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Topic 2- Business Management Flashcards

1
Q

Management

A

the process of working with and through other people to achieve business goals in a changing environment. Crucial to this process is the effective and efficient use of limited resources.

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2
Q

Manager

A

someone who coordinates the business’s limited resources in order to achieve specific goals

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3
Q

Planning

A

the process of establishing goals and deciding on methods to achieve them. Preparing a predetermined course of action

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4
Q

Organising

A

the structuring of the organisation to translate plans and goals into action

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5
Q

Leading

A

the process of influencing or motivating people to work towards the achievement of the organisation’s objectives

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6
Q

Controlling

A

the process of evaluating performance and taking corrective action to ensure that the set objectives are being achieved

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7
Q

Skill

A

the ability that comes from the knowledge, practice and talent to do something well

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8
Q

Effectiveness

A

measures the degree to which a goal has been achieved

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9
Q

Efficiency

A

compares the resources needed to achieve a goal (the costs) against what was actually achieved (the benefits)

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10
Q

Interpersonal skills

A

those skills needed to work and communicate with other people and to understand their needs

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11
Q

Communication

A

the exchange of information between people; the sending and receiving of messages

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12
Q

Nonverbal communication

A

any message that is not written or spoken

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13
Q

Strategic thinking

A

allows a manager to see the business as a whole and to take the broad, long-term view

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14
Q

Vision

A

the clear, shared sense of direction that allows people to attain a common goal

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15
Q

Leadership

A

the ability to influence people to set and achieve specific goals

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16
Q

Problem solving

A

a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation

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17
Q

Decision making

A

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

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18
Q

Flexible

A

being responsive to change and able to adjust to changing circumstances

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19
Q

Proactive

A

refers to a management style that incorporates dynamic action and forward planning to achieve particular objectives

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20
Q

Triple bottom line

A

the economic, social and environmental performance of a business

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21
Q

Stakeholder engagement

A

refers to businesses sharing information with and seeking input from stakeholders, and involving them in decision making

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22
Q

Goal

A

desired outcome (target) that an individual or business intends to achieve within a certain time frame

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23
Q

Benchmark

A

a standard by which something can be measured or judged

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24
Q

Profit maximisation

A

occurs when there is a maximum difference between the total revenue (that is, the number of sales made multiplied by the price) coming into the business and total costs being paid out

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25
Q

Market share

A

refers to the business’s share of the total industry sales for a particular product

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26
Q

Share

A

a part ownership of a public company

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27
Q

Promotion

A

the methods used by a business to inform, persuade and remind a market about its products

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28
Q

Social justice

A

in business is about adopting a set of policies to ensure that employees or other community members are treated equally and fairly

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29
Q

Sustainable development

A

when the needs of the present population are met without endangering the ability of future generations to meet their own needs

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30
Q

Staff involvement

A

involving employees in the decision-making process and giving them the necessary skills and rewards

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31
Q

Labour productivity

A

measures how much an employee can produce in a set period of time

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32
Q

Intrapreneur

A

an individual who takes on an entrepreneurial role within a business

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33
Q

Motivation

A

the individual, internal process that directs, energises and sustains a person’s behaviour

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34
Q

Mentoring

A

the process of developing another individual by offering tutoring and coaching, and modelling acceptable behaviour

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35
Q

Mentor

A

someone — usually a more experienced employee — who helps develop a less experienced employee (the protégé)

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36
Q

Socialisation

A

the process a new employee undergoes in the first few weeks of employment through which he or she learns how to cope and succeed

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37
Q

Employment training

A

refers to the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills

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38
Q

Multiskilling

A

allows employees to develop skills in a wide range of tasks through ongoing training

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39
Q

Mass production

A

the process of manufacturing standardised goods on a huge scale by automation

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40
Q

Classical approach

A

(to management) stresses how best to manage and organise workers so as to improve productivity (output)
- long chain of command, narrow span of control

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41
Q

Scientific management

A

an approach that studies a job in great detail to discover the best way to perform it

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42
Q

Planning

A

the preparation of a predetermined course of action for a business

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43
Q

Strategic (long-term) planning

A

planning for the following three to five years. This level of planning will assist in determining where in the market the business wants to be, and what the business wants to achieve in relation to its competitors.

