Management Flashcards
(41 cards)
Reward power
Someone’s ability to reward another person
Coercive power
Someone’s ability to punish another
Referent power
One’s desire to identify with/imitate another
Expert power
based on the belief that someone has some expertise or special knowledge that others do not
legitimate power
power derived from being in a position of authority within the organisation
negative power
the ability to disrupt operations e.g. by industrial action
What is authority?
The right to exercise power
Flexibility/outlook of human relations culture
Flexible, inward-looking
Flexibility/outlook of open systems culture
Flexible, outward-looking
Flexibility/outlook of rational goal culture
Controlled, outward-looking
Flexibility/outlook of internal process culture
Controlled, inward-looking
What are consumer markets?
Products/services bought for the use of individuals and their families
What are industrial markets?
Products/services bought for the use of companies
What does the 4Ps or 7Ps model outline?
The marketing mix
What are the 7Ps?
Product, Promotion, Place, Price
People, Processes, Physical evidence
What are the four Cs for price?
Cost, Customers, Competitors, Corporate objectives
What should the three characteristics of market segmentation be?
Substantial
Accessible
Measurable
What are the four Vs of operations?
Volume, Variety, Variation in demand, Visibility
What is pure research?
Research intended to gain new scientific or technical understanding with no commercial viewpoint in mind
What is applied research?
Research aimed at achieving an obvious commercial viewpoint
What is development?
Takes existing scientific or technical knowledge and uses it to produce new products intended for commercial production
What is procurement?
The acquisition of goods and/or services
What are the five rights of procurement?
Right: Quality, Quantity, Price, Place, Time
What are the four Cs of effectiveness of HRM?
Commitment, Competence, Congruence, Cost-effectiveness
