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mod 2: business management Flashcards

1
Q

management

A

the process of coordinating resources to achieve business goals including human, informational, physical and financial resources.
It is important because it is the backbone of successful organisations concerned with ‘getting things done’ with and through people to achieve objectives

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2
Q

features of effective management

A

Planning
Organising
Leading
Controlling

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3
Q

planning

A

preparation of a predetermined course of action for a business. Developing strategic, tactical, operations plans, goals, objectives and strategies to achieve them.

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4
Q

organising

A

structuring of the organisation to translate plans and goals into actions. The use of an organisation structure and set of procedures to implement plans

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5
Q

leading

A

process of influencing or motivating people to work towards the achievement of business objectives. Tries to spark intrinsic and extrinsic motivation in employees

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6
Q

controlling

A

compared what was intended to happen and what actually occurred. It involves making adjustments to plans and/or procedures to achieve business goals.

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7
Q

skills of management

A

interpersonal skills, decision-making, strategic thinking, vision, communication, problem-solving, flexibility and adaptability to change, reconciling conflicting interests of stakeholders

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8
Q

interpersonal skills

A

skills needed to work and communicate with other people and understand their needs, perspectives, and values. Characteristics include:
- verbal communication
- non-verbal communication
- listening skills
- negotiation
- problem solving
- decision making
- assertiveness
interpersonal skills is a key goal of training and development of initiatives.

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9
Q

decision making

A

identifying and choosing alternatives based on the values and preferences of the decision-maker. It is a central activity of management and is a huge part of any process of implementation. Characteristics include:
- assertiveness
- negotiation
- listening skills
- interpersonal skills
- efficiency
- assessing risk
- operational, tactical, strategic levels of decision making
- steps

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10
Q

strategic thinking

A

the way people think about, assess, view and create the future for the business. It is proactive and always involves imagining the results that can be achieved. Characteristics include:
- moving out of comfort zones
- passion
- learning
- risk taking
- about the norm objectives

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11
Q

vision

A

defining what you will do and why you will do it, and defining goals to be achieved in a specific time period. It takes into account current status, processes, efficiency to point the business in the right direction. Characteristics include:
- ambition
- using current values
- guiding
- problem solving
- long term goals

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12
Q

communication

A

the exchange of information between people through verbal and non-verbal means eg. convos, emails, messages
characteristics include:
- verbal and non-verbal communication

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13
Q

miscommunication

A

the inability to communicate information effectively

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14
Q

problem solving

A

finding solutions to difficult and complex issues. Characteristics include:
- verbal communication
- listening skills
- attitude
- defining the problem
- exploring options
- reasonable expectations

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15
Q

flexibility and adaptability to change

A

the ability to change and adapt to a fast-paced environment that constantly changes with consumer needs/wants. Characteristics include:
- assertiveness
- interpersonal skills
- decision making
- problem solving

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16
Q

reconciling conflicting interests of stakeholders

A

resolving disputes between stakeholders. Characteristics include:
- interpersonal skills
- communication skills
- problem solving skills
- flexibility and adaptability to change

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17
Q

classical-scientific management

A

the analysis of a task by managers to determine the best way to complete the task to maximise productivity. It is based on the premise that:
- manager knows the most efficient way to carry out tasks
- the best way is the most efficient way (economies of scale)

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18
Q

characteristics of the scientific method

A
  1. management as Planning, Organising, Controlling
  2. Hierarchical Management Structure
  3. Autocratic Leadership Style
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19
Q

classical scientific: management as POC

A

P: management decides what a business is to achieve and how it will be done including picking courses of action

O: the most productive and efficient combination of resources combined which involves utilising human resources to maximise production

C: comparing what is actually happening within the business and what was planned

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20
Q

classical scientific: Hierarchical organisation structure

A

many layers of management with a strict chain of command from management to employees, with downflow of info
based on the division of labour: each task in broken down into small steps in the production process and a worker is assigned to each step

