Managing a Business Flashcards
What four things does management do
Planning
Leading
Organising
Controlling
What are the six different types of power
Reward power Coercive power Referent power Expert power Legitimate power Negative power
What is authority
The right to do something or the right to request another person to do something
What is responsibility
The obligation a person has to fulfil a task
What is accountability
A person’s liability to be called to account for the fulfilment of a task
What are the pros of delegation
Greater flexibility Quicker decisions Allows career development Relieves seniors of less important activities Greater motivation
What are the cons of delegation
Only delegated boring work
Work can be too difficult (Inadequate training)
Can be demotivating
What is a line manager
Has authority over subordinates
What is a staff manager
Has authority in an advisory capacity
What is a functional manager
Hybrid of staff and line manager - authority in certain circumstances
What is a project manager
Temporary team manager
What two cultures make up a human relations culture
Flexible
Inward-looking
What two cultures make up a open systems culture
Flexible
Outward looking
What two cultures make up a rational goal culture
Controlled
Outward looking
What two cultures make up a internal process culture
Controlled
Inward looking
What are the 5(7) key functions of a business
Finance HR management Marketing IT Operations -(R&D) -(Procurement)
What are the four main concepts of marketing
Sales orientation - aggressive selling strategy
Production orientation - make as many units as possible
Product orientation - develop sophisticated products
Marketing orientation - focus on needs
What are the characteristics of a consumer market (B2C)
Fast moving consumer goods
Consumer durables
Services
What are the characteristics of a industrial market (B2B)
Small number of big customers
Large purchase sizes
Expert buyers with high bargaining power
What are the 4Ps of marketing
Product
Place
Promotion
Price
What are the additional 3Ps of service industry marketing
People
Processes
Physical evidence
What is market segmentation
Dividing the market into similar groups (demographic, socio-economic, geography, etc.) to target
What are the 4Vs of Operations
Volume
Variety
Visibility
Variation in demand
What the five ‘rights’ of procurement
Right quality Right quantity Right price Right place Right time
