies customer requirements efficiently and profitably
What is the difference between customer and consumer?
Customer purchases and pays
Consumer uses
What are the 2 consumer markets?
Fast-moving Consumer Goods - high volume, fast repurchase
Consumer durables - white, brown and soft goods
What are the main goods and services covered by industrial markets?
Raw materials
Processed materials and components
Capital goods
Supplies
Services
What are the 7 P’s of the marketing mix?
Product
Price
Place
Promotion
People
Processes
Physical evidence
What is market segmentation?
Splitting up the market into homogeneous groups of potential customers
What are the 3 main elements of a product?
Core product
Actual product
Augmented product
What influences a business’ pricing policy?
Costs
Competitors
Customers
Corporate objectives - maximise profits, target, market share, match competition, predation
What are the advantages of direct selling and using intermediaries?
Not sharing profit margins, control over sale, speed of delivery quicker
More efficient, lower cost, choice at sale, producers may not have resources to sell direct
What are the 4 types of promotion?
Advertising
Sales promotions
Public relations
Personal selling
What are the 2 elements of promotion?
Push - ensuring available
Pull - persuading to buy
What are the 4 V’s of operations?
Volume
Variety
Variation in demand (Volatility)
Visibility
What is procurement and what is in the procurement mix?
Acquisition of goods/ services at the best possible total cost of ownership
Quantity, quality, Price, Lead-time
What are the 5 rights of procurement?
Right quality
Right quantity
Right price
Right place
Right time
What is human resources management?
Creation, development and maintenance of an effective work force, matching the requirements of the business and responding to the environment
What are the hard and soft approaches to human resources management?
Hard - emphasises resources, maximises employee effectiveness and control staff costs
Soft - emphasises human element
What are the 4 C’s of human resources management (Harvard)?
Commitment
Competence
Congruence
Cost-effectiveness
What is organisational behaviour?
Individual and group behaviour in an organisational setting to improve performance and effectiveness
What is above the waterline in the organisational iceberg?
Formal aspects
Customers, technology, facilities, organisational design, rules and regs, surface competencies
What is below the waterline in the organisational iceberg?
Behavioural aspects
Attitudes, communication patterns, informal processes, personality, conflict, politics, underlying competencies
How are motivated works characterised?
Higher productivity
Better quality of work, less waste
Greater sense of urgency
More feedback and suggestions
More feedback from superiors
What is the hierarchy of needs?
Self-actualisation
Status/ego
Social
Safety/security
Basic/physiological
What are the stages of group development?
Forming - defining purpose
Storming - conflict stage, roles chosen
Norming - establishes norms
Performing - operating at full potential
What are the team roles?
Leader - co-ordinating through others
Shaper - aggressive, challenging, promote activity
Plant - generates ideas
Evaluator - criticises others ideas
Resource-investigator - adds to other ideas
Company worker - administrator
Team worker - supportive and defuses conflict
Finisher - deadline pusher
Specialist - outside team
What affects the effectiveness of leadership?
Authority
Autonomy
Leadership
What are the 4 basic leadership styles?
Exploitative authoritative
Benevolent authoritative
Consultative
Participative
What are the 4 characteristics of effective managers?
Employee-centred
Set high standards but flexible in methods
Natural delegator with high trust
Encourage participative management
