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Business Studies > nature of management > Flashcards

nature of management Flashcards

1
Q

what are features of effective management?

A

planning, organising, leading, controlling

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2
Q

what is planning in effective management

A

the preparation of a predetermined course of action for a business. it refers to the process of setting objectives and deciding on the methods to achieve them

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3
Q

what is organising in effective management

A

the process of structuring the organisation to translate plans and goals into action

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4
Q

what is leading in effective management

A

process of influencing or MOTIVATING people to work towards the achievement of the organisation’s objectives

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5
Q

what is controlling in effective management

A

the process of evaluating performance and taking corrective action to ensure that the set objective are being achieved

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6
Q

define skill

A

the ability that comes from the knowledge, practice and talent to do something well

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7
Q

identify skills of management

A

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

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8
Q

define interpersonal (people) skills

A

those skills needed to work and communicate with other people and to understand their needs (RELATIONSHIPS)

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9
Q

define interpersonal (people) skills

A

those skills needed to work and communicate with other people and to understand their needs (RELATIONSHIPS)

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10
Q

define communication skills

A

the exchange of information between people; the SENDING AND RECEIVING MESSAGES - miscommunication causes problems in a business

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11
Q

define strategic thinking skills

A

allows a manger to see the business as a whole and to take the broad, LONG-TERM view

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12
Q

define vision skills

A

the clear, shared sense of direction that allows people to attain a common goal

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13
Q

define problem-solving skills

A

a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation

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14
Q

outline the process of problem-solving

A

identify the problem and causes - gather relevant information - develop alternative solutions - analyse the alternatives - choose one alternative and implement it - evaluate the solution

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15
Q

define decision-making skills

A

the process of identifying the options available and then choosing a specific course of action to solve a specific problem

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16
Q

define flexibility and adaptability to change skills

A

being responsive to change and able to adjust to changing circumstances - being PROACTIVE (forward planning, creating situations) rather than reactive (responding to situation)

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17
Q

define the triple bottom line

A

the economic, social and environmental performance of a business

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18
Q

define stakeholder engagement

A

businesses sharing information with and seeking input from stakeholders, and involving them in decision making

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19
Q

define goal

A

a desirable outcome that a business wants to achieve (end result) in a particular timeframe, can be a SMART goal

20
Q

what are the benefits of setting goals

A

identifies the business targets, provides a benchmark, sets a challenge and motivates employees, can provide a basis for rewarding staff, provides commitment if employees are involved

21
Q

identify businesses financial goals

A

profits, market share, growth, share price

22
Q

identify businesses non financial goals and what responsibility do they come from?

A

social, environmental/sustainability
corporate social responsibility - triple bottom line

23
Q

when does profit maximisation occur?

A

when there is a maximum difference between total revenue (TR) and total costs (TC)

24
Q

how is profit calculated

A

total revenue (TR) - total costs (TC)

25
Q

how is total revenue calculated

A

total sales x price

26
Q

how is total cost calculated

A

it is the total expenses

27
Q

define market share

A

refers to the business’s share of the total industry sales for a particular product

28
Q

why must businesses increase their market share

A

size of market share affects profits therefore more growth in marketshare = more profit (which is the goal)

29
Q

how can businesses increase their market share

A

promotion is a successful strategy to increase market share e.g. advertising

30
Q

how can growth be achieved

A

internally: employing more people, increasing sales, introducing innovative products, purchasing new equipment, establishing more outlets
externally: achieved by integration and diversification strategies e.g. merging with or acquiring other businesses

31
Q

define a share in a business

A

part ownership in a public company

32
Q

how must businesses succeed in increasing share price

A

companies need to satisfy their shareholders by improving the share price and pay healthy dividends

33
Q

define dividend

A

a distribution of a company’s profits to shareholders

34
Q

what are the social goals for businesses

A

community service, provision of employment (e.g. employing family for the continuation of the business), social justice

35
Q

why do businesses have social/environmental goals

A

to reduce things like child labour and mistreatment therefore being more ethical
short term costly effects = long term gain

36
Q

what environmental/sustainable goals are demanded by customers

A

eliminate animal testing, recyclable packing, carbon emissions, solar energy, reducing water

37
Q

define staff involvement

A

including staff in the decision-making process and providing them with the necessary skills and rewards

38
Q

what must a business recognise for staff involvment

A

innovation, mentoring, motivation, training

39
Q

how can staff be involved in innovation

A

employees are a great source of innovation and can be intrapreneurs

40
Q

define intrapreneur

A

an innovative employee that tales entrepreneurial roles within a business

41
Q

how is staff involvement important in the motivation of employees

A

involvement empowers staff and increases their motivation

42
Q

define mentoring within the workplace

A

developing another individual by offering tutoring and coach and by modelling acceptable behaviour

43
Q

what is the importance of mentoring for staff involvement

A

teaching employees what the business expects of them helps strengthen their dedication0 and commitment to the business

44
Q

define training

A

teaching staff how to perform their jobs more efficiently and effectively by boosting their knowledge and skills

45
Q

how is innovation related to staff involvement

A

employees are a great source of innovation

Business Studies (14 decks)

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