Sac 1 Revision - 1 Flashcards
Operations Management
The operations area is responsible for the production of the business’s product, whether it is a manufactured good or the provision of a service. It overseas the transformation of inputs into outputs, that is, the finished product.
Finance Management
The financial area is responsible for managing the financial aspects of the business. This can include developing financial polices, raising finance, budgeting, accounting and reporting, and cash control.
Human Resources Management
The human resource area is responsible for coordinating all the activities involved from acquiring to terminating employees of the business. It manages the relationship between the employer and employees.
Sales and Marketing Management
The sales and marketing area is responsible for the marketing mix, often returned to as the 7 Ps (product, price, place, promotion, people, physical evidence and process).
Technology Support Management
The technology support area is responsible for installing and maintaining technology, as well as providing assistance to the users of technology in the business. These technologies may include mobile phones, computers, computer networks, software products or other electronics. Technology support will often attempts to help employees solve specific computer-related problems.
Operations Strategies
The strategies used by the operations area depend on whether the business transforms inputs into goods or services. Generally, the operations strategies include the use of technology, materials management, quality management and waste minimisation in the production process.
Finance Strategies
The strategies used by the financial area will relate to accounting and financial management. Accounting involves the recording and analysis of all the business’s financial transactions. The financial management is concerned with how a business funds its activities.
Human Resource Strategies
The strategies used by the human resource area focus on improving the motivation of employees and meeting their expectations. An important aspect of human resource management is the management of the employment cycle.
Employment Cycle
Establishment Phases - Getting people to work for the business. The right people need to be recruited and selected.
Training Phases - They need to be inducted, trained and developed.
Maintenance Phase - The performance of employees also needs to be managed, whether by observing employees, appraising their performance or by evaluating performance against objectives.
Termination Phases - Termination management may involve retirement, redundancy, resignation or dismissal, as well as entitlement and transition issues that go along with each of these.
Sales and Marketing Strategies
Marketing strategies undertaken by the sales and marketing area arise through the marketing mix: developing the product, pricing, promoting and distributing products to present and potential customers.
Autocratic Management Style
Refers to the behaviour and attitude of the manager when making decisions, directing and motivating staff and when implementing plans to achieving business objectives.
Persuasive Management Style
Refers to the one where the manager attempts to sell decisions made.
Consultative Management Style
Refers to the one where the manager consults employees before making decisions
Participative Management Style
Refers to the one where the manager unites with staff to make decisions together
Laissez-faire Management Style
Refers to the one where the employees assume total responsibility for, and control of, workplace operations.