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44
Q

Tactical (medium-term) planning

A

flexible, adaptable planning, usually over one to two years, that assists in implementing the strategic plan

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45
Q

Operational (short-term) planning

A

provides specific details about the way in which the business will operate in the short term

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46
Q

Organising

A

the structuring of the organisation to translate plans and goals into action

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47
Q

Organisation process

A

the range of activities that translate the goals of a business into reality

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48
Q

Control process

A

involves establishing standards in line with the goals of the business, measuring the performance of the business against those standards or benchmarks, and making changes where necessary to ensure that the goals of the business have been met

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49
Q

Chain of command

A

an organisational structure that shows how each member of a company reports to one another

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50
Q

Span of control

A

The number of people an employee is responsible for

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51
Q

Specialisation of labour

A

the degree to which tasks are divided into separate jobs

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52
Q

Management hierarchy

A

the arrangement that provides increasing authority at higher levels of the hierarchy

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53
Q

Leadership style

A

a manager’s way of doing things- their behaviour and attitudes

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54
Q

Autocratic leadership style

A

a manager using an autocratic leadership style tends to make all the decisions, dictates work methods, limits worker knowledge about what needs to be done to the next step to be performed, frequently checks employee performance and sometimes gives feedback that is punitive.

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55
Q

Time and motion studies

A

a process of examining each of the steps in a production procedure and the time taken to perform them

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56
Q

Bureaucracy

A

the set of rules and regulations that controls a business

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57
Q

Behavioural approach

A

an approach that stresses that people (employees) should be the main focus of the way in which the business is organised
- wide span of control, short chain of command

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58
Q

Delegate

A

to hand over certain tasks or responsibilities to an employee who is suitably capable and qualified to carry them out

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59
Q

Teamwork

A

when people interact regularly and coordinate their work towards a common goal

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60
Q

Flatter organisational structures

A

have evolved due to a ‘de-layering’ of management structures resulting in the elimination of one or more management levels

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61
Q

Participative democratic leadership style

A

a leadership style in which the manager consults with employees to ask their suggestions and then seriously considers through suggestions when making decisions

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62
Q

Contingency approach

A

stresses the need for flexibility and adaptation of management practices and ideas to suit changing circumstances

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63
Q

Operations

A

the business processes that involve transformation or, more generally, ‘production’

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64
Q

Operations management

A

all the activities in which managers engage to produce a good or service

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65
Q

Inputs

A

the resources used in the transformation (production) process

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66
Q

Transformed resources

A

those inputs that are changed or converted in the operations process

67
Q

Transforming resources

A

those inputs that carry out the transformation process

68
Q

Transformation process

A

Involves the conversion of inputs (resources) into outputs (goods or services)

69
Q

Outputs

A

the result of a business’s efforts- the service or product that is delivered or provided to the customer

70
Q

Outsourcing

A

the use of external sources or businesses to undertake business functions or activities for the business

71
Q

Quality

A

the degree of excellence of goods or service and their fitness for a stated purpose

72
Q

Quality management

A

the strategy which a business uses to make sure that its product meets customer expectations

73
Q

Quality control

A

The use of inspections at various points in the production process to check for problems and defects

74
Q

Quality assurance

A

The use of a system so that a business achieves set standards of in production

75
Q

Total quality management

A

an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation

76
Q

Quality circles

A

groups of workers who meet to solve problems relating to quality

77
Q

Continuous improvement

A

an ongoing commitment to achieving perfection

78
Q

Marketing

A

a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers

79
Q

Target market

A

A group of customers with similar characteristics who presently, or who may in the future, purchase the product

80
Q

Primary target market

A

the market segment at which most of the marketing resources are directed

81
Q

Secondary target market

A

usually a smaller and less important market segment

82
Q

Mass marketing approach

A

in mass markets the seller mass-produces, mass-distributes and mass-promotes one product to
all buyers

83
Q

Market segmentation

A

occurs when the total market is subdivided into groups of people who share one or more common characteristics

