The Nature of Management Flashcards
Efficient Management
they will make decisions that minimise expenses, waste and the costs of operating the business
Features of Effective Managers
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
Interpersonal Skills
the ability to communicate or interact well with other people
Communication Skills
the ability to convey or share ideas and feelings effectively, includes listening, speaking and observing
Strategic Thinking
the ability to view the business as a whole, and recognise how decisions in one function will affect others
Vision
having a clear idea about where the business is headed
Problem-Solving
being able to find solutions to difficult or complex issues
Decision-Making
having the confidence to take action and guide the business towards its goals
Flexibility
the willingness to change or compromise
Adaptability to Change
being proactive by anticipating changes in the business environment and making adjustments
Reconciling the Conflicting Interests of Shareholders
developing solutions to conflicts of interest
Achieving Profits
in order to maximise profits (the key role of the business), management must implement strategies that maximise revenue and minimise costs
Achieving Market Share
a manager may decide to sacrifice profit in the short term to quickly gain market share from competitors
Achieving Growth
can be achieved by increasing the size of the business or by diversifying its operations
Achieving Share Price
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