The Nature of Management Flashcards

1
Q

Efficient Management

A

they will make decisions that minimise expenses, waste and the costs of operating the business

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2
Q

Features of Effective Managers

A

is good at planning, considering how short-term objectives fit with long-term goals

makes decisions to organise raw materials, staff and inputs in the most efficient and productive combination

motivates staff using the most appropriate style of leadership

controls the business and takes corrective action if it deviates from the business plan

manages information to make good decisions

has a range of skills and knows how to use them at the right time

communicates clearly

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3
Q

Interpersonal Skills

A

the ability to communicate or interact well with other people

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4
Q

Communication Skills

A

the ability to convey or share ideas and feelings effectively, includes listening, speaking and observing

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5
Q

Strategic Thinking

A

the ability to view the business as a whole, and recognise how decisions in one function will affect others

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6
Q

Vision

A

having a clear idea about where the business is headed

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7
Q

Problem-Solving

A

being able to find solutions to difficult or complex issues

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8
Q

Decision-Making

A

having the confidence to take action and guide the business towards its goals

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9
Q

Flexibility

A

the willingness to change or compromise

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10
Q

Adaptability to Change

A

being proactive by anticipating changes in the business environment and making adjustments

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11
Q

Reconciling the Conflicting Interests of Shareholders

A

developing solutions to conflicts of interest

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12
Q

Achieving Profits

A

in order to maximise profits (the key role of the business), management must implement strategies that maximise revenue and minimise costs

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13
Q

Achieving Market Share

A

a manager may decide to sacrifice profit in the short term to quickly gain market share from competitors

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14
Q

Achieving Growth

A

can be achieved by increasing the size of the business or by diversifying its operations

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15
Q

Achieving Share Price

A

a business can sustain its share price by being well managed, earning consistent profits, keeping debt levels under control and providing worthwhile returns to shareholders

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16
Q

Achieving Social Goals

A

can include improving the quality of working life for employees, supporting cultural diversity and promoting human rights

17
Q

Achieving Environmental Goals

A

reducing carbon footprint by introducing recycling and lowering waste