84
Q

Niche market

A

a narrowly selected target market segment

85
Q

Marketing strategies

A

actions undertaken to achieve the business’s marketing goals through the marketing mix

86
Q

Marketing mix

A

refers to the combination of the elements of marketing, the seven Ps- product, price, promotion, place, people, physical evidence, and process- that make up the marketing strategy

87
Q

Product

A

involves determining the quality, packaging, design, name, labelling, exclusive features and warranties

88
Q

Branding

A

a name, term, symbol or design that identifies a specific product and distinguishes it from its competitors

89
Q

Brand logo

A

a graphic representation that identifies a business or product

90
Q

Packaging

A

involves the development of a container and the graphic design for a product

91
Q

Cost based pricing

A

Determines price of product based on cost of production and uses a fixed profit margin

92
Q

Competition based pricing

A

Determines price based on prices set by competitors

93
Q

Market based pricing

A

Sets price based on supply and demand, regardless of cost of production

94
Q

Promotion

A

the methods used by a business to inform, persuade and remind a market about its products

95
Q

Place or distribution

A

Activities that make the products available to customers when and where they want to purchase them

96
Q

Distribution channels

A

ways of getting the product to the customer

97
Q

People

A

refers to the quality of interaction between the customer and those within the business who deliver the service

98
Q

Processes

A

refers to the flow of activities that a business will follow in its delivery of a service

99
Q

Physical evidence

A

refers to the everything that the customer sees when interacting with a business

100
Q

Accounting

A

a managerial and administrative tool for recording financial transactions, so that a summary of what has happened to business money can be traced

101
Q

Accountability

A

when a business acts in the best and highest interests of its owners. Full and complete ‘disclosure’, which means to be open and not hide the truth, ensures that the books of account are kept accurately and that the information reflected in them, and which is summarised in reports, is based on the true and actual transactions

102
Q

Finance

A

how a business funds its activities — for instance, where it gets the money to trade, why it chooses to use certain lenders — as well as the costs, risks and benefits of different types of borrowings

103
Q

Financial statements

A

reports that summarise transactions over a period of time

104
Q

Cash flow statement

A

a financial statement that indicates the movement of cash receipts and cash payments resulting from transactions over a period of time

105
Q

Liquidity

A

the amount of cash a business has access to and how readily it can convert its assets into cash so that
debt can be paid

106
Q

Income statement

A

a summary of the income earned and the expenses incurred over a period of trading

107
Q

Cost of goods sold (COGS)

A

value of stock that a business has sold to its customers
COGS= Opening Stock + Purchases – Closing Stock

108
Q

Gross profit

A

the term given to the revenue less cost of goods sold
Gross Profit= Revenue – COGS

109
Q

Net profit

A

the amount remaining when operating and non-operating expenses are deducted from gross profit (selling, administrative and financial)
Net profit= Gross Profit – Expenses

110
Q

Expenses

A

the costs incurred in the process of acquiring or manufacturing a good or service to sell and the costs (direct and indirect) associated with managing all aspects of the sales of that good or service.

111
Q

Balance sheet

A

represents a business’s assets and liabilities at a particular point in time, expressed in money terms, and represents the net worth of the business

112
Q

Assets

A

Items of value owned by the business that can be given a monetary value

113
Q

Liabilities

A

Items of debt owed to other organisations (e.g. suppliers, banks)

114
Q

Owner’s Equity

A

the funds contributed by the owner(s) to establish and build the business. It is also called ‘capital’.

115
Q

Human resource cycle

A

covers all stages in the process of employing staff, from initial planning through to recruitment, selection, induction, training and development, performance management and eventually separation of employment

116
Q

Human resource management

A

the effective management of the formal relationship between the employer and employees

117
Q

Acquisition

A

the process of attracting and recruiting the right staff for roles in a business

118
Q

Identifying staffing needs

A

Analysing the internal and external environment to determine the needs of the business and the employees

119
Q

Job analysis

A

a systematic study of each employee’s duties, tasks and work environment. It comprises of a job description and specification

120
Q

Job description

A

a written statement describing the employee’s duties, tasks and responsibilities associated with the job

121
Q

Job specification

A

a list of the key qualifications needed to perform a particular job in terms of education, skills and experience

122
Q

Recruitment

A

the process of finding and attracting the right quantity and quality of staff to apply for employment vacancies or anticipated vacancies.

