Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Studies > Nature of Management > Flashcards

Nature of Management Flashcards

1
Q

What is the traditional meaning of management?

A

It refers to the process of coordinating a business’s resources to achieve its goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the contemporary definition of management?

A

The process of working with and through other people to achieve the goals of the business in a rapidly changing environment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the four types of resources in a business?

A

human resources
physical resources
information resources
financial resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the physical resources in a business?

A

includes equipment, machinery, buildings and raw materials.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the human resources in a business?

A

The employees of the business and are generally its most important asset

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the financial resources in a business?

A

The funds the business uses to meet its obligations/responsibilities of various creditors.

  • creditors - individuals or entities who lends money to another individual or entity (e.g banks lending money to buy houses)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the information resources in a business?

A

The knowledge and data required by the business, such as market research, sales reports, economic. forecasts, technical material and legal advice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the role of a manager?

A

A manager is someone who coordinates the business’ limited resources in order to achieve specific goals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What happens when managers aren’t able to interact and communicate well with employees?

A

They will fail to achieve high levels of commitment from staff.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Why are goals important for businesses?

A

Without goals, businesses will quickly lose the sense of directions. Employees would not understand the purpose of their work and managers would have difficulty measuring performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are managers required to do when there are limited resources?

A

All businesses face the problem of limited resources or scarcity, so managers need to coordinate the resources efficiently.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Why must managers balance efficiency and effectiveness?

A

A correct balance is key to achieving a competitive position in today’s challenging business environment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What makes a successful manager?

A

A successful manager is someone who’s able to anticipate and adapt quickly to changing environments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the difference between efficiency and effectiveness?

A

EFFICIENCY refers to how well you use your RESOURCES

  • compares the resources needed to achieve a goal (the costs) against what was actually achieved (the benefits)

EFFECTIVENESS refers to how well you get to your objective/goals

  • measures the degree to which a goal has been achieved
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Why are managers important to a business?

A

Society cannot function without businesses, and business cannot function without managers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the role of effective management?

A

The role of effective management is to make sure the joint efforts of employees are directed towards achieving the business’s goals. Effective management is usually the major factor influencing the success or failure of a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the major factor which influences the success and failure of the business?

A

effective management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the features of effective management?

A

planning
organising
leading
controlling
information management
having a variety of skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What makes an effective manager?

A

An effective manager is someone who:
* is good at PLANNING
* makes decisions to ORGANISE resources efficiently
* motivates staff using the most appropriate LEADERSHIP
* CONTROLS the business and takes corrective action
* MANAGES INFORMATION to make good decisions
* has a RANGE OF SKILLS that they use at the right time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the skills that a manager requires to operate the business effectively?

A

interpersonal (people)
communication
strategic thinking
vision
problem solving
decision making
flexibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are interpersonal skills and what ability does it include?

A

interpersonal skills refers to the ability to relate to people, being aware of and appreciating their needs, and showing genuine understanding. (OR IN OTHER WORDS the ability to communicate with others)
abilities includes:
* communicate
* motivate
* lead
* inspire

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Why is it important for a manager to have good interpersonal skills?

A

A manager who lacks empathy, is arrogant, opinionated, unable to communicate or who has difficulty relating to people will not be able to develop positive relationships with employees.
Employees may actually work more efficiently when such a manager is absent because of the fear of intimidation or victimisation is reduced.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are communication skills?

A

communication skills refers to the way you speak/communicate and what medium you use to get the message across.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Why should miscommunication be avoided?

A

mistakes, misunderstandings and unforeseen barriers sometimes lead to false message or no message being received.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is non-verbal communications? Give examples.

A

Non-verbal communication refers to any message that us not written or spoken and can convey a more powerful message than spoken or written conversations. e.g. posture, facial expression, placement of limbs and proximity to others.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are strategic thinking skills?

A

strategic thinking skills looks at the ‘big picture’ or the business as a whole.

So they thinking about a business’s future direction and what future goals the business wants to achieve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What must managers do/what would they gain when having good strategic thinking skills? (4 points)

A
  • visualise how work teams and individuals interrelate
  • understand the effect of any action on the business
  • gain insights into an uncertain future
  • see the business in the context of events and trends, and identify opportunities or threats
28
Q

Why might strategic thinking skills be important to a business?

A

it helps the business maintain its competitive position within a constantly changing business environment.
1. Resource limitations
2. Changing environment
3. Matching competitors’ strengths
4. Need to grow
5. Improved decision making

29
Q

What are vision skills?

A

Vision skills are clear, shared sense of direction that allows people to attain a common goal

30
Q

What is leadership (vision skills) and why is it important to a business?

A

Leadership refers to the ability to influence people to set and achieve specific goals. It is important to have great leadership to share their vision and inspire others.

31
Q

What are problem solving skills?

A

finding and implementing a course of action to correct an unworkable situation

the ability to decide which problem they should give their full attention.

32
Q

What are the 6 steps to problem solving?

A
  1. Identify the problem and causes
  2. gather relevant information
  3. develop alternative solutions
  4. analyse the alternatives
  5. choose one alternative and implement it
  6. evaluate the solution
33
Q

Define decision making skills.

