Topic 2: nature of management Flashcards
business prelims
what is a manager
a person responsible for controlling an organisation or group of staff
responsibilities of a manager(4)
planning
organising
leading
controlling
what goes into planning
setting up strategic, tactical and operational plans, establishing goals and allocating resources
what goes into organising
setting out procedures to be implemented into the plans
what goes into leading
motivating employees to work hard to achieve the business’s goals
what goes into controlling things
monitoring and evaluating performance and making adjustments to plans and/or procedures to achieve the businesses goals
list some key business goals(5)
profit market share social environmental staff involvement
why is profit set as goal
to know that the returns offered by the business are better than any safer alternative
why is market share set as a goal
in order to increase sales and revenue
why is growth set as a business goal
as growth increases the businesses profitability increases
why is share price set as a goal
the higher the price of shares the higher the total value of your business
why are social goals set
businesses are responsible to people and society in general as they affect there quality of life
why are environmental goals set
in order for bussinesses to lower their carbon footprint
what are some reasons why staff involvement is important (4)
Innovation
motivation
mentoring
training
what can innovation from staff bring to a business
allowing staff to innovate can allow for difficult problems to be solved and give the business a competitive edge
