Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business Studies > Unit 3.2 > Flashcards

Unit 3.2 Flashcards

1
Q

Management

A

dealing with or controlling people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Leadership

A

action of leading a group of people or an organisation, or the ability to do this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Role of Managers

A
  • Setting objectives
  • Analysing
  • Leading
  • Making decisions
  • Reviewing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Role of managers - Setting objectives

A

in order to control and improve the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Role of managers - Analysing

A

managers need to analyse data produced to see if the objectives have been effective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Role of managers - Leadership

A

able to lead and motivate employees to work towards achieving the objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Role of managers - Making decisions

A

need to make lot’s of small decisions to keep the business running efficiently

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Role of managers - Reviewing

A

once strategy to achieve objectives is underway the manager will receive it’s performance review

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Leadership Styles - Autocratic

A

all decisions made by one individual in charge
Pros = Decisions made quickly - good for chain stores etc
Cons = make employees unhappy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Leadership styles - Democratic

A

involves everyone in the decision making process
Pros = more ideas = better decisions can be made
Cons = Decisions take longer to be made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Leadership Styles - Paternalistic

A

leader assumes parent - like roll where the workforce is like a big family
Pros = decisions made quickly and high employee satisfaction
Cons = increased costs and wages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Leadership Styles - Laissez - Faire

A

laid back approach - trusted workers to know what they were doing
Pros = Skilled employees can help make good decisions
Cons = if employees make bad decision then the manager will suffer the consequences

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Tenenbaum Schmidt continuum - Tells

A

manager makes decisions then announces them, to the employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Tenenbaum Schmidt continuum - Sells

A

manager makes decisions then ‘sells’ them to the employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Tenenbaum Schmidt continuum - Consults

A
  • Manager presents IDEA then invites questions
  • Manager presents PROBLEM then invites question’s / solutions.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Tenenbaum Schmidt continuum - Shares

A

Manager sets limits but asks employees to make decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Tenenbaum Schmidt continuum - Delegates

A

Manager allows employees freedom to make decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Influences on management and leadership styles

A
  • personal values
  • Type of organisation
  • Effectiveness of staff
  • manager’s experience
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Uncertainty

A

Business unable to predict external shocks such as Tornados - although a business can have a contingency plan for such events

20
Q

Opportunity cost

A

Cost of making a decision

21
Q

Scientific decision making

A

logical, data driven, evidence based etc
Pros = cannot be disputed and the choice can be justified by evidence
Cons = Doesn’t take into account emotions etc and Reduce creativity in the business

22
Q

Intuitive decision making

A

based on hunches and instinct etc
Pros = Takes into account human emotion and decisions can be made quickly
Cons = un-reliable and everyone has different opinions

23
Q

Entrepreneur

A
  • Be your own boss = get control of work-life ratio etc
  • Keep all profit
  • Holidays = flexible holiday hours
    Flexibility = good working hours and can work from home etc
    Job protection = no-one is going to fire you
24
Q

Decision tree

A

a business can’t afford to follow every option so may use a decision tree to analyse the probability of a success

25
Understanding risk - Poor reputation
business provides poor customer service = poor reputation = loss of profits and thus job losses etc
26
Understanding risk - Weather and natural disasters
can damage businesses e.g. fires etc - may take lot's of time to repair - Climate change results in more of these events
27
Understanding risk - Change in tastes and trends
business's need to keep up with changing trends
28
Understanding risk - Operational risks
businesses have lot's of technology etc - these may be run 24/7 - a broken machine results in repair costs and loss of revenue
29
Stakeholders
anyone who has an interest in the business and is impacted by the way that it trades
30
Internal Stakeholders
Inside the company - Owners - Employee's - Manager's
31
External stakeholders
Outside the company - competitors - Government - Local community
32
Mission statement
summary of the purpose of an organisation - used to communicate their visions to stakeholders etc
33
PESTLE
Political Economic Social Technological Legal Environmental
34
Resource constraints
no infinite resources on this planet - resources can include employees, raw materials, warehouses etc
35
Manager stakeholder relationships - consultation
development of constructive relationships over the long-term - allows businesses to solve concerns before they become big issues
36
Stakeholder mapping
visual representation of individuals, groups etc that have an influence on a business - measure the POWER of the stakeholder and their INTEREST
37
Marketing
anticipation and satisfaction of consumers wants and needs profitability
38
Marketing objectives
targets set by the marketing department - set the direction of the business and ensure the consumers have a good experience
39
Sales Volume
no. of products sold
40
Sales Size
revenue generated from selling products
41
Market mapping
process of finding variables which differentiate brands in a market and then plot them on a map. - used to identify a gap in the market etc
42
Positioning
how their products are perceived relative to their competitors e.g. the Daily mail and the Daily telegraph are both daily newspapers but are perceived very differently by readers in terms of what they offer
43
Risk
when you CAN predict an outcome in the future
44
Uncertainty
when you CANNOT predict the chance of an outcome in the future
45
Examples of Secondary research
Trade publications - cater to specialist markets - helps business's stay in touch with changes within the market Market reports - Buying reports on an industry - can cost up to £3000 - e.g. 'Mintel' has a global team of trend analysts Internet sources - research competitors websites etc

Business Studies (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions