Weak points

Question 1

What is perfect competition?

Answer 1

• many buyers and sellers, similar products, many substitutes
• few barriers to entry and prices determined by supply and demand

Question 2

What is imperfect competition?

Answer 2

• one firm has too much control over market

Question 3

what is monopolistic competition?

Answer 3

• mix between monopoly and perfect comp

- numerous firms supply products which are each slightly different

Question 4

what is ogliopoly?

Answer 4

few producers that exert considerable influence in a market

Question 5

what are the benefits of an informal organisation?

Answer 5

• employee commitment
• knowledge sharing
• speed
• responsiveness
• co-operation

Question 6

what are the managerial problems of informal organisations?

Answer 6

• social groupings may act against the organisation
• morale damaging rumours
• risk of exclusion

Question 7

Team formation, management and development theories

Answer 7

Belbin - team composition (personality)

Tuckman - formation stages of groups

Question 8

Learning theories

Answer 8

Kolb - phases occurring in the learning process

Honey and Mumford - learning styles, preferences

Question 9

Motivation theories

Answer 9

Maslow (Hierachy of needs)
Herzberg (2 factor - motivators/hygiene)
McGregor (theory x and y)

Question 10

Leadership theories

Answer 10

Adair - functional, effective leaders skilled in 3 areas managing tasks, issues, people
Fielder- psychologically distant are better suited for difficult management situations
Kotter - managers to overcome resistance and change
Heifetz- technical change and adaptive change