Models and theorys Flashcards
What is the marketing mix?
7ps
Product
Promotion
Place - available in right place
Price
People
Process
Physical Evidence - helping customers see what they are buying
What is the Tannenbaum-Schmidt leadership continuum used for?
It looks at the relationship between the level of authority adopted by a leader and the resulting level of freedom given to the workers.
What are the 7 levels of the Tannenbaum-Schmidt continuum?
Tells - Manager makes decision an tells team
Sells - Manager makes decision and sells it to the team
Suggests - Manager makes suggestions and invites questions from team
Consults - Manager makes decision but conuslts team before finalising.
Joins - Manager presents problem, gets team ideas, then makes decision
Delegates - Manager defines limits, then asks team for decision
Abdicates - Managers allows full freedom for team to make decision
What would make a manager adopt a lower level of leadership style from the Tannenbaum-Schmidt continuum?
A less skilled and experienced team. As their skills grow, move up the continuum.
What is the Blake Moulton grid?
A model that divides manager styles into 4 different categories depening on their level of concern for production and their level of concern for people (workers).
Along the Y-axis is concern for people, along the X-axis is concern for production. Each goes from low to high, low starting at 0,0.
What are the 5 different categories of the Blake Moulton grid?
Explain a benefit and negative of each where possible.
Country club management = high concern for people, low for production.
Impoverished management = low concern for people and production
Team management = high concern for people and production
Produce-or-perish management = low concern for people, high concern for production
Middle of the road = Medium concern for both people and production
What model can we use to evaluate the importance of each stakeholder group?
Mendelows Stakeholder Mapping
Describe/draw what Mendelows Stakeholder Map looks like
see flashcard
Level of interest = LI Power = P
Low LI, Low P > Minimal effort
Low LI, High P > Keep Satisfied
High LI, Low P > Keep Informed
High LI, Low P > Key Players
What is the boston matrix?
A tool that analyses the product portfolio of a business and classifies them into 4 different categories, comparing the market share of the product and the growth of the market.
High market share, HIgh market growth = Star
High market share, Low market growth = Cash cow
Low market share, High market growth = Question mark
Low market share, Low market growth = Dog
Features of star products in the Boston matrix
High market share, HIgh market growth = Star
- Alot of promotional activity needed due to market growth
- Generally generate alot of revenue and profits
Features of Cash Cow in the Boston matrix
High market share, Low market growth = Cash cow
- Established markets, have reached maturity stage of product life cycle
- Low rates of growth discourage new competition, meaning little promotional cost needed
- Can be milked for profits
Features of question mark in the Boston matrix
Low market share, High market growth = Question mark
- Pose problems for the business
- Competiting in competivie market
- Despite low market share, the growth in the market indicates potential revenue increases for the product
Features of Dogs in the Boston matrix
Low market share, Low market growth
- Little scope for profit, think carefully about retaining
- In a recession, likely to be withdrawn
What are the 6 stages of the product life cycle?
Development, Introduction, Growth, Maturity, Decline, Abandonment
What are the 4 types of lean production?
- Just In Time
- Kaizen
- Cell production
- Lean design
What are the 5 different types of organisational structures?
Functional organisational structure - This is a traditional structure with departments organised according to the different functions in the business for example marketing, operations, finance, and HR.
Geographical structures - These are organised according to the location of operations. They have the advantage of enabling more local decisionmaking that can ensure products are tailored to meet the needs of the local markets. These structures are adopted more by multinational and global organisations.
Product line - Organisational structures that are organised according to different products made by the business.
Customer and market-based – These are organisational structures
organised according to the customers or markets they serve. This is often used where business relies heavily on one or more large customers.
Matrix organisational structures - These are organised so that hierarchical and functional approaches are combined. This is a more flexible organisational structure in which tasks are managed in a way that cuts across traditional departmental boundaries and are often used in organisations that are project based
What are the 4 theories relating to employee motivation?
Hackman and Oldham Job Characteristics Model
Fredrick Taylor theory of motivation
Abraham Maslow theory of motivatin
Fredrick Herzberg theory of motivation
What is the theme of the Hackman and Oldham Job Characteristics Model? What is it?
That the tasks employees are expected to peform is the MAIN FACTOR underpinning their motivation. Job design = motivation.
They proposed there are 5 key job characteristics:
-Skills variety
-Task identity
-Task significance
-Autonomy
-Job feedback
Explain skills variety of the Hackman and Oldham Job Characteristics Model
Allowing employees to exercise a wide variety of skills. Instead of small tasks, to stay motivated employees need variety and more challenging work to stay motivated
Explain Task Identity of the Hackman and Oldham Job Characteristics Model
tasks must have a clearly defined start point and clearly defined end point
-Clear instructions for employees, clear goals
-This raises motivation and productivity
Explain task significance of the Hackman and Oldham Job Characteristics Model
Employees must see the importance of their tasks to stay motivated
-show they are contributing to the success of the business
-Raises motivation and productivity
Explain the autonomy feature of the Hackman and Oldham Job Characteristics Model
Employees ust have freedom to make decisions regarding work, some form of control and responsibility
Explain the job feedback feature of the Hackman and Oldham Job Characteristics Model
Workers are more motivated when recieving constructive feedback on work produced: praise or advice
What is Fredrick Taylors theory of motivation?
