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Business Studies A-level > Unit 3.2 > Flashcards

Unit 3.2 Flashcards

1
Q

Management

A

dealing with or controlling people

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2
Q

Leadership

A

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

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3
Q

Role of Managers

A
  • Setting objectives
  • Analysing
  • Leading
  • Making decisions
  • Reviewing
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4
Q

Role of managers - Setting objectives

A

in order to control and improve the business

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5
Q

Role of managers - Analysing

A

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

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6
Q

Role of managers - Leadership

A

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

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7
Q

Role of managers - Making decisions

A

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

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8
Q

Role of managers - Reviewing

A

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

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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

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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

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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

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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

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13
Q

Tenenbaum Schmidt continuum - Tells

A

manager makes decisions then announces them, to the employees

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14
Q

Tenenbaum Schmidt continuum - Sells

A

manager makes decisions then ‘sells’ them to the employees

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15
Q

Tenenbaum Schmidt continuum - Consults

A
  • Manager presents IDEA then invites questions
  • Manager presents PROBLEM then invites question’s / solutions.
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16
Q

Tenenbaum Schmidt continuum - Shares

A

Manager sets limits but asks employees to make decisions

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17
Q

Tenenbaum Schmidt continuum - Delegates

A

Manager allows employees freedom to make decisions

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18
Q

Influences on management and leadership styles

A
  • personal values
  • Type of organisation
  • Effectiveness of staff
  • manager’s experience
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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
Q

Understanding risk - Poor reputation

A

business provides poor customer service = poor reputation = loss of profits and thus job losses etc

26
Q

Understanding risk - Weather and natural disasters

A

can damage businesses e.g. fires etc - may take lot’s of time to repair - Climate change results in more of these events

27
Q

Understanding risk - Change in tastes and trends

A

business’s need to keep up with changing trends

28
Q

Understanding risk - Operational risks

A

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
Q

Stakeholders

A

anyone who has an interest in the business and is impacted by the way that it trades

30
Q

Internal Stakeholders

A

Inside the company
- Owners
- Employee’s
- Manager’s

31
Q

External stakeholders

A

Outside the company
- competitors
- Government
- Local community

32
Q

Mission statement

A

summary of the purpose of an organisation - used to communicate their visions to stakeholders etc

33
Q

PESTLE

A

Political
Economic
Social
Technological
Legal
Environmental

34
Q

Resource constraints

A

no infinite resources on this planet - resources can include employees, raw materials, warehouses etc

35
Q

Manager stakeholder relationships - consultation

A

development of constructive relationships over the long-term - allows businesses to solve concerns before they become big issues

36
Q

Stakeholder mapping

A

visual representation of individuals, groups etc that have an influence on a business - measure the POWER of the stakeholder and their INTEREST

37
Q

Marketing

A

anticipation and satisfaction of consumers wants and needs profitability

38
Q

Marketing objectives

A

targets set by the marketing department - set the direction of the business and ensure the consumers have a good experience

39
Q

Sales Volume

A

no. of products sold

40
Q

Sales Size

A

revenue generated from selling products

41
Q

Market mapping

A

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
Q

Positioning

A

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
Q

Risk

A

when you CAN predict an outcome in the future

44
Q

Uncertainty

A

when you CANNOT predict the chance of an outcome in the future

45
Q

Examples of Secondary research

A

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 A-level (7 decks)

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