A

the process of identifying the options available then choose a specific course of action to solve a specific problem.

34
Q

What are the stakeholders of a business? Give examples (6)

A

stakeholders are the groups/individuals who interact with the business and have an interest in its activities.

society
employees
shareholders
customers
environment
managers

35
Q

What are business goals?

A

A desired outcome (target) that an individual or business intends to achieve within a certain time frame.

36
Q

How do you determine the achievement of goals? What needs to happen?

A

Success is often determined by the amount of planning.

detailed planning = better chance of achieving goals

37
Q

What are SMART goals?

A

S - Specific
M - Measurable
A - Achievable
R - Realistic
T - Time-Bound

38
Q

What are examples of financial goals a business might have?

A
  • maximise profits
  • increase market share
  • maximise growth
  • improve share price
39
Q

What are examples of non-financial goals a business might have?

A
  • social
  • environmental
  • personal goals of owners and managers
40
Q

What is maximising profits and how do you calculate it?

A

when there is a maximum difference between the total revenue and total costs

profit = revenue - expenses

41
Q

What are some key ways to increase business sales?

A
  • lowering prices
  • well-targeted marketing campaigns
  • more innovative products than competitors
  • better services than competitors
42
Q

What is market share?

A

business’s share of the total industry sales for a particular product.
- normally goal is set for larger business

43
Q

What can businesses do to maximise internal growth?

A

employing more people
increasing sales
introducing innovative products
purchasing new equipment
establishing more outlet

44
Q

What can businesses do to maximise external growth?

A

merging with or acquiring other businesses

45
Q

What are some reasons when businesses would not want to grow?

A
  • avoid the added pressures of expansion
  • keep control over the business’s operations
  • maintain personal contact with the customers
46
Q

What are company shares?

A

a share is a part ownership of a PUBLIC company

47
Q

Why should companies improve their share price?

A
  • If companies want to be successful, they should maximise the returns of their shareholders.
  • this is achieved by keeping the share price rising and paying back healthy dividends
48
Q

What are social goals?

A
  1. community service - in particular educational, cultural, sporting and welfare
  2. provision of employment - employing from the local community
  3. social justice - people are treated equally and fairly
49
Q

What are the three R’s of environmental goals?

A

recycle, renew and regenerate

50
Q

What are environmental goals?

A

developing products and creating ideas that are environmentally friendly

51
Q

What is the point for personal goals of owners in a business?

A

The goals are normally not made public.
Does not diminish importance but rather motivates the business owner.

52
Q

Why might it be hard to achieve all financial goals? Give example.

A

It’s difficult to simultaneously achieve all of the financial goals as they can be incompatible and conflict with each other.

e.g. environmental and social. biodegradable cups are more expensive than regular cups but not adopting. environmental practices can impact customer base. need to keep high profits and be ecofriendly.

53
Q

What is staff involvement?

A

involving employees in the decision-making process and giving them the necessary skills and rewards.

54
Q

Why is staff involvement important?

A
  • work environment that maximises employee involvement and satisfaction
  • higher levels of labour productivity
  • therefore, the happier the workers, the more productive they will be.
55
Q

What are 7 advantages of staff involvement?

A
  1. increased employee motivation
  2. solutions to organisational problems
  3. employees accept responsibility for their work
  4. employees gain confidence
  5. employees exhibit more determination and initiative
  6. increased productivity
  7. long-term business success
56
Q

What does innovation mean?

A

improving something that already exists

57
Q

What are some practices that businesses can do to encourage innovation?

A
  • rewards for employees with innovative ideas that become profitable
  • a trustful management that does not excessively control
  • sufficient financial, management, human and time resources
  • not fearing the consequences of making a mistake
  • use techniques such as brainstorming to encourage ideas
58
Q

Why is innovation important?

A

competitive advantage

59
Q

What does motivation mean?

A

motivation refers to the individual, internal process that directs, energises and sustains a person’s behaviour

60
Q

Why is staff motivation important?

A
  • high levels of motivation result in increasing productivity
  • motivation is what drives a person to behave in a certain way, or to achieve a certain goal
61
Q

What are some tips to keep employees motivation during work?

A
  • lead by example
  • encourage suggestions
  • implement conflict-resolution strategies
  • delegate responsibility
  • take an interest in employees’ development
  • provide a safe work environment
  • establish joint objectives through negotiations
  • make clear expectations
  • communicate regularly with staff
62
Q

What is a mentor?

A

A mentor acts as a role model and is usually a more experienced employee (someone who helps develop a less experienced employee)

63
Q

Why is staff mentoring important to a business?

A
  • strengthens emplyoyee’s dedication and commitment to the firm
  • helps understand the businesses core values
  • assists with new employees and their transition into the workplace
  • assists training and development
64
Q

What is staff training?

A

the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills.

65
Q

What is the goal for staff training?

A

the goal of staff training is to improve employee productivity

66
Q

What are the two-types of training?

A

informal on-the-job training
formal off-the-job training

67
Q

why is it important to improve staff training?

A
  • adapt to a rapidly changing technological environment
  • provide better customer service
  • participate effectively in work teams
  • gain promotions
  • work more efficiently

Business Studies (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions