Chapter 1, 2, 3, 4, 5 Flashcards
(112 cards)
1
Q
Organisation
A
A social arrangement which pursues collective goals, controls its own performance and has a boundary separating it from the environment.
2
Q
Primary objective of a profit orientated business
A
Maximise wealth of the shareholders
3
Q
Primary objective of a non - profit orientated business
A
To maximise benefits to beneficiaries
4
Q
Mission
A
The most generalised type of objective which can be though as an expression of reason of existence.
5
Q
Mission statement
A
Includes, purpose, strategy, Policies and Values
6
Q
Vision
A
How does the organisation see itself in the future
7
Q
Aims
A
Qualitative goals
8
Q
Objectives
A
Quantitative goals
9
Q
Plans
A
What needs to be done to achieve objectives
10
Q
SMART Targets
A
Specific, measurable, achievable, relavent and timely
11
Q
Stakeholders
A
Virtually everybody who has anything to do with the business
12
Q
Business sustainability
A
Considers how far a business goes to operate in a sustainable way and how it interacts with others to do so.
13
Q
Sustainable development
A
- Decent work + economic growth
- Industry innovation and infrastructure
- Responsible consumption and production
14
Q
Organising
A
Allocating resources and processes to meet plans
15
Q
Planning
A
Looking forwards to set the direction of the business
16
Q
Controlling
A
Corrective action if direction of business differs from expectations
17
Q
Leading
A
How managers exercise their authority
18
Q
Reward power
A
One persons ability to reward another person for carrying out orders or meeting other requirements
19
Q
Coercive power
A
One persons ability to punish another for not meeting requirements
20
Q
Expert power
A
Based on the perception that a person has some relevant expertise or special knowledge that others do not
21
Q
Referent power
A
One persons desire to identify with or imitate another
22
Q
Legitimate power
A
Power derived from being in a position of authority within the organisation
23
Q
Negative power
A
The ability to disrupt operations
24
Q
Authority
A
Allows individuals to make decisions and to assign tasks
25
Accountability
A persons liability to be called to account for the fulfilment of a task. Cannot be transferred
26
Staff manager
Has authority in an advisory capacity
27
Top management
Manage the whole business
28
Middle management
Manage other managers in the business
29
First line management
Manage operational parts of the business
30
Direct operation staff
Supervisors and operational staff
31
Internal process culture
Inward looking and controlled
32
Human relations culture
Inward looking and flexible
33
Open systems culture
Outward looking and flexible
34
Rational goal culture
Outward looking and controlled
35
Organisational behaviour
The understanding of individual behaviour, group behaviour and patterns of structure in order to improve organisational efficiency and performance
36
Hard HRM
More of a business focus
37
Soft HRM
More of a focus on people/ individuals
38
HRM can be measured by
Commitment, Competence, Congruence and Cost effectiveness
39
Scientific management
People were similar and could be treated in a standardised fashion
40
X theory
People dislike work and responsibility so management need to be dictational
41
Y theory
Physical and mental effort at work is as natural as play or rest. Management need to help them realise potential
42
Hierarchy of needs
People were motivated by a desire to satisfy unfulfilled needs
43
Hygiene factors
Satisfaction comes from the context of the job
44
Motivating factors
Motivation comes from the content of the job
45
Marketing
Management process which identifies, anticipates and supplies customer requirements efficiently and profitably
46
Marketing mix
set of controllable marketing variables that a firm blends to produce the response it wants from the target market
47
4P's model for marketing mix
Product, Promotion, Price and Place
48
Push Promotion
Ensuring products are available to customers when they need them
49
Pull Promotion
Persuade customers they need the product
50
Operations
Transformational process changing inputs into outputs in order to add value
51
The 4v's of Operations
Variety, Volume, Variation and visibility
52
Procurement
The acquisition of goods and /or services. Quality, Quantity , price and lead times
53
IT Service delivery
Data extraction
Capacity monitoring
Customer Billing
Budgeting
54
IT Service support
Systems maintenance
IT security Controls
Prevention of IT Problems
Investigation of IT problems
55
Fayols Rules to managerial conduct
```
Division of work
unity of command
Unity of direction
Centralisation
Scalar chain
```
56
Mintzbergs building blocks
```
Operating core
Middle line
Strategic apex
Technostructure
Support staff
Ideology
```
57
Mintzbergs coordinating mechanisms
```
Mutual adjusmtent
Standardisation of outputs
Standardisation of skills
Standardisation of work
Standardisation of norms
Direct supervision
```
58
(De) Centralisation
Refers to the degree of autonomy/decision making ability diffused through the organisation
59
Pros of Entrepreneurial structure
Flexible decision making
Good control
Close bond to workforce
60
Cons of Entrepreneurial structure
Lack of clear structure
| May be too centralised
61
Pros of Functional structure
Economies of scale
Standardisation/ efficiency
Specialists more comfortable
62
Cons of Functional structure
Empire building
Slow to adapt
Conflicts between functions
63
Pros of Divisionalised Structure
Enables product or geographical growth
Clear responsibility
Training for GMs
64
Cons of Divisionalised Structure
Potential loss of control
Lack of good congruence
Duplication
Specialists feel isolated
65
Organisation chart
Concentrates on the shape of the organisation
66
Corporate strategy
Overall mission and objectives, expansion strategies and divestments
67
Business strategy
How to gain a sustainable competitive advantage
68
Functional strategy
Operations, finance, HRM and marketing strategies
69
Strategic plan
Statement of long term goals along with a definition of the strategies and policies which will ensure achievement of these goals
70
Resources based strategic advantage
Focus on developing internal resources and competences.
