Management Flashcards
What are the three types of business goals by term, and in what order are they established?
Strategic goals are long-term, and established first.
Tactical goals are shorter-term, and established next.
Operational goals are day to day goals, established last.
What is aim of management?
To achieve synergy, making the most out of the least.
Identify six skills of management.
Interpersonal Problem Solving Flexibility Reconciling Conflicts of Interest Vision Strategic Thinking
What is the triple bottom line?
The three types of business goals:
- Financial
- Social
- Personal
What five things do business goals need to be?
Specific Measurable Attainable Realistic Timed
Identify five financial goals.
Profitability Market Share Growth Share Price Product Width/Depth
Describe how a business increases profitability.
Increase revenue by increasing sales or price.
Decrease expenses through cost centres.
Why would a business want to increase its share price?
To stimulate investment to spend on expansion, R+D, innovation, etc.
What is the difference between product width and product depth?
Product width is the number of types of products a business sells.
Product depth is the number of products in each type of product.
Identify six social goals.
Sponsorship of events Supporting charities Providing employment Using sustainable practises Minimising waste and pollution Recycling
Identify three personal goals.
Employing family
Feeling important
Supporting personal causes
Why can it be beneficial to a business to decrease profitability?
It can increase long term profitability through increasing market share or reputation.
How does staff involvement help improve a business?
It improves motivation, productivity, innovation and problem-solving.
Identify three strategies for motivating employees.
Asking for input
Being transparent
Having clear goals and expectations
Identify two advantages and two disadvantages of training.
Advantages: Multiskilling and Internal Promotion
Disadvantages: Cost and Lack of Assurance employees will stay
Describe the contingency management approach.
A modern approach to management in which any aspect from any management theory is used if it benefits the business.
State and advantage and a disadvantage of the contingency management style.
It allows for greater flexibility.
It requires great skill to manage.
Identify the four key functions of business.
Operations
Marketing
Finance
Human Resources
What does the operations function of business focus on?
Producing goods and services.
Describe five things that must be managed in operations.
Rostering -Too many staff increases costs, too few reduces sales and satisfaction. Staffing -Maximise efficiency and output. Production Levels -Based on supply and demand. Training -Improve skills. Level of Service -Affects staffing requirements.
Describe the three stages of the production process.
Input Buying and storing materials. Transformation Changing the state, location or ownership of the input. Output Storage, warehousing and distribution.
Identify four quality management techniques.
TQM
Making the whole business aim for quality
Customer Focus
Using surveys or focus groups to determine customer satisfaction.
Quality Assurance
Assuring that products meet a certain standard.
Quality Control
Striving for the best quality of a product.
Identify a form of quality assurance.
Meeting the ISO standards.
Identify a form of quality control.
Inspections.
