Business Managment: Nature of Management

Question 1

What Is a manager?

Answer 1

Someone who coordinates the business’ limited resources in order to achieve goals.

Question 2

Features of managment

Answer 2

• working with employees
• using resources efficiently and effectively.

Question 3

List the managment skills

Answer 3

Interpersonal
Communication
Strategic thinking
Vision
Problem solving
Decision making
Flexiblity
Adaptability to change
Reconciling the conflicting interests of stakeholders

Question 4

Interpersonal skills

Answer 4

Work and communicate with people to understand their needs.

Question 5

Communication

Answer 5

Effectively saying what you mean and listen
- verbal e.g. meetings
- non verbal e.g. body language

Question 6

Strategic thinking

Answer 6

The ability to see the broader picture.

Question 7

Vision

Answer 7

Shared sense of direction that allows people to recieve a certain goal.

Question 8

Problem solving

Answer 8

Searching for different ways to solve and issue

Question 9

Decision making

Answer 9

Choosing a soloution

Question 10

Flexibility & Adapatability to change

Answer 10

Being able to anticipate and adjust to change.

Question 11

What are Goals?

Answer 11

A desire outcome to be achieved within a certain time period.

Question 12

Reconciling the conflicting interest of stakeholders

Answer 12

Managers need to satisfy both stakeholders interest through compromise and problem solving.

Question 13

What does SMART stand for

Answer 13

S: Specific
M: Measurable
A: Achievable
R: Realistic
T: Time Bound

Question 14

List the financial Goals

Answer 14

• Maximise profit
• Increase market share
• Increase growth
• Increase share price

Question 15

Maximise Profit

Answer 15

Managers aim to increase their profit because only businesses that are making money suceed.

Question 16

Incarese market share

Answer 16

Percentage of the total sales in a market earned by a business.

Question 17

Increase Grwoth

Answer 17

More sales and higher profits
- Internal e.g. hire more staff
- External e.g. merging

Question 18

Increase share price

Answer 18

Only applies to private and public company that make shares available to shareholders.

Question 19

List the 2 Social goals

Answer 19

• Community service
• Provide employment

Question 20

Community Service

Answer 20

aim to support community events and education.
e.g. local sports club

Question 21

Providing employment

Answer 21

hire people from the local area
hire individuals with disabilities

Question 22

List 1 Environmental goal

Answer 22

Sustainability

Question 23

List the 3 types of goals managers set

Answer 23

• Financial
• Social
• Environmental

Question 24

Why should they set financial, environmental and social goals?

Answer 24

to achieve a range of goals as this will improve the overall success of the business

Question 25

What are the ways managers can get staff involved?

Answer 25

- Innovation - Motivation - Mentoring - Training

Question 26

Innovation

Answer 26

encouraging creativity

Question 27

Motivation

Answer 27

high motivation means higer productivity e.g. high pay

Question 28

Mentoring

Answer 28

experinced staff offer advice and guidance

Question 29

Training

Answer 29

Training improves workers skill and productivity. - On the job training - Retraining: use of technology