Taylors motivation theorys are underpinned by a ‘theory X management style’ =
‘Workers are inherantly lazy, reluctant to be productive and have to be cohersed into doing work, not interested in autonomy, managers need to sheperd’
He implemented ‘division of labour’ and ‘time and motion studies’. He increased workers motivation through monetary rewards
He was around in the 1900s, where if employers needed employees they would simply tell workers to bring anyone, they recieved little formal training and work was disorganised
What is ‘division of labour’ relating to Fredrick Taylors theory of motivation?
Breaking down the production process into smaller, more specialised jobs. Matching right employees to the right task
He belived repetition = increased productivity
What were Frederick taylors ‘time and motion studies’?
He would time workers doing task, looking for fastest worker and then take this workers style and use it as the ‘one best way’, others would learn
How did Fredrick Taylor increase motivation?
Through monetary rewards.
the ‘piece rate system’
Imposing ambitous targets, if achieved worker would recieve bonuses. Every piece of work beyond target would recieve additional fee
What are some problems with Taylorism?
-Organisations needed less workers which acted as a de-motivator as employees lost colleagues
-Targets kept increasing, felt efforts were not valued
-Industrial unrest led to rise in TUs
-Not effective long term
What is Abraham Maslows theory of motivation?
He developed a ‘hierarchy of needs’, the idea being that as workers progressed throuigh their working life, their needs and motivating factors changed.
As each need from the hierarchy is met, the next need becomes the motivator, they progressed through the pyramid:
1st) Physiological needs ; clothing, shelter food, bills, etc.
2nd) Safety needs ; Health and safety, job security, pension, longevity
3rd) Social needs ; Social opportunity, team-working, good relations
4th) Esteem needs ; Feeling like you’re achieving, work being recognized, contributing to business
5th) Self actualisation ; Fulfilled potential, being best you can be, making a difference
What is Frederick Herzbergs theory of motivation?
He split all factors of the job into two groups:
Hygiene factors: Aspects of job that do not motivate, however if one was missing then this would DEMOTIVATE
Motivators: Aspects that stimulate greater productivity
What are the hygeine factors relating to Frederick Herzbergs theory of motivation?
Pay
Working enviroment
Realtionships with colleagues
What are the motivators relating to Frederick Herzbergs theory of motivation?
Opportunties for promotion
Job design; herzberg believed in
-Job enlargment; Greater variety of tasks
-Job enrichment; More challenging/complex tasks
-Job empowerment; Responsibility, decision-making autonomy
What are some problems with Frederick Herzbergs theory of motivation?
Never really tested on large number of employees
What are some actual strats a business could use to improve employee motivation?
-Clearly defined vision that employees understand and identify with
-Well defined job description where employees understand there roles and have a sense of purpose
-Good working conditions to promote efficiency
-Training and development opportunities
-Good communication between employees and managers
-incentive programs that reward strong performance
What are core competencies?
Something unique that a business has or can do that enables it to compete effectively.
What other managemtn tool can core competencies be related to?
The S in SWOT analysis, the srenghts, the sources of competitive advnatage
What are the 4 actions of a business that a core competency can arise from?
- Colelctive learning within the business
- Ability to integrate skills and technologies
- Ability to deliver superior products and services
- Ways a business is differentiated
What are some examples of core competencies?
IKEA = Innovaye designs
Apple = intergated ecosystem between products
Starbucks = Differntiated accorss world
What are the 3 conditions a core competence has to meet?
1) Provide consumer benefits
2) Hard for competitors to immitate
3) Can be leveraged widely into many products and markets
What is the Kaplan and Nortons balanced Scorecard used for?
To measure business performance using both financial and non-financial data
How does the balanced scorecard work?
A top down approach, first analysing the businesses mission and vision statements, then indentifying ‘key performance indicators’ from 4 different perspectives.
What are the 4 perspectives of the balanced scorecard?
Financial perspective = Measures of financial performance I.E; ROI, ROCE, Opertaing profit margin
Customer perspective = Measures of customer satisfaction I.E; level of product returns, customer service feedback/online ratings
Internal processes = Measures of how efficient business is I.E; lead time between innovatio and launching product, unit costs
Organisational capacity = Measures of businesses ability to innovate I.E; retention rates of key employees, measure flow of new business ideas