71
Risk of Resources based strategic advantage
fail to meet the industry trends
| Resources no longer valued by customers
72
Positioning based strategic advantage
Focus on analysing the external environment to identify customer needs
73
Risk of Positioning based strategic advantage
Forced to constantly evolve to meet customer needs
74
Emergent strategies
Behaviours which are adopted and have a strategic impact
75
Task Environment
Factors of particular relevance to the business
76
General environment
Political, legal, social, ecological and technological
77
Porters five force analysis
used to assess the attractiveness of an industry in terms of long term profitability
78
Competitor analysis
Used to analyse the competitive rivalry within the industry
79
Brand competitor
Similar size firm and similar products
80
Industry competitor
Similar products but different markets
81
Generic competitor
Different products but compete for same disposable income
82
Form competitor
Different products but satisfy the same needs
83
9m's model
Used to identify the resources which are available to the business. Men, machines, money, materials, markets, management, methods, management information systems, and make up.
84
Porters value chain analysis
Can be used to analyse the sequence of business activities which add value to products + services provided by the company
85
Primary activities of Porters value chain analysis
Create value and are directly concerned with providing the product or service. Inbound logistics, Operations, Outbound logistics, Marketing and sales and Service
86
Secondary activities of Porters value chain analysis
Do not create value themselves but enable the primary activities to take place with max efficiency. Procurement, Tech development, HRM and Infrastructure
87
Porters generic strategies - Cost leadership
Lower cost/ broad target
88
Porters generic strategies - differentiation
Differentiation / broad target
89
Ansoff's Matrix
Looks at growth by considering opportunities to sell more existing products/develop new products and building markets share in existing new markets
90
Business plan
Sets out the markets to be served, how they will be served and the finance required
91
Risk
Possible variation in an outcome from what is expected to happen
92
Uncertainty
is the inability to predict outcomes because of lack of info
93
Strategy Risk
Type of business risk - choosing and implementing the wrong corporate strategy
94
Enterprise Risk
Type of business risk - Success or failure of a business operation
95
Product Risk
Type of business risk - Customers do not buy the anticipated amount
96
Economic risk
Type of business risk - Unexpected changes in economic conditions
97
Property risk
Type of business risk - Losing property or losses arising in accidents
98
Gearing risk
Type of financial risk - increase interest charges due to high debt levels
99
Credit risk
Type of financial risk - Economic loss suffered due to default of customer
100
Liquidity risk
Type of financial risk - Unexpected shortage of cash
101
Market risk
Type of financial risk - Exposure to changes in market prices or rates
102
Process risk
Type of Operational risk - Companies processes are ineffective
103
People risk
Type of Operational risk - arising from staff constraints, incompetency or dishonesty
104
Systems risk
Type of Operational risk - arising from information and communication systems
105
Event risk
Type of Operational risk - Loss due to single events
106
Risk Awareness and identification
Identifying the whole range of possible risks and likelihood of losses occurring
107
Risk Assessment and Measurement
Identifies the probability of the risk occurring and quantifies the resultant impact and calculating the potential loss using expected values for gross risk
108
Reporting on Risk management the corporate governance code requires listed companies to:
determine the nature and extent of any risks the company is willing to take in order to achieve its objectives and report risk management issues
109
Crisis management
A crisis is an unexpected event that threatens the well-being of a business and its normal operations
110
Business resilience
considers an organisations ability to manager and survive against unplanned or planned shocks and disruptions to operations
111
Measuring resilience
Compliance, Completeness, value and capability
112
Disaster recovery
When the business operation or a significant part of them break down for some reason leading to potential losses of equipment or funds.
