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Business Management/Accounting > BUS MAN BOOKLET 2 > Flashcards

BUS MAN BOOKLET 2 Flashcards

1
Q

what are some consultative cons

A

slow
conflict b/w ideas and opinions
sensitive knowledge can become common before decisions are made

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2
Q

what are some consultative pros

A

greater variety of ideas
employees have some variety

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3
Q

when is consultative appropriate to use?

A

more complex/creative tasks that require more knowledge.
when there is limited time pressure
when employees have higher level of expertise, knowledge and experience

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4
Q

what is consultative management

A

when decisions are made by the manager but employee opinions are considered.
2 way communication
manager = full control but employees have a say

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5
Q

what are some SWOT drawbacks

A

W=S are a matter of perception rather than a fact
open to interpretation
info is never perfect and the future always changes

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6
Q

what are some cons of Autocratic management

A

potentially not the best decision made
employees= no power = no chance to develop skill which means they have lower job satisfaction

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7
Q

what are some pros of Autocratic management

A

higher level of clarity = clearly defined procedure - consistency in outcome
performance can be monitored
decisions are made quickly = highly responsive

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8
Q

what are early adapters

A

customers who buy products when its brand new and new to the market.

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9
Q

whats the aim of promotion

A
  1. inform consumers - e.g - prices, location, product features.
  2. build a brand image
  3. create customer loyalty - encourage customers to buy again.
  4. persuade the customer - to purchase the product for the first time more regularly
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10
Q

whats SWOT analysis

A

a study undertaken by and org. to identify its internal Strengths and Weaknesses as well as its external Threats and Opportunities

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11
Q

whats the marketing mix

A

the elements of a firms approach to marketing that enables the firm to satisfy and delight its customers

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12
Q

what are the 4 ps

A

place
product
price
promotion

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13
Q

whats product

A

the physical features and specifications of the product.
key features that ensure it appeals to the needs of its TM:
Reliability
Durability
functionality
suitable packaging (appealing)
fashionable/keeps up with trends

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14
Q

whats price skimming

A

the product is sold at the highest initial price customers are willing to pay then over time the price lowers.

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15
Q

pros + cons of total quality management

A

Pros - highly adaptable to specific business requirements. low errors t/f low waste t/f low cost +enviro impact.
high motivation - employees empowered + establishes a culture of quality

Cons - time consuming
requires a shift in culture
employees require a training to identify methods to improve quality

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16
Q

whats quality

A

the degree of excellence in a good. service and its ability to satisfy/ delight the customer

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17
Q

what are the quality stratergies

A

proactive and reactive

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18
Q

whats proactive quality management

A

prevents defects t/f lower waste, cost and higher efficiency

19
Q

whats reactive quality management

A

tries to fix errors after that have been made

20
Q

whats quality control

A

the process of checking the quality standards of work done or quality of raw materials or component parts

( a bit like a taste test)

21
Q

Whats laissez faire management

A

(LETS)
decentralized - employees make the decisions
2 way communication
staff/ employees select how they want to do things
the manager hands control over to the employees

22
Q

whats place

A

where the product is being sold + how its being distributed
the same MR that informed product + price will inform your placement as well. it goes beyond physical locations.
CONSIDERATIONS:
- will ppl look at the product
- will they need to try it on
- will you use 3rd party sellers.

23
Q

whats penetration pricing

A

when the initial price is low in order to hook the consumer in and hopefully make them loyal to the product.
it will steadily increase its price once people become hooked to the product and are loyal to it as consumers are willing to pay a higher price for the product

24
Q

whats autocratic management

A

Centralized decision making - manger makes all decisions.
1 way coms - employees do what they are told
importance - completing tasks effectively/ efficiently
high level of control.

25
Q

what are the 3 management styles

A

Autocratic, Consultative and Laissez Faire

26
Q

whats total quality management

A

whole org approach to achieving quality based on continuous improvement.
part go culture with all employees having a role to play leading to internal customers able to give feedback to others within the org

TQM = proactive = seeks to prevent defects form occurring

27
Q

what are some pros +cons of quality assurance

A

PROS - Low wastage from errors = low cost + low enviro impact.
external cert = improve competitiveness as it increases competitive advantage = marketing tool
lower errors, higher productivity = smooth operation

CONS - employees may need to be trained with new procedure.
documentation = time consuming
expensive to organize external body to assess operations system

28
Q

whats quality assurance

A

quality assurance is proactive
org achieves cert quality in its production from an independent body after being assessed.
Standards include :
training staff
documentation of process
corrective action
process adopted in regards to customer satisfaction
continuous improvement
the production process

29
Q

what are situational variables

A

factors which change/influence the way the manager acts in any given situation

30
Q

what are some methods of promotion

A

Advertising - paying for a method to be show. e.g - radio. social media, tv

Sponsorship - providing financial assistance to an individual, event or org in return for exposure/ advertising

Sales Promotion - short term initiatives to boost sales. e.g - buy one get one free

31
Q

whats management

A

management style = behavior + attitude of the manager

32
Q

when is laissez faire appropriate to use

A

simple = complex tasks
when there is an extended time period
higher level of expertise/knowledge - employees have more knowledge then manager
manager prefers to delegate employees.
manager = hands off approach

33
Q

what are some benefits of SWOT

A

SWOT = analysis of the effectiveness of the company’s operations and the internal factors which influence its success

shows current + future position of company

highlights company W+S

helps comp meet customer needs + keep up with competition

34
Q

What are swot threats

A

factors in the external enviro that can be detrimental to the org.

35
Q

what are swot strengths

A

factors that are positively relative to competitors

36
Q

what are swot weaknesses

A

factors that are negatively relative to competitors

37
Q

what are swot opportunities

A

factors in the external enviro that ca be beneficial to the org

38
Q

examples of external SWOT (opp+threats)

A

opportunities - move into foreign markets
threats - increase competition. e.g- the need to keep up with changing tech

39
Q

examples of internal (( strengths + weaknesses)

A

S = innovative staff, unique products

W = High wastage and staff turnover

40
Q

what’s the quality control process

A
  1. set benchmarks
  2. conduct inspections
  3. comparisons b/w product + benchmarks made
  4. corrective action in the event quality is deemed to be below benchmark
41
Q

what are pros and cons of Quality Control

A

PROS- customers done receive faulty goods/services = improved rep
lowered needs for refunds
inexpensive strategies to implement

CONS - creates waste = higher cost and enviro impact
time consuming
unless every product is inspected
inferior goods may still reach the customer = impact on rep

42
Q

what are the factors which influence the management style

A

Nature of task - is it dangerous, creative
Time - is there any time pressure? what’s the time frame involved in the decision making?
Experience of employees - are the employees experts? Highly or lowly skilled? new/lack of experience? are they highly motivated ?
Manager preference - what does their personality align with

43
Q

when might it be appropriate to use autocratic management

A

nature - high risk, large groups on task
time is limited
the employees have low skills, knowledge and experience
manager prefers full control, fears of delegation + lack of faith in staff

44
Q

whats promotion

A

refers to how the product is advertised

the public notice the promotion the most. this includes TV, printed ads, content marketing, coupons, scheduled discounts, social media, emails, display ads, etc.

Business Management/Accounting (4 decks)

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