Features of Effective Management Flashcards
(23 cards)
Getting the most outputs from inputs (minimising ‘waste’)
Efficiency
How well goals are achieved
Effective
Expansion into new - product lines, markets or geography
Diversification
Strategic Coordination of a business’s resources to achieve its goals productively
Effective Management
Expansion of where you buy and sell outputs
Widening Distribution Network
Investing in training programs to maximise employee effectiveness
Staff Involvement - Training
Prioritising guidance of younger inexperienced employees with Heroes
Staff Involvement - Mentoring
Creating a positive workplace environment that values employees through internal or external rewards
Staff Involvement - Motivation
Encouraging employees to contribute their thoughts and ideas
Staff Involvement - Innovation
Minimising the negative impact the business has on the environment
Business Goals - Environment
Promoting a positive business image and satisfying all stakeholders of the business
Business Goals - Social
Business takes responsibility for maximising returns of their shareholders
Business Goals - Share Price
Increase in sales, size, diversification and widening distribution network
Business Goals - Growth
Increase the % of sales the business has in the industry sector
Business Goals - Market Share
More revenue (sales) and less business expenses, due to management.
Business Goals - Profit
Manager’s must strive to satisfy all stakeholders to be seen as ‘good corporate citizens’ and mitigate issues.
Manager Skills - Reconciling the Conflicting Interests of Stakeholders
Being able to respond effectively and efficiently to change and adjust business operations accordingly
Manager Skills - Flexibility & Adaptability to Change
Process of identifying the options available and choosing a specific course of action based off personal account.
Managers Skills - Decision Making
Ability to search, identify and implement a course of action to correct a situation.
Manager Skills - Problem Solving
Clear, shared sense of purpose and direction of the business is established. Without a vision the business will ultimately fail
Manager Skills - Vision
Allows a manager to evaluate the business itself, the long-term view, and how they will get there. To do this managers need to be able to visualise and identify what is working and what isn’t, opportunities and threats
Manager Skills - Strategic Thinking
Effective exchange of info between people - writing and communicating concise appropriate info to employees and customers.
Manager Skills - Communication
Skills needed to work and communicate with:
- customers to understand their wants and needs
- To inspire and motivate employees
Manager Skills - Interpersonal
