Nature of management Flashcards
What qualities make a good manager?
Good at planning, decision-making, organizing inputs efficiently, motivating staff, controlling the business, managing information, having a range of skills, and communicating clearly.
What does the acronym VICSAR PDF represent in management skills?
Vision, Interpersonal, Communication, Strategic thinking, Adaptability, Reconciling conflicting interests of stakeholders, Problem solving, Decision making, Flexibility.
Why is vision important for a manager?
It involves setting long-term goals supported by short-term objectives and must be communicated to all employees.
How do interpersonal skills benefit a manager?
They help managers adjust their communication style to suit different people, motivating them to reach their best potential.
What is the role of communication in management?
Clear communication ensures instructions are understood, and it can involve different approaches depending on the employee’s preferences.
Why is strategic thinking important for a manager?
It involves setting long-term goals and understanding the roles of various business functions to maintain competitiveness.
How does adaptability help a manager?
It allows the manager to proactively adjust the business to changing internal and external environments.
What does reconciling conflicting interests of stakeholders involve?
Developing solutions to resolve conflicts among stakeholders’ differing desires.
What is involved in problem solving for a manager?
Prioritizing issues, finding solutions, and monitoring results.
What is the importance of decision-making in management?
It involves determining what needs to be done and prioritizing actions.
What are SMART goals?
Goals that are Specific, Measurable, Achievable, Realistic, and Time-bound.
Why is flexibility important for a manager?
It allows the manager to achieve goals despite barriers.
What time frames are considered short-term and long-term for business goals?
Short-term: 12 months to 2 years; Long-term: 3 to 10 years.
How is market share defined?
The percentage of total sales a business has compared to its competitors.
What is the main goal for most businesses?
Profit, which is determined by an income statement.
What are some ways a business can achieve growth?
Increasing size/capacity, horizontal integration, vertical integration, diversification, exporting, increasing asset value, opening more outlets, doing things better than competitors.
What are social goals for a business?
Impacting the quality of life for people in the community through diversity, human rights, equality, charities, community service, employment, and social justice.
Why is share price important for a business?
A high share price makes a business less vulnerable to corporate raiding or hostile takeovers.
What are environmental goals for a business?
Focusing on sustainability, reducing the carbon footprint, minimizing waste in packaging, and reducing energy requirements.
What is greenwashing?
A public relations activity designed to give the impression of meaningful environmental activity, but in reality having little effect.
Why might achieving a mix of business goals be difficult?
Due to conflicting stakeholder wants, but it is important to prioritize social goals alongside growth in sales revenue and market share.
