Introduction to Business Management Flashcards
(15 cards)
What are the four functions of management (POLC)?
Planning, Organising, Leading, Controlling
What is planning in the management context?
Determining organisational goals and the means to achieve them.
Define ‘organisation’ in business terms.
A structured group of people working together to achieve common goals.
What are the three levels of management?
Top-level, middle-level, and first-line (lower) management
Name two core responsibilities of top-level managers.
Setting strategic goals and defining organisational vision.
What are internal and external business environments?
Internal: factors within the organisation (e.g., staff, culture); External: factors outside the organisation (e.g., economy, competitors)
What is the difference between efficiency and effectiveness?
Efficiency: doing things right; Effectiveness: doing the right things
What is the purpose of organisational structure?
To define how tasks are divided, grouped, and coordinated.
Define the term ‘management.’
The process of planning, organising, leading, and controlling resources to achieve organisational goals.
What is the macro-environment?
The broader external forces that affect the organisation, such as political, economic, social, technological, legal, and environmental (PESTLE).
Who are stakeholders in a business?
Individuals or groups affected by or that affect the organisation, such as employees, customers, suppliers, and shareholders.
What is the difference between formal and informal organisation?
Formal: official, structured hierarchy; Informal: unofficial relationships and social networks.
What is meant by managerial roles?
Specific categories of behaviour expected of managers, e.g., interpersonal, informational, and decisional roles (Mintzberg).
What are SMART objectives?
Specific, Measurable, Achievable, Realistic, Time-bound
What is the relationship between management and performance?
Effective management improves organisational performance through goal achievement, resource use, and employee motivation.
