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Business > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

leadership (not on it)

A

includes the functions of ruling, guiding + inspiring other people within an organisation in pursuit of agreed objectives

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2
Q

management (not on it)

A

is planning, organising, directing + controlling all of part of a business enterprise

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3
Q

Blake Mouton grid (not on it)

A

concern for people vs concern for production

  • country club leadership -> high focus on people vs low concern for production
  • produce leadership -> great emphasis on task (authoritarian), no regard for employees
  • impoverished leadership -> low concern for task + people = ineffective
  • middle of the road -> some concern for people + task = average performance
  • team leadership -> high concern for people + task = democratic
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4
Q

Tannenbaum-Schmidt continuum (not on it)

A

tell -> sell -> consult -> joins

autocratic -> paternalistic -> democratic -> laissez faire

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5
Q

autocratic leadership (not on it)

A
  • one way communication
  • minimal delegation or decentralisation
  • close supervision of employees
    appropriate when: in an emergency, when loads of employees
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6
Q

democratic leadership (not on it)

A
  • leader delegates a great deal + encourages decentralisation
  • discuss issues + employee participation is encourage
  • employees are empowered + have greater control
    eg Richard Branson
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7
Q

laissez-faire leadership (not on it)

A
  • workers have more control over their activities
  • self motivated + empowered
  • highly skilled workers
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8
Q

influences of style of management (not on it)

A
  • tradition + history of the business
  • type of labour force
  • nature of task + timescale
  • personality of manager
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9
Q

strategic decisions (not on it)

A
  • long term
  • involves large commitment of resources
  • usually taken by senior management
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10
Q

tactical decisions (not on it)

A
  • short term
  • fewer resources involved
  • usually taken by junior management
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11
Q

risk (not on it)

A

the chance of incurring misfortune
high risk may = high rewards
-> scientific decision making can help

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12
Q

uncertainty (not on it)

A

situation where there is lack of knowledge of outcome

-> scientific decision making can help

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13
Q

opportunity cost (not on it)

A

the next best alternative foregone

  • > benefit that’s given up in order to do something else
  • > money + time spent doing on thing is likely to mean missing out on something else
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14
Q

scientific decision making (not on it)

A

based on data + uses logical approach
-> systematic approach eg decision trees
+ reduces risk, removes some subjective judgement
- costly + time consuming, doesn’t guarantee correct decision

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15
Q

intuitive decision making (not on it)

A

managers use instinct + hunch to make decisions
+ quick, data may not be useful if situation is new
- risky as people can make mistakes, may be irrational

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16
Q

probability (not on it)

A

the chance of a particular event occurring

17
Q

expected values (not on it)

A

financial outcomes from a specific course of act adjusted to allow for probability of it occurring

18
Q

net gains (not on it)

A

expected values of a course of action - the costs associated

-> managers should chose the one with the highest

19
Q

influences on decision making (not on it)

A
  • mission + objectives
  • ethics
  • risk involved
  • external environment
  • resource constraints
20
Q

social responsibility

A

the duties a business has towards stakeholder groups

21
Q

primary stakeholders

A

employees, creditors, customers

22
Q

secondary stakeholders

A

government + suppliers

23
Q

stakeholder map

A

minimal effort: low power, low interest -> occasional customers, suppliers of low value materials
keep informed: low power, high interest -> local community
keep satisfied: high power, low interest -> major shareholders of plc (interested in profits)
key players: high power, high interest -> major shareholders of ltd, highly skilled + valued employees, vital suppliers

24
Q

influences in the relationships of stakeholders

A
  • business objectives
  • management style
  • size + ownership of business
  • market conditions
  • power of stakeholder group
25
Q

consultations

A

is a process by which one groups discovers the views of one another

26
Q

partnership

A

stakeholder most close to decision or project.

may mean decision is taken jointly

27
Q

participation

A

is lesser form of partnership, will take part in decision b

28
Q

push communications

A

form of engagement -> entails one way communication

29
Q

pull communications

A

only if they choose to engage with the business + access the communications

30
Q

internal stakeholders

A

shareholders -> high dividends + share price

employees -> job security, wage

31
Q

external stakeholders

A

customers -> high quality at low prices
suppliers -> fair price + on time
govt -> payments of taxes
local community -> creating jobs

Business (14 decks)

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