123
Q

Internal recruitment

A

filling job vacancies with present employees, rather than looking outside the business

124
Q

External recruitment

A

filling job vacancies with people from outside the business

125
Q

Employee selection

A

involves gathering information about each applicant for a position, then using that information to choose the most appropriate applicant

126
Q

Development stage

A

refers to activities that prepare staff to take greater responsibility in the future

127
Q

Training

A

the process of teaching staff how to perform their job more efficiently and effectively by boosting their knowledge and skills

128
Q

Development

A

the process of preparing employees to undertake increased responsibilities in the future through acquiring improved knowledge, skills and experience

129
Q

Maintentence

A

motivating employees to remain within the business

130
Q

Employment contract

A

a legally binding, formal agreement between an employer and an employee

131
Q

Award

A

a legally binding agreement that sets out the minimum wages and conditions for a group of employees

132
Q

Enterprise agreements

A

Collective agreements made at a workplace level between an employer and a union acting on behalf of its employees, or between the employer and a group of employees, about terms and conditions of employment

133
Q

Individual Common Law Contracts

A

Refers to when an employer and an individual employee negotiate a contract covering pay and conditions

134
Q

Separation

A

refers to the ending of the employment relationship on a voluntary or involuntary basis

135
Q

Voluntary

A

When an employee chooses to leave the business of their own free will

136
Q

Resignation

A

the voluntary ending of employment by the employee ‘quitting’ their job

137
Q

Retirement

A

when an employee decides to give up full-time or part-time work and no longer be part of the labour force

138
Q

Redundancy

A

when a person’s job no longer exists, usually due to technological changes, an organisational restructure or a merger or acquisition

139
Q

Involuntary separation

A

When an employee is asked to leave the business against their will

140
Q

Summary dismissal

A

when the employee commits a serious breach of their employment contract

141
Q

Dismissal

A

when the behaviour of an employee is unacceptable and it then becomes necessary for a business to terminate the employee’s employment contract

142
Q

Retrenchment

A

dismissal because there isn’t enough work to justify payment

143
Q

Unfair dismissal

A

when an employee is dismissed by their employer and they believe the action is harsh, unjust or unreasonable

144
Q

Business ethics

A

the application of moral standards to business behaviour

145
Q

Audit

A

an independent check of the accuracy of financial records and accounting procedures

146
Q

Corporate social responsibility

A

refers to open and accountable business actions based on respect for people, community/society and the broader environment. It involves businesses doing more than just complying with the laws and regulation

147
Q

Code of conduct

A

a set of ethical standards that managers and employees of the business are expected to abide by

148
Q

Change

A

any alteration in the internal or external environments

149
Q

Change management

A

a methodical approach to dealing with change, both from the perspective of a business and on the individual level

150
Q

Holistic

A

an approach that looks at the whole picture

151
Q

Proactive

A

to initiate change rather than simply to react to events

152
Q

Reactive

A

to wait for a change to occur and then respond to it

153
Q

Business information system

A

gathers data, organises and summarises it and then converts the data into practical information

154
Q

Data

A

unprocessed facts and figures such as sales figures and customer complaints

155
Q

Information

A

processed data that has been deliberately selected and organised to be useful to an individual
manager

156
Q

Vision statement

A

a broad statement about what the business aspires to become in the future

157
Q

Driving forces

A

those forces that support the change

158
Q

restraining forces

A

those forces that work against the change

159
Q

Inertia

A

refers to an unenthusiastic response to proposed change due to a fear of the unknown

160
Q

Change agent

A

a person or group of people who act as catalysts, assuming responsibility for managing the
change process

161
Q

Management consultants

A

someone who has specialised knowledge and skills within an area of business

162
Q

Best practice

A

those business practices that are regarded as the best or of the highest standard in the industry

163
Q

Change

A

any alteration in the internal or external environments

bs (6 decks)

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