3.4 Flashcards
(18 cards)
1
Q
short term decision making
A
- maximie short term profits
- minimise R&D
- maximise returns to shareholders
- pursue rapid external growth
- invest less in HR
- short term supply contracts
2
Q
issues with short term decision making
A
- loss of profitability and competitive edge
- very rwgular financial reports
- reliance on short term contracts has higher costs
3
Q
evidence based decision making
A
- systematic and facts based approach
4
Q
subjevtive decision making
A
- guided by personal opinjons and experience of key decision makers
- quick decisions, nature of industry, lack of data
5
Q
strong and weak cultures
A
- strong cultures have attitudes and values that are easily recognised and embedded into operations
- weak cultures have weak identification that is difficult to identify and have high levels of staff turniver
6
Q
power culture
A
- decision making carried out by one individual
- few rules exist
- competitive atmosphere
- personal communication
7
Q
role culture
A
- decisions made by those with specific job roles
- expected to adhere to rules and understand place
- difficult to adapt to changing market
8
Q
task culture
A
- made up of emplyees with specific skills
- power lies within task related skills
- teams are created as projects start
- emphasis on adaptability
9
Q
person culture
A
- individuals with extensive experience and skills
- determine own decision making procedures
10
Q
forming coroporate culture
A
- leaders attitude
- HR policies, extensive training and support for culture loyalty
- ownership type
11
Q
difficulties in changing established culture
A
- identifying contributing factors, takes time
- existence of sub cultures, hard to change
- overcoming resistance to change, requires careful communication
12
Q
internal stakeholders
A
- indivduals inside business eg employees and managers
13
Q
external stakeholders
A
individuals or groups outside business eg customers and shareholders
14
Q
stakeholder and shareholder influences
A
- stakeholder focuses on interdependencies between groups and takes steps to ensure benefits and drawbacks are shared equally
- likely to decrease profits as costs may rise to fix these issues
- shareholder focuses on meeting own needs
15
Q
ethics and profit trade offs
A
- cost more to be ethical
16
Q
corporate social responsibility
A
conducting business activity in an ethical way and balancing interests of shareholders with the wider community
17
Q
benefits of CSR
A
- enhance image
- attractive to stakeholders
- profitable, adds value
- improved employee motivation
- recruit strong job candidates
- problem solves
18
Q
A
