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Business Theory > Unit 3- Intro and Management Skills > Flashcards

Unit 3- Intro and Management Skills Flashcards

1
Q

Definition keywords and phrases of management/manager

A
  • limited resources (f.o.p.) to goals
  • order and consistency
  • day-to-day running of firm
  • skills: leadership, communication, motivation
  • activities: planning, organising, controlling
  • e.g. Ephie Fitz, manager of Cork Senior LGF Team
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2
Q

Managerial characteristics

A

decisive, flexible, motivated, hard-working, charismatic, excellent communicator

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3
Q

Management Skills

A

leadership. motivation, communication

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4
Q

Definition of leadership

A

Directing business and staff towards common objectives, authority, trust and bond, different types; autocratic, democratic, laissez-faire

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5
Q

3 types of leadership

A

Autocratic, democratic, laissez-faire

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6
Q

Autocratic leadership

A

bullies, use fear and threats, controller of info and resources, no consultation, decision made alone, does not delegate, e.g. Army

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7
Q

Democratic leadership

A

use reason, facilitator, share and consults with staff, delegates, e.g. retail industry
e.g. Steve Jobs

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8
Q

Laissez-faire leadership

A

use reason, empowers, delegates and trusts, gives guidelines, e.g r&d, engineers
e.g. Richard Branson

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9
Q

Pros of autocratic leadership

A

-fast decisions, good in a crisis

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10
Q

Cons of autocratic leadership

A
  • no intrapreneurship, low initiative
  • poor motivation
  • decline of productivity
  • poor industrial relations
  • high absenteeism and labour turnover
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11
Q

Pros of democratic leadership

A
  • better quality decisions
  • high intrapreneurship and initiative
  • good motivation
  • improvement of porductivity
  • good industrial relations
  • low labour turnover
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12
Q

Cons of democratic leadership

A

-slower decision making

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13
Q

Pros of laissez-faire

A
  • fast decisions
  • high intrapreneurship and initiative
  • good motivation
  • improvement of productivity
  • good industrial relations
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14
Q

Cons of laissez-faire

A
  • poor decision making could be made

- staff can be stressed by set up and … difficult to keep

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15
Q

delegation

A

Managers share out workload to employees. Employees are then responsible to carry out work but overall responsibility still lies with manager.

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16
Q

Advantages of delegation

A
  • more time for manager
  • work is completed faster
  • good way to train employees
  • job satisfaction and motivated employees
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17
Q

Disadvantages of not delegating

A
  • stressed manager
  • work takes longer to complete
  • employees are not trained
  • morale is low, staff aren’t trusted
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18
Q

Importance of effective leadership

A
  • improved efficiency, e.g. democratic
  • improved co-ordination, e.g. not in autocratic
  • employee retention, e.g. laissez-faire
  • adaptable employees, e.g. delegation
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19
Q

Definition of motivation

A

The influencing managers to do to have business act in a certain way, satisfy staff needs. 2 types: McGregor’s theory x and theory y, and Maslow’s hierarchy of needs

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20
Q

Mcgregor’s Theory X managers believe:

A
  • workers are lazy, dislike work, have no ambition
  • workers must be forced to work
  • workers have no desire to be involved in decision making
  • workers are only motivated by wages
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21
Q

McGregor’s theory x suits

A

autocratic leaders

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22
Q

McGregor’s theory y suits

A

democratic leaders

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23
Q

McGregor’s theory y managers believe:

A
  • workers enjoy work, have ambition, are interested
  • workers can be trusted, are intelligent, creative
  • workers want to be involved in decision making
  • workers are motivated by many factors and want the firm to do well
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24
Q

Maslow’s hierarchy of needs (bottom to top)

A
  1. Physical/physiological
  2. Safety
  3. Social
  4. Esteem
  5. Self-actualisation
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25
Q

Self-actualisation, definition and how to fulfil it

A

to be the best you can be, personal fulfilment and growth

offer challenging work

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26
Q

Esteem, definition and how to fulfil it

A

self respect and satisfaction, receiving respect and admiration
awards and promotions

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27
Q

Social, definition and how to fulfil it

A

friendship, affection

team-work

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28
Q

Safety, definition and how to fulfil it

A

need to feel safe and secure

long-term job contract

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29
Q

Physical/physiological, definition and how to fulfil it

A

essential human needs and requirement

offering payment for work done

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30
Q

Importance of motivation

A
  • improved productivity
  • greater intrapreneurship
  • employee retention
  • improved industrial relations
31
Q

Definition

A

accurate transfer of info, (HUAA= heard, understoodn accepted, acted upon), internal and external