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21
Q

classical scientific: autocratic leadership style

A

managers use a high degree of direction and permit little/no involvement in management. Control is centralised to a few senior managers and there is no delegation of authority.
- staff participation: expected to follow orders
- communication: downwards only
- motivational methods: external rewards and sanctions
examples of this is a military officer

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22
Q

advantages of classical scientific method

A
  • clear structure of management
  • increased productivity and efficiency
  • helped to create better working conditions
  • increased wages
  • creates bonds between workers and employees
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23
Q

disadvantages of classical scientific method

A
  • creates pressure/burden among employees
  • only applicable to simple organisations structures
  • focuses on individual performance and categorises into efficient/inefficient
  • kills creativity and produces frustration in employees
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24
Q

behavioural management approach

A

management based on recognising the importance of human behaviour in the success or failure of a business. It seeks to create an inspiring and satisfying workplace environment.

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25
Q

behavioural management approach

A

management based on recognising the importance of human behaviour in the success or failure of a business. It seeks to create an inspiring and satisfying workplace environment.

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26
Q

characteristics of behavioural management

A
  1. management as leading, motivating and communicating
  2. flat organisation structure and teams
  3. participative/democratic leadership style
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27
Q

behavioural approach: management as leading, motivating, communicating

A

Leading: directing/influencing people to achieve a vision by building a positive culture. It involves communicating well and valuing employees

Motivating: energising and driving others to enable as sense of purpose to achieve business goals which includes:
- monetary and non-monetary benefits
- approachable managers
- involving staff in decision making
- intrinsic and extrinsic motivating

Communicating:the exchange of information between people through verbal and non-verbal

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28
Q

behavioural approach: flat organisational structure and teams

A

flat organisational structure: fewer levels of management with a shorter chain of command. Wide spread of control as responsibility is delegated in teams

working in teams: encourages employees to cooperate and collaborate in the performance of tasks, two-way comms

delayering: strategy to remove 1+ layers of management from structure

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29
Q

behavioural approach: participative/democratic leadership style

A

collaboration: managers encourage a high degree of employee participation in decision making, so people feel valued/motivated
- self/team regulation
- two way comms

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30
Q

behavioural approach advantages

A
  • greater work empowerment so business can take advantage of ideas/skills of employees
  • maintaining motivated workforce can increase productivity
  • self/team regulation
  • employees feel valued, motivated
  • less time lost to disputes
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31
Q

behavioural approach disadvantages

A
  • lack of workplace discipline
  • workers may not be responsible to anyone
  • difficult to know the best way to motivate people and improve the workforce
  • teams can break down
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32
Q

contingency management approach

A

operates on the premise that management techniques should be dependent upon the business circumstances internally and externally.
As the business environment has evolved, it has become more changeable and volatile so it requires a proactive and reactive response

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33
Q

proactive response

A

anticipating change in the environment and making changes to the business before they happen

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34
Q

reactive response

A

changes occuring in the business environment that require immediate changes in the business

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35
Q

characteristics of contingency management approach

A
  1. management as adapting to circumstances
  2. flatter management structure
  3. changing leadership style
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36
Q

contingency management approach: management as adapting to circumstances

A

management is adaptable and flexible in response to change. No two business situations are the same which is why no one set approahc is adopted. It takes attributes from many approaches and applies them as required

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37
Q

contingency management approach: characteristics of an ‘adaptable manager’

A
  • shares visions and mission with stakeholders, values people in human input rather than resource
  • values diversity and change, copes with stress levels to cultivate culture that embraces change
  • keeps up to date with current events and change in the external environment
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38
Q

contingency management approach: flatter management structure

A

flatter structure with teams which allows for flexibility so that people and tasks can be moved around easily.

