Nature Of Management Flashcards
Skills of management: what are features of interpersonal skills?
•active listening skills: avoiding interruption and asking questions with good eye contact
Feedback skills: impersonal, goal-orientated, understood.
Delegation skills: what amount of authority, to whom, telling others, setting up feedback mechanisms
Discipline skills: immediate, fair, consistent, objective and calm, agree on future.
Skills of management: why do you need communication skills?
communication is the exchange of information between people
so you can keep everyone involved and achieve goals
So everyone knows what is happening and can run the business effectively
Features of an effective manager?
Able to achieve business goals along with their team of workers
Skills of management: what does strategic thinking involve?
Thinking about a business’s future direction and what future goals the business wants to achieve
Strategic thinking is big picture thinking, often involving trends, new ideas, innovations, methods of doing things
What can a manager do when they see ‘the big picture’
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 and threats
Skills of management: What are Vision Skills?
Vision means the clear, shared sense of direction that allows people to attain a common goal
Vision is having a clear idea about where the business is headed and the place, or position, the business will have in the future?
Skills of management: what is problem solving?
Finding and then implementing a course of action to correct an unworkable situation
Skills of management: what is decision making?
Identifying the options available and then choosing a specific course of action to solve the specific problem
Skills of management: flexibility and adaptability to change?
Successful management are those who can anticipate and adjust to changing circumstances
Managers must be flexible, adaptable and proactive rather than reactive.
Skills of management: strategies used to reconcile the conflicting interests of stakeholders-
Employee share acquisition schemes: allow employees to purchase shares, usually at a reduced price, this balances conflicting interests.
Offer training & professional development to employees:
Educated workforce creates higher efficiency which will then reduce production costs, have higher profits resulting in happiness of stakeholders and customer expectations
Business goals: (financial) Information about profits?
Increase sales can maximise profits - lower price, marketing campaign, better delivery, innovative products.
Business goals: (financial) what is market share?
A business’s share of the total industry sales for a particular product
Usually a goal for a large business
Develop an extensive product range
Business goals: (financial) how to maximise growth?
Internally: more employees, increasing sales, introducing innovative products, purchasing new equipment or establishing more outlets
Externally: merging with or acquiring other businesses
Business goals: (financial) why should you improve the share price?
To keep shareholders happy, a business must maximise the returns they receive.
Business goals: (non financial) social goals
Community service: support educational, cultural, sporting activities
Provision of employment
Social justice: everyone is treated equally
Business goals: (financial) environmental goals:
A balance between economic and environment concerns
Sustainable development
Governments imposing strict environmental regulations (carbon tax)
Business goals: (non- financial) environmental goals::
what is sustainable development?
Needs of the present population are met without endangering the ability of future generation to meet their own needs.
Achieving a mix of financial and non financial goals:
Business managers have a range of goals because they have a range of different stakeholders who have different needs.
Having a mix of goals is not always easy, conflicts arise
Achieving business goals: What is staff involvement?
Involving the staff in the business and the decision making process.
Staff involvement: how does innovation involve the staff?
Basic strategies such as gift vouchers, bonuses, recognition certificates
Staff involvement: how would you involve staff through motivation?
Recognition is a key motivator, acknowledgement, rewards (gift certificates, movie tickets)
Staff involvement: how would you involve staff through mentoring?
It leads to highly competent employees
Staff involvement: how would you involve staff through training
It teaches them knowledge and skills and makes them more efficient in achieving the business’s goals
(Management process)
The production process involves:
Inputs –> transformation process –> outputs
