Models, Concepts and Theories Flashcards
Tannenbaum Schmidt Continuum
A continuum from boss-centred leadership to subordinate-centred leadership.
Tells, sells, consults, joins.
Shows a range of management styles.
Blake Mouton Grid
Shows a range of management styles.
Compares concern for people with concern for task.
LP LT = impoverished
LP HT = produce or perish
HP LT = country club
HP HT = team leader
Scientific decision making
data-based approach to decison making
set objectives, gather data, analyse data, select, implement, review
Decision trees
provides an example of scientific decision making based on probabilities.
stakeholder mapping
categorises stakeholders in regards to their power and interest.
LP LI = monitor
LP HI = keep informed
HP LI = keep satisfied
HP HI = manage closely
market mapping
identifies how other products/brands are perceived by customers relative to others.
high price vs low price
innovative vs conservative
price elasticity of demand
if demand is price elastic, the demand is sensitive to price - a fall in price leads to higher demand. (greater than 1)
if demand is price inelastic, the demand is not sensitive to price - an increase in price leads to an increase in revenue. (lower than 1)
income elasticity of demand
measures the sensitivity of demand to changes in income.
% change in demand / % change in income
positive answer means that an increase in income increases quantity demanded
STP
segmentation, targeting, positioning.
managers must analyse a market to identify the segments that exist, select which to target and then decide where in the market the product should be positioned.
Marketing Mix
7PS: product, price, people, promotion, process, place, physical environment
boston matrix
a method of product portfolio analysis.
compares market share to market growth.
LMS LMG = dogs
LMS HMG = problem children
HMS LMG = cash cows
HMS HMG = stars
the product life cycle
the typical stages that sales of a product may go through over time.
development, introduction, growth, maturity, saturation, decline
inventory control chart
highlights issues with inventory management such as their re-order level, re-order quantity, usage rates and lead time.
Hackman and Oldman’s model of job design
skill variety, task identity, task significance - experienced meaningfulness of work - high internal work motivation.
autonomy - experienced responsibility for the outcomes of work - high quality performance
feedback - knowledge of actual results of work activities - high satisfaction with work
Herzberg’s theory
motivating factors = achievement, recognition, job advancement opportunities, growth opportunities
hygiene factors = employee relations, company policy, workplace, working conditions, salary, status, security, supervision
Maslow’s hierarchy of needs
motivation is the result of a person’s attempt at fulfilling five basic needs.
physiological, safety, social, esteem, self-actualisation.
must work up the hierarchy, each can only be fulfilled when the ones below it are.
Taylor’s theory
Scientific Management - theory based on observation of managers and employees
employees are only motivated by money.
piece-rate-pay should be used and is the most motivational.
Mayo’s theory
Human Relations Approach.
employees are motivated far more by relational factors such as attention and teamwork.
teams should help support and influence each other.
SWOT analysis
a part of strategic planning which identifies current strengths and weaknesses and future opportunities and threats.
will be unique to each business.
Kaplan and Norton’s balanced scorecard
highlights the influences on the success of a business, beyond profit.
4 perspectives: financial, customer, internal processes, learning & growth.
Elkington’s triple bottom line
success can be measured in ways other than profit.
people, profit, planet.
businesses should look at all three to measure overall success.
Carroll’s corporate social responsibility pyramid
outlines the different possible aspects of social responsibility for a business.
economic (profitable), legal (obey law), ethical (avoid harm/do the ‘right thing’), philanthropic (good corporate citizen/actively helping society).
Porter’s 5 forces
forces that determine the profitability of a business.
degree of rivalry, buyer power, supplier power, entry threat and substitute threat.
sensitivity analysis
managers will realise there is a range of possible values for revenue and cost forecasts.
they will calculate investment appraisal stats for different scenarios.
