Business Management

Question 1

Definition and challenges of management

Question 2

Skills of management

Answer 2

1. Interpersonal Skills
2. Communication skills
3. Vision
4. strategic thinking
5. problem solving
6. flexibility / adaptability

Question 3

Reconciling conflicting interests

Stakeholder Engagment

Answer 3

Shareholder vs society
Shareholder vs employee

Stakeholder engagment refers to the provocative actions of management seeking input from stakeholders and actively involving them in deicison making

Question 4

Goals

Definition and importance

Answer 4

Goals are desired outcomes (target) that an individual, team, or entire firm intends to achieve within a certain time frame. They are important because they:
- act as a target, focus and energy put in direction
- used as measuring stick, track progress / improvement
- can motivate, inspire the best of people
- increased commitment, when internalised, they become personal achievements.

Question 5

Types of Goals

There are two distinct types

OP, goals are OP.

Answer 5

Outcome Based Goals: These represent the END RESULT OF AN ACTIVITY. EG. profit levels, market share percentage, total weight loss etc. Necessary but demotivating if too high. Large goals must be broken into incremental goals.

Process Based Goals: These focus on the ACTIONS YOU TAKE IN PURSUIT OF THE END RESULT. EG. improve customer service and adding new products, developing marketing strategies.

Question 6

S.M.A.R.T. Goals

Question 7

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Financial Goals

Question 8

Non-financial Goals

Question 9

Staff Involvement

Why?; training, motiviation, mentoring

Question 10

Management Approaches

List the three major approaches

Question 11

Classical-Scientific Management

Define, founder, 4 pinciples

Question 12

Classical-Scientific Management

Advantages / Disadvantages

Question 13

Classical-Bureaucratic Management

Define, features

Question 14

Classical-Bureaucratic Managment

Advantages / Disadvantages

Question 15

First 3 Essential Skills of Management

Question 16

Behavioural Management

Define, founder, features

Question 17

Behavioural Management

Advantages / Disadvantages

Question 18

Final 3 Essential Skills of Management

Question 19

Contingency Management

Description and Features

Question 20

Contingency Management

Adv / DAvd

Question 21

Leadership

Definition, continuum

Question 22

Leadership - Autocratic

Definition, features, adv, dadv

Question 23

Leadership - Participative / Democratic

Define, features, adv, dadv

Question 24

Management Process

Four key functions; basic definition

Question 25

Operations | Define and purpose

Question 26

Operations | inputs - types

Question 27

Operations | Transformation

Question 28

Operations | Outputs - Type

Question 29

Operations | Manufacturinbg (Secondary)

Question 30

Operations | Service Business (tertiary)

Question 31

OperationsOperations | Quality Management

Question 32

Marketing | Definition and purpose

Question 33

Marketing | Target Market

Question 34

Marketing | Segmentation - Four Variables

Question 35

Marketing | The 4 Ps - Marketing mix

Question 36

Marketing | Product strategies

Question 37

Marketing | Price strategies

Question 38

Marketing | Promotion strategeies

Question 39

Marketing | Place (Distribution) strategies

Question 40

Financial Management | Define and purpose

Question 41

Financial Management | Cash flow statement - features and purpose

Question 42

Financial Management | Income statement - features and purpose

Question 43

Financial Management | Balance sheet - features and purpose

Question 44

Financial Management | Balance Sheet - accounting equation and terms

Question 45

Human resources management | define and purpose

Question 46

Human resources management | 1: acquisition and recruitment

Question 47

Human resources management | 2: Training and devleopment

Question 48

Human resources management | 3: Maintenance

Question 49

Human resources management | 4: separation

Question 50

Human resources management | Contracts - rights responsibilities

Question 51

Human resources management | Legal - NES and Fair Work Act 2009

Question 52

Ethics | Feine and importance

Question 53

Ethics | Issues

Question 54

Managing Change | Definition and challeneges

Question 55

Managing Change | Transformative Vs. Incremental

Question 56

Managing Change | Impacts of change - 4 factors

Question 57

Managing Change | Low risk vs high risk change strategies

Question 58

Managing Change | Resistance to change

Question 59

Managing Change | Strategies to reduce resistance