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39
Q

contingency management: leadership style that changes

A

managers will fluctuate between different styles depending on the nature of situation and an appropriate style will be adopted for the situation; autocratice, democratic or laissez-faire

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40
Q

laissex-faire leadership style

A

trust and reliance on employees to be proactive, incites intrinsic motivation, participative

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41
Q

business external environment factors

A

economic, financial, geographic, social, legal, political, technological, competitive situation

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42
Q

business internal environment factors

A

products, location, management, resources, business culture

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43
Q

quality management

A

strategy to improve operations processes that involves all activities to ensure that outputs of the business are consistent, durable, reliable, and meet the quality standard that was stated in the operational plan. A business will strive for a certain standard of quality because poor quality will be an operations cost through
- customer returns
- poor service
- product recalls/receipts
which damages the value of the business

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44
Q

three main quality management approaches

A

quality control, quality assurance, quality improvement

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45
Q

quality control

A

the use of inspections at various point in the production process to check for problems and defects
- predetermined quality standards/parameters set and measured against
- assists in monitoring, controlling, improving operations process
- reactive approach that must be balanced with other proactive approaches

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46
Q

quality assurance

A

the use of a system to ensure that the set standards are achieved in production. It is a proactive approach where the business emphasises the quality of a product’s design and bring it to the market in a manner that provides comfort to prospective buyers (getting it right the 1st time). It involves:
- effective design that exceeds standards
- rigourous testing and deployment (environmental testing)
eg. Samsung investment in research

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47
Q

Quality Assurance Standards

A

established to ensure some uniformity in quality of products. They are universally applied in the production of any product, factory, or business and are referred to as the ISO 9000 (Intl. Organisation for Standardisation).

48
Q

quality improvement

A

commitment to continuous improvement of a business’ goods/services. Can be improved over time by:
- sourcing higher quality products
- upgrades in technology
- staff training innovation

49
Q

Total Quality Management (TQM)

A

managing the total business to deliver quality to customers. It is a business-wide commitment to every aspect of business operation. All KBFs work towards quality
- total/broad spectrum approach

50
Q

Total Quality Management (TQM)

A

managing the total business to deliver quality to customers. It is a business-wide commitment to every aspect of business operation. All KBFs work towards quality
- total/broad spectrum approach

51
Q

supply chain management

A

the integration and management of the flow of supplies throughout the transformation process. It involves:
- sourcing/global sourcing
- logisitics and distribution

52
Q

sourcing

A

the purchasing of inputs for the transformation process domestically

53
Q

global sourcing

A

the purchasing of inputs overseas or where they best meet the needs of production/customers. Main benefits include:
- lower costs by lower cost of labour, cheaper resources, economies of scale
- improved quality
- access to inputs not usually available

54
Q

factors that influence the selection of suppliers (sourcing)

A
  • consumer choice
  • quality inputs
  • flexibility and timing of supplies
  • cost of supplier
55
Q

costs/issues with suppliers

A
  • falling quality from suppliers contributes to poor output
  • increasing cost of inputs
  • production/logistics delays can disrupt production process
  • supplier reliance
  • discontinued items
56
Q

benefits with suppliers

A
  • quality input= quality output
  • change in suppliers leads to improved cost leadership
  • can establish a good relationship with supplier and work together to improve quality
  • flexibility in production
  • global: can gain access to supplies that aren’t availabe otherwise, often cheaper
57
Q

logistics and distribution

A

the coordination and distribution of materials, products and packaging involving
- transportation
- storage, warehousing and distribution materials, handling and packaging

58
Q

storage

A

finding a secure place to hold stock until required

59
Q

warehouse

A

the use of warehouses for storage, protection and distribution of stock

60
Q

handling and packaging

A

coordinated system of the efficient movement of stock and its security while in storage and transit

61
Q

inventory/stock

A

the amount of raw materials, work-in-progress and finished goods that a business has on hand at any particular time. It is an asset

62
Q

inventory operation

A

a crucial part of operations management, and the stategies applied to the management of inventory will have a signficant impact on the transformation process.

