U3O1 Business foundations Definitions Flashcards
Autocratic Management Style
One where the manager tells staff what decisions have been made.
Business
Any activity conducted by an individual or individuals to produce and sell goods and services that satisfy the needs of society as well as making profit.
Communication
The ability to transfer information from a sender to a receiver and to listen to feedback.
Competitors
Other businesses or individuals who offer rival or competing goods or services to ones offered by the business.
Consultative Management Style
One where the manager consults employees before making decisions.
Contingency Management Theory
Stresses the need for flexibility and the adaption of management styles to suit the situations.
Corporate Culture
The values, ideas, expectations and beliefs shared by members of the business.
Corporate social responsibilty
The obligation a business has over and above it’s legal responsibilities to the wellbeing of employees and customer shareholders and the community as well as the environment.
Customers
The people who purchase goods and services from the business expecting high quality at competitive prices.
Decision making
The ability to identify the options available and then choose a specific course of action from the alternatives.
Delegation
The ability to transfer authority and responsibility from a manager to an employee to carry out specific activities.
Directors
The people who have overall responsibility for managing the companies business activities.
Effectiveness.
The degree to which a business has achieved its stated objectives.
Efficiency
How well a business uses resources to achieve objectives.
Employees
The people who work for the business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production.
Government Business Enterprises
A type of business that is government owned and operated.
Incorporation
The process that businesses go through to become a registered company and a separate legal entity from the owners/shareholders.
Interpersonal Skills
The ability to deal or liaise with people and build positive relationships with staff.
Key Performance Indicators
A specific criteria used to measure the efficiency and/or effectiveness of the business performance.
Laissez-faire Management Style
One where employees assume total responsibility for and control of workplace operations
Leadership
The ability to influence or motivate people to work towards the achievement of business objective.
Limited Liabilty
Refers to when the shareholders in a company will not be held personally responsible for the debts of that business.
Management Skills
The abilities or competencies that managers use to achieve business objectives.
Management Style
The behaviour and attitude of the manager when making decisions, when directing and motivating staff and when implementing plans to achieve business objectives.
