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A Level Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Qualities of leaders

A

Leaders set an example for other workers
Leaders are naturally chosen whereas managers are appointed
Take risks

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2
Q

Qualities of managers

A

Confident in decision
Problem solver
Good relationship with employees

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3
Q

Autocratic

A

Someone’s who’s very commanding and doesn’t let people have a say

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4
Q

Democratic

A

Someone who takes all employees opinions into considerations

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5
Q

Paternalistic

A

When someone is the father figure of the business and your all in a family type of system

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6
Q

Laissez faire

A

When your given a task and you do it how you like

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7
Q

Internal influences of leadership styles include

A

Financial state of business
Motivation of employees

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8
Q

External influences on leadership styles

A

Action of competitors
Speed and growth of economy

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9
Q

Benefits of decision trees

A

Forces managers to consider the different probabilities of success and failure and the impacts
Consider the initial costs
Way of comparing option on financial gain
Logical comparison of options available to managers at a given time

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10
Q

Drawbacks of decision trees

A

Data can be inaccurate because of bias
Time consuming and waste of resources
Figures are based on predictions
Can be manipulates by managers to get desired output

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11
Q

Usefulness or stakeholder mapping

A

Can help identify external and internal stakeholders
Can identify stakeholder interests and avoid conflict
Might help improve stakeholder engagement and relationship building
Can help understand issues from perspective of stakeholders

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12
Q

Drawbacks of stakeholder mapping

A

Data only as good as the knowledge of the plotter
Bias
Time consuming
False sense of security

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13
Q

What is the tannenbaum Schmidt continuum

A

A theory that places mangers on a scale according to how they manage and lead

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14
Q

What are the steps to approach decision trees

A

Identify options
Add possible outcomes
Add associated costs outcomes and possibilities
Calculate expected values and net gains

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15
Q

What are internal influences of leadership styles

A

Urgency of task
Unexpected tasks
Skill set of workforce
Size of workforce

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16
Q

What are external influences of leadership styles

A

Economic demands
External crisis
Speed and growth of economy
Actions of competitors

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17
Q

What is an APR

A

Annual percentage graph
Affects how business source materials for their products
If interest is high it means people don’t spend which means less disposable income

18
Q

What are exchange rates

A

The value of one currency expressed in terms of another currency

19
Q

What does SPICED stand for

A

Strong pound impacts imports cheap exports dear

20
Q

What does WPIDEC stand for

A

Weak pound impacts dear exports cheap

21
Q

Explain what happens when prices go up

A

Prices go up
Inflation goes up
Banks up interest rates
Economy goes down
Other countries resort to trading with different places

22
Q

Give examples of internal stakeholders

A

Shareholders
Employees
Managers
Owners

23
Q

Give examples of external stakeholders

A

Local community
Government
Council
Suppliers
Banks
Competitors

24
Q

What do shareholders want

A

Brand recognition
Return on investment dividends
Profit profitability
Share value when selling

25
Q

What employees consider

A

Salary
Flexibility
Fair treatment
Personal development

26
Q

What do managers consider

A

Productivity
Job security
Fringe benefits
High employee morale
Employee retention

27
Q

What do owners want

A

Success
Market share
Growth
Cash
Survival
Reputation
Loyal customers
Profits

28
Q

What do banks want

A

Cash
Ability to pay back on time
Interest rates

29
Q

What do pressure groups consider

A

Green
Ethics
Land and wildlife
Welfare

30
Q

What does the local community consider

A

Job opportunities
Noise and visual pollution

31
Q

What do suppliers want

A

Fair trade
Partnership
Pay on time
Ethics of use
Bulk buying

32
Q

What do customers want

A

Quality
Availability
Value for money
Convenience
Ethics
Customer service

33
Q

What factors affect approach to decision making

A

Profitability of situation
Speed of decision
Character of person
Information available
Size of business

34
Q

What does centralised mean

A

All decisions made from head office then pushed out

35
Q

What does de centralised mean

A

Local branches make decisions

36
Q

What is intuition

A

A way of decision making that involves a guy feeling from the manager or a hunch that is usually from experience

37
Q

What are benefits of intuition

A

Experience is reliable
Quick and cheap
Reduces risk of flawed data

38
Q

What are drawbacks of intuition

A

Very subjective
High chance of negative outcome as it’s not scientific
Investors might not support decision
Higher level of risk

39
Q

What is scientific decision making

A

A manager uses data and analyses is before making the decision and based the decision in data and figures

40
Q

What is the decision making process

A

Risk
Reward
Uncertainty
Opportunity cost

A Level Business (5 decks)

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