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Business > unit 3 area of study 1 > Flashcards

unit 3 area of study 1 Flashcards

1
Q

unincorporated businesses

A

small and medium
sole trader
partnerships

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2
Q

sole trader

A
  • one person owns and runs business
  • same legal entity as owner
  • less requirements if not a company
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3
Q

sole trader advantages

A
  • keeps profit
  • complete control
  • inexpensive to set up
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4
Q

sole trader disadvantages

A
  • unlimited liability
  • hard to raise capital
  • hard to manage
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5
Q

Partnership

A
  • owned by 2-20 people
  • same legal entity as owners
  • possible conflicts
  • partnership agreements
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6
Q

partnership disadvantages

A
  • shared profits
  • personal assets at risk
  • possible conflicts
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7
Q

Incorporated

A
  • independant legal entity
  • private limited company
  • public listed company
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8
Q

private listed company

A
  • an incorporated business
  • PTY LTD
  • owned by 1-50 shareholders
  • privately sold shares
  • limited liability
  • more expensive to setup
  • easier to gain capital
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9
Q

public listed company

A
  • Ltd
  • large companies
  • listed on a public exchange line
  • ASX - unlimited shares
  • shares bought by the public
  • more requirements for public
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10
Q

Government enterpirze

A
  • entity of the commonwealth
  • strong interest in producing profit and revenue by providing services for the public
  • NBN example
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11
Q

social enterprise

A
  • key objective is to meet a social need
  • profits reinvested in business
  • produce their own profit
  • more costs to fulfil
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12
Q

key business objectives 1-3

A

1: to make a profit (revenue - expensives)
2: Increase market share- protion of sales compared to competitors
3. fulfil a market need - existing market or something new

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13
Q

Key business objectives 4 and 5

A

4: fulfil a social need - social enterprise, environmental
5: meet shareholder expectations

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14
Q

what is a business objective

A

a business objective a goal set by the business to achieve within a set period of time. They guide the decision making of the business.

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15
Q

Corporate social responisibility considerations

A

above and beyond legal requirements corporate social responsibility

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16
Q

Stakeholder definition

A

anyone who has a vested interest in the business

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17
Q

External stakeholders

A 
government
unions
suppilers
competitors
venders
customers
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18
Q

Internal stakeholders

A

Employeers
director/managers
owners
stakeholders

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19
Q

possible conflict example

A

shareholders want more profit
-employees want higher wages
customers want lower price

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20
Q

Discuss task word

A

present a balanced agrument

advantages and disadvantages

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21
Q

corporate social responsibility considerations are unwelcome constraints advantages

A
  • businesses that take social responsibilites seriously are rewarded with better performance
  • customers that believe that the business has a good reputation
  • referals
  • employees will stay - reduced costs to rehire
22
Q

corporate social responsibility considerations are unwelcome constraints disadvantages

A
  • expensive
  • time constraints to introduce socially responsible strategies
  • reduce its competitive advantage
  • if customers learn unethical practises they wont buy
23
Q

order of power

A

Board of directiors

  • Ceo
  • Various managers
24
Q

Human resources manager

A
  • manages payroll
  • leave (day off) entitlements
  • disputes
  • complaints
  • working conditions
  • hiring
  • termination
25
Q

Finance manager

A
  • providing info of business performance
  • profit - budgets - revenue - expensives - cash flow
  • provides information to assits with decisions
26
Q

Operations manager

A
  • producing goods and services for sale

- day to day manager

27
Q

sales and marketing manager

A
  • advertising
  • promotions
  • market trends determine if changes need to be made to existing products or new ones are needed
28
Q

Technology and Support manager

A
  • installing and maintaining technology
  • assiting users of technology
  • innovation
29
Q

autocratic management style

A
  • gives instruction and employees complete without any reason
  • effective during times of crisis and deadlines
  • used when employees lack experience
30
Q

Autocratic Advantages

A
  • Clear directions and Proceedures

- centralised control

31
Q

Autocratic disadvantages

A
  • No employee input
  • Job satisfaction decreases
  • potential for conflict
  • “us and them” mentality
32
Q

Persuasive style

A
  • manager makes decision but explaination is given
  • manager attempts to sell decisions made
  • opportunity for feedback
33
Q

Persuasive style advantages

A
  • Manager can gain trust and support through persuasion
  • worker’s believe their feelings are considered
  • Instructions remain clear and constant
  • some acceptance of negative situations
34
Q

Persuasive style disadvantges

A
  • Attitudes and trust remain negative
  • communication is still poor
  • One way system
  • employees remain fustrated
  • centralised power
35
Q

Persuasive most appropriate use

A

In similar conditions of autocratic style

36
Q

Consultative style

A
  • manager realises the importance of good personal relationships with staff
  • the consultative manager seeks the opinions of employees
  • imploies two way system
37
Q

consultative appropriate use

A

-most appropriate when a new operating proceedure is to be introduced or a business change

38
Q

consultative style advantages

A
  • asking employees suggestions
  • Variety of ideas and employees have some ownership
  • increased motivation
  • decisions are discussed
39
Q

consultative style disadvantages

A
  • time taken to consult employees, can slow entire process
  • some issues are not suitable for widespread consultation
  • more ideas are left out therefore conflicts may arise
40
Q

Participative style

A
  • manager not only consults but shares decision making authority
  • manager realises the strengths and abilities of employees
  • outline solution with the possibility of changes being suggested
  • two way communication
  • employees valued
41
Q

partcipative style appropriate use

A

most appropriate for when business is operating in an environment where rapid change is occurring.

42
Q

difference between consultative and partcipative

A

consultative is where the manager consults before decision making. partcipative is one where the manager unites with the staff to make decisions together

43
Q

Laissez-faire

A
  • employees are responsible for workplace operations
  • management has no control role or decisions making power
  • management has no day to day role
  • manager sets objectives and is still accountable for the overall performance
44
Q

Laissez-faire most appropriate use

A

-most appropriate use for creative work or research, employees are highly talented or qualified in tasks, minimal supervision and direction

45
Q

Laissez-faire advantages

A
  • employees feel sense of ownership
  • promotes outstanding results
  • encouragement of creativity
  • communication is open and ideas are discussed
46
Q

Laissez-faire disadvantages

A
  • complete loss of control by management
  • no control or direction means potential misuse of business resources
  • conflicts, individuals do not cooperate or wish to implement
  • focus on business objectives can easily be eroded
  • management may find theyselves with a failed business.
47
Q

MENT -help explain management styles

A

Manager preference
Employee experience
nature of task
Time restrictions

48
Q

what is corporate culture

A

Corporate Culture is the values, ideas, expectations and beliefs shared by the staff and managers of the business.
-each business has its own way of doing tasks therefore there own culture

49
Q

official corporate culture vs real corporate culture

A

official is written down as solgans, policies or business objectives
-real is unwritten or informal rules that guide people

50
Q

why is corporate culture important

A
  • knowing the culture of a business can make it easier to implement change
  • positive culture leads to postive quality performance and better employee input
  • employees have higher morale
  • good reputation can attract quality staff

Business (12 decks)

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