32
Q

Internal communication types

A
  • upward
  • downward
  • horizontal
  • formal
  • informal
33
Q

upward communication

A

passed from staff to managers,e.g complaints

34
Q

downward communication

A

info passed from managers to staff, e.g. instructions

35
Q

horizontal communication

A

info passed between people at the same level, e.g. marketing employees

36
Q

formal communication

A

planned, e.g. meetings

37
Q

informal communication

A

gossip

38
Q

types of external communication

A

internet, telephone, fax, e-mail, letters, video-conferencing

39
Q

Barriers to communication

A
  • source credibility
  • assumptions
  • lack of planning
  • language used
  • medium used
  • speed
  • timing
40
Q

Stakeholders that are effected by a breakdown in communication

A
  • employees
  • customers
  • suppliers
  • shareholders
  • banks
  • managers
  • government
  • community
41
Q

How a breakdown in communication would effect employees

A

confused workers, deadlines not met, quality will suffer, morale and motivation decline

42
Q

How a breakdown in communication would effect customers

A

goods ordered won’t be received on time, customers will go elsewhere

43
Q

How a breakdown in communication would effect suppliers

A

may not be aware of the materials required and may not get paid

44
Q

How a breakdown in communication would effect shareholders

A

may lose confidence and sell shares… fall in share price… takeover

45
Q

How a breakdown in communication would effect banks

A

may not supply finance,may charge higher interest, cheques may bounce

46
Q

How a breakdown in communication would effect managers

A

may make bad decisions

47
Q

How a breakdown in communication would effect government

A

may not grant planning permission, refuse grant aid, revenue commissioners may impose fines

48
Q

How a breakdown in communication would effect community

A

may result in bad publicity, public may object to planning applications

49
Q

Factors to consider when choosing a method of communication

A
  • cost
  • speed
  • time zones
  • languages
50
Q

Written communication

A
  • memo
  • letter
  • report
51
Q

Memos

A

short internal note (know layout)

52
Q

Letter

A

external, for making inquiries, requesting payment, complaints, etc. (know layout)

53
Q

Report

A

formal, simple language (know layout)

54
Q

Visual communication

A

-line graph
-pie chart
-bar chart ( columns don’t touch)
(always include title and all relevant info)

55
Q

Oral communication

A

meetings

56
Q

Advantages of oral communication

A
  • instant response
  • shows emotion
  • problems can be explained
  • questions can be asked and feedback given
57
Q

Disadvantages of oral communication

A
  • no record/proof
  • info may be misinterpreted
  • receiver may not listen
58
Q

Meetings

A

a type of oral communication that is ideal for ideas, suggestions and decision making

59
Q

Types of meetings

A

board meeting, AGM, ad hoc (once off to solve a specific problem), EGM

60
Q

Purpose of meetings

A
  • to solve problems
  • to provide and receive information
  • to discuss new ideas
  • to make new decisions
  • to report on progress
  • to co-ordinate different departments
61
Q

Agenda of a typical meeting

A
  1. minutes of last AGM
  2. chairperson’s report
  3. auditor’s report
  4. dividend for 2018
  5. election of new directors
  6. AOB
62
Q

Quorum

A

min. no. of people present for meeting to start

63
Q

Chairperson’s role at meetings

A
  • ensure quorum is present
  • stick to agenda
  • ensure minutes of last AGM are read
  • call for votes on motions
  • summarise meeting at end
64
Q

Secretary’s role at meetings

A
  • draw up agenda
  • send notice and agenda to all members
  • arrange venue
  • arrange next meeting
  • record minutes
65
Q

Treasurer’s role

A
  • collect subscriptions
  • deal w/ banks
  • make payments on behalf of the organisation
  • keep financial records
  • report on finances at AGM
66
Q

Electronic Data Interchange (EDI)

A

System that automatically links computers of two firms. Computers are programmed to send standard documents, e.g. orders directly from one computer to another w/o human interaction

67
Q

Advantages of EDI

A
  • environmentally friendly
  • saves costs
  • not time delay
68
Q

Video-conferencing

A

meeting between people in different locations using a camera and the internet

69
Q

Advantages of video-conferencing

A
  • no travel costs

- no time wasted

70
Q

Internet

A

WWW: vast collection of info that can be accessed on a computer connected to the internet. Most businesses have their own websites which display info about the business and it’s products to the public.

71
Q

Advantages of the internet

A
  • cheap advertising
  • better decisions (better informed)
  • increases sales (through online sales)
72
Q

E-mail

A

allows a firm to send a message directly from a device, e.g. one computer to another via the internet. Each user has a unique address and e-mails are stores in a mailbox.

73
Q

Advantages of e-mail

A
  • saves money

- quick

74
Q

Disadvantages of e-mail

A
  • certain device is needed
  • not always secure
  • viruses

Business Theory (2 decks)

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