CH 2 - Managment Flashcards Preview

Business finance > CH 2 - Managment > Flashcards

Flashcards in CH 2 - Managment Deck (18):

What are the 6 types of power that managment can have according to French & Ramp

  1. Coercive power → ability to punish another if a requirment is not achieved.
  2. Reward power → ability to reward another for meeting a requirement
  3. Legitimate power → the power derived from being in a position of authority. 
  4. Expert power → belief that a person has expertise in an area that others do not
  5. Referent power → the ability to influence others based on personality / charisma
  6. Negative power  → the power to disrupt a business (sabotage / legally)


What is business culture?


Give the 4 types of business cultures and the elements that make them

  • Flexibility vs control
  • Looking inward vs looking outward

  • Human relations culture → focus on staff and meeting their needs
  • Internal process culture → driven by stable and controlled internal emvironment
  • Rational goal culture → structured and controlled to deal with outside environment (competion and goals motivate staff)
  • Open systems culture → staff are motivated by chalaanges and creativity


What is human resource managment (HRM)?


What are the functions of HRM?


What is the differnece between the hard and soft approach of HRM?


How can the effectiveness of HRM be evaluated?

  • Commitment → assess employee motivation, loyalty and job satisfaction (labour turnover, absences, surveys)
  • Competence → development of skills 
  • Congruence → to ensure a common vision is shared
  • Cost effectiveness → measured against competitor costs


Define organisational behaviour

The study and understanding of individual and group behaviour in an organisational setting inorder to improve performance.


What is Madlow's Hierachy of needs?

The suggestion that people are motivated by therir desire to achieve each level in the hierachy. When a level is achieved it is no loner a motivation.


What is Herzberg's theroy about job satisfaction and motivation?

Hygiene factors provide satisfaction → things you expect when you go to work and would complain if they werent there (lighting, heating, salary)

Motivating factors provide motivation → (recongnition, repsonsibilty, promotion)



What is McGregors 'theroy X' and 'theroy Y'?


What are Tuckmans 4 stages of group development?


What are Belbins theroies of team roles?

Only 1 leader, shaper and finisher needed.


What are Likert's 4 styles of leadership?


  1. What is the definition of marketing?
  2. What 3 things must be considered with marketing?

  1. The process of identifying customer requirements efficiently and profitably.
  • Consumer market → other items on the market
  • Customer vs consumer
  • Industrial market → business to business selling


Known as the 'marketing mix' there are a set of 4 controllable variables that together can produce the desired respomse in the target market.... What are they?

  1. Product quality → suitability, Durability, Aesthetics, brand, Associated services.
  2. Price → Customer, trading, promotional
  3. Promotion → Advertisment, sales
  4. Place → Website selling, retail outlets, Inventory level, delivery frequency


 What is delegated legislation? 

 Business regulation by separate agency (FCA, FSA)  which is been established by government  for that particular purpose