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Business Studies > Nature Of Management > Flashcards

Nature Of Management Flashcards

1
Q

Skills of management: what are features of interpersonal skills?

A

•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.

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2
Q

Skills of management: why do you need communication skills?

A

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

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3
Q

Features of an effective manager?

A

Able to achieve business goals along with their team of workers

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4
Q

Skills of management: what does strategic thinking involve?

A

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

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5
Q

What can a manager do when they see ‘the big picture’

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 and threats

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6
Q

Skills of management: What are Vision Skills?

A

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?

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7
Q

Skills of management: what is problem solving?

A

Finding and then implementing a course of action to correct an unworkable situation

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8
Q

Skills of management: what is decision making?

A

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

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9
Q

Skills of management: flexibility and adaptability to change?

A

Successful management are those who can anticipate and adjust to changing circumstances

Managers must be flexible, adaptable and proactive rather than reactive.

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10
Q

Skills of management: strategies used to reconcile the conflicting interests of stakeholders-

A

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

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11
Q

Business goals: (financial) Information about profits?

A

Increase sales can maximise profits - lower price, marketing campaign, better delivery, innovative products.

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12
Q

Business goals: (financial) what is market share?

A

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

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13
Q

Business goals: (financial) how to maximise growth?

A

Internally: more employees, increasing sales, introducing innovative products, purchasing new equipment or establishing more outlets

Externally: merging with or acquiring other businesses

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14
Q

Business goals: (financial) why should you improve the share price?

A

To keep shareholders happy, a business must maximise the returns they receive.

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15
Q

Business goals: (non financial) social goals

A

Community service: support educational, cultural, sporting activities

Provision of employment

Social justice: everyone is treated equally

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16
Q

Business goals: (financial) environmental goals:

A

A balance between economic and environment concerns

Sustainable development

Governments imposing strict environmental regulations (carbon tax)

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17
Q

Business goals: (non- financial) environmental goals::

what is sustainable development?

A

Needs of the present population are met without endangering the ability of future generation to meet their own needs.

18
Q

Achieving a mix of financial and non financial goals:

A

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

19
Q

Achieving business goals: What is staff involvement?

A

Involving the staff in the business and the decision making process.

20
Q

Staff involvement: how does innovation involve the staff?

A

Basic strategies such as gift vouchers, bonuses, recognition certificates

21
Q

Staff involvement: how would you involve staff through motivation?

A

Recognition is a key motivator, acknowledgement, rewards (gift certificates, movie tickets)

22
Q

Staff involvement: how would you involve staff through mentoring?

A

It leads to highly competent employees

23
Q

Staff involvement: how would you involve staff through training

A

It teaches them knowledge and skills and makes them more efficient in achieving the business’s goals

24
Q

(Management process)

The production process involves:

A

Inputs –> transformation process –> outputs

25
Q

(Management process)
Quality management:

Quality control?

A

Inspectors checking finished products, removing whatever doesn’t meet the required standard

26
Q

(Management process)
Quality management:

Quality assurance

A

Aims to stop faults occurring in the first place

27
Q

(Management process)
Quality management:

Total quality management

A

Encourages all employees to think about quality in everything they do.

28
Q

(Management process)
Marketing:
Identification of the target market.

A

Through mass marketing approach: seeks a large range of customers

the market segmentation approach: people divided into groups who share one or more common characteristic

niche market approach: narrowly selected target market segment

29
Q

(Management process)
Marketing:

Marketing mix- the four P’s

A

Product: goods and services produced both tangible and intangible

Place: where the business is located

Price: pricing depending on competitors and consumers

Promotion: methods used by a business to persuade and remind customers about their product

30
Q

(Management process)
Finance

Cashflow statements + liquidity

A

Cashflow statement shows the movement of cash receipts (inflows) and cash paysments (outflows) over a period of time

Liquidity is used to describe whether a business has a good or adequate cash flow

31
Q

(Management process)
Finance:

Income statement

A

It is a summary of the income earner and the expenses incurred over a training period

32
Q

(Management process)
Finance

Income statement- COGS

A

Opening stock+ purchases- closing stock

33
Q

(Management process)
Finance

Income statement- gross profit

A

sales- COGS

34
Q

(Management process)
Finance

Income statement- net profit

A

Net profit= gross profit - expenses

35
Q

(Management process)
Finance

Balance sheets

A

Financial stability of the business in terms of what it owes or what it owns

36
Q

(Management process)
Finance

Balance sheet equation?

A

A= L+ OE

37
Q

(Management process)
Human Resources

Acquisition

A
  • identifying staffing needs
  • recruiting (internal x external)
-selecting choosing the best person for the job 
  Process may involve:
1. Interview
2. Employment tests
3. Background checks
4. Medical examination
5. Final selection decision
38
Q

(Management process)
Human Resources

Development

A

On the job training: traineeships, supervised training
-Employee is productive but mistakes may be made

Off the job training: lectures, conferences
-Employees can be trained all at the same time but it’s expensive and training may be irrelevant

39
Q

(Management process)
Human Resources

Maintenance

A

Monetary rewards: salary, wage

Non monetary rewards: feeling valued can increase productivity and lessen absenteeism

40
Q

(Management process)
Human Resources

Employee contracts:

A

Award: outlines the minimum conditions such as maternity leave, overtime rates, allowances etc.

Enterprise agreement: negotiated arrangement between an employer and a union.

Common law contract: when the employees and employers have the right to sue for compensation if either party does not fulfil their part of the contract

41
Q

(Management process)
Human Resources

Separation:

A

Involuntary: termination and redundancy/retrenchment

Voluntary: retirement and resignation

Business Studies (9 decks)

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