63
Q

types of inventory management

A

JIC: just in case which is holding stock
JIT: just in time which is ordering stock as required, the default for perishable items

64
Q

things that are noteworthy regarding stock

A
  • needs to be enough
  • adequate storage
  • perishable/non-perishable
  • logistics (how it is moved/transported)
  • cost and income generated
  • quality
  • accessibility
  • packaging
  • stock rotation
  • security
  • cost of storage (refrigeration)
  • shrinkage (damaged/written off stock)
65
Q

JIC advantages

A
  • reduces lead times between order and delivery
  • making products in bulk reduces cost (economies of scale)
  • stock gives opportunity to generate immediate revenue
66
Q

JIC disadvantages

A
  • costs associated with holding stock including storage charges, spoilage, insurance, theft, and holding expenses
  • cost of obsolescence if stock remains unsold
67
Q

JIT advantages

A
  • allows retailers to display wider range because less is being stored
  • saves money (no storage or insurance cost)
  • shrinkage and obsolescence is reduced
  • fast investment return and reduced lead time
68
Q

JIT disadvantages

A
  • requires flexible operations function with flexible processing
  • requires a very high ability to respond quickly to changes in market demand and a reliable supplier
69
Q

marketing

A

the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.

70
Q

features of marketing

A
  • informing
  • reminding
  • persuading
71
Q

businesses need to identify the wants and needs of customers through market research which involves:

A
  • identifying customers
  • satisfying customers
  • retaining customers
72
Q

strategic role of marketing

A

to develop and sustain relationships between the business and its customers. It is concerned with the conception, creation and design of a product, its pricing, promotion, and distribution to meet the needs of customers in the market. This lead to achievement of marketing objectives and the overarching goal of profit maximisation

73
Q

marketing objectives

A

sales revenue: increasing income from sales

legal accountability & compliance: meeting and exceeding legal requirements in marketing tactics to persuade

brand awareness: extent to which customers are aware of a brand

social, ethical, environmental responsibility: behaving in a manner where it is responsible for the impacts of actions through transparent and ethical behaviour (CSR)

market share: portion of the market controlled by a particular company or product

74
Q

4P’s of marketing

A

product, price, place, promotion

75
Q

4P’s of marketing: product

A

good or service that is tangible/intangible. It involves:
- total product concept
- branding and logo
- packaging

76
Q

4P’s of marketing: price

A

how much customers are willing and able to pay influenced by
- availability of product/service
- competition
- brand image
(avoid recommending to lower the price)

77
Q

4P’s of marketing: place

A

location where customers can purchase the product/serivces that a business offers. It involves
- distribution channels
- channel choice
- physical distribution issues
- instore/online

78
Q

4P’s of marketing: promotion

A

the activities undertaken by a business to generate interest and make customers aware of the products/services which they sell. It involves
- advertising
- personal selling
- relationship marketing
- communication processes
- public relations
- sales promotions

79
Q

tangible

A

physical product that can be owned (good)

80
Q

intangible

A

products/activities that are done (service)

81
Q

Total Product Concept

A

Many products purchased have tangible/intangible components. It is based on the premise that alot of the products we buy have tangible/intangible benefits/attibutes.

82
Q

branding

A

the name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from competitors.

83
Q

brand name

A

the part that is spoken and many are protected by trademarks. It makes a product recognisable to help customers make judgements about the percieved quality, value, image, and risk of a product.

84
Q

benefits of branding for manufacturer

A
  • creates loyalty
  • defends against competition
  • allows premium pricing
  • increases power over retailer
85
Q

benefits of branding for retailer

A
  • marketing support
  • attracts customers
86
Q

benefits of branding for consumer

A
  • establishes connection
  • easy product identification
  • creates interest in product
  • communicates features/benefits
87
Q

shrinkage

A

damaged/written off stock

88
Q

promotion

A

the methods used to inform and persuade the target market to buy products

89
Q

the promotion mix

A

Personal selling: customer service
Advertising: paid messaging distributed en masse
Publicity/public relations: unpaid message from reputation
Sales promotions: limited time offers

90
Q

marketing process

A
  1. Situational Analysis (identify)
  2. Market research (test)
  3. Establishing market objectives (decision to act)
  4. Identifying target (identifying who)
  5. Developing marketing strategies 4ps (development)
  6. Implementation,monitoring,controlling (corrective action)
91
Q

If a product no longer meets the needs and wants of customers…

A

the business should redefine the target market

92
Q

4Ps of marketing: price approaches

A

Cost-based pricing: cost of production and then adding a mark-up

market-based pricing: setting prices according to supply and demand, what the market is prepared to pay

competition-based: price covers cost and is comparative to competitive price

93
Q

4Ps of marketing: price strategies

A

skimming: set at the highest price possible when there is a high-level of interest in high demand typically used at business introduction stage

loss leader: deliberately selling product at a loss usually so customers buy other products

penetration: pricing just under/close to other products to increase market share and sales income

price points: offer different tangible/intangible features of a product at different price points to try and leverage customers perceived value for money.

94
Q

marketing: communication processes

A

opinion leaders: used to portray a message

word-of-mouth: personal experience/recommendation

social media

95
Q

marketing: place channel choice

A

intensive distribution: saturating the market with many distribution channels eg. eggs, milk

selective distribution: moderate proportion of al available distribution outlets where travel is sometimes needed eg. furniture, electrical goods

exclusive distribution: only one distribution outlet in a large geographical area eg. cars

96
Q

HR

A

human input/capital in the production process of a good/service. Unlike other inputs, it can become more productive over time if nurtured. It is the most important/expensive input.

97
Q

HR management

A

The effective management of the formal relationship between employees and employers. There is an inherent tension in this created by differing agendas/

98
Q

employee and employer agenda

A

employee: highest pay, good working conditions, paid training and development, maximum leave entitlements

employer: pay as little as possible and maximise productivity, good results, meet KPIs

99
Q

renumeration

A

being compensated for opportunity (pay and conditions) being given up by the employee

100
Q

the role that HRM plays

A
  • provides clarity on roles
  • addresses conflict
  • trains workers
  • minimise cost of labour
101
Q

the aim of HR management

A

to develop a committed, motivated, and productive individual that enjoys the challenges they face by their work and maximise achievement of objectives.

102
Q

objectives of HR management

A

maximise productivity, minimise cost, social and ethical responsibility, legal compliance

103
Q

HR cycle

A
  1. acquisition: identifying staffing needs, recruitment, selection
  2. development: training, development, performance management
  3. maintenance: monetary/non-monetary benefits, legal responsibilities
  4. separation: voluntary and involuntary
104
Q

recruitment

A

attracting people to apply for position in the business.
internal: within the business, creates career paths
external: outside the business, brings new ideas

105
Q

selection

A

choosing the most suitable applicant for the vacancy through written application, testing, interviews, background checks

106
Q

job design

A

the combination of job description and specification

107
Q

job analysis

A

determining the exact nature of the position needing to be filled to ensure the business has enough staff to complete tasks in the business to achieve goals

108
Q

job specification

A

written statements regarding the qualifications, skills, and experience needed to apply for the position.

109
Q

job description

A

written statements highlighting the duties, tasks, and responsibilities of the position.

110
Q

HR cycle phase one: acquisition

A

identifying staffing needs, recruitment, selection

111
Q

HR cycle phase two: development

A

training, development

112
Q

training

A

process of teaching staff how to perform their job more efficiently and effectively

113
Q

development

A

improve staff and to take greater responsibility in the future; aims to develop leadership skills for management positions.

114
Q

types of training and development

A

formal off-the-job: classroom activities, modules
informal on-the-job: learning by experience
competency-based training: identifies strength/weakness
corporate uni: forging relationships to obtain best grads

115
Q

benefits of training and development

A
  • promotion opportunities which reduce turnover
  • job satisfaction
  • future employability
  • technology creates ongoing need for T&D
116
Q

HR cycle phase three: maintenance

A

the process needed to retain staff and manage their wellbeing at work. The primary objective is to retain staff and lower turnover. It involves organisational and worker development, monetary/non-monetary benefits, comms and workplace culture, legal compliance, CSR

117
Q

organisational development

A

motivating and retaining talented/good staff through:
retention- rate to describe no. of people that stay
job enlargement- increase breadth of task
job rotation- moving staff from one task to another
job sharing- two people sharing job
career path development- prepping staff for promotion
mentoring/coaching-leaders mentor other staff (coaching)

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