Managing Business

Question 1

What is management?

Answer 1

The process of dealing with or controlling things or people

Question 2

What does management do?

Answer 2

Planning
Organising
Controlling
Leading

Question 3

What is power?

Answer 3

The ability to get things done

Question 4

What forms of power might a manager have?

Answer 4

Reward
Coercive
Referent.
Expert
Legitimate
Negative

Question 5

What is authority?

Answer 5

The right to do something, or the right to request, or expect another person to do something

Question 6

What is responsibility?

Answer 6

The obligation to fulfil a task assigned to them

Question 7

What is accountability?

Answer 7

A persons liability to be called to account for the fulfilment of a task

Question 8

Out of authority, responsibility and accountability which can be delegated to subordinates?

Answer 8

Authority and responsibility

Question 9

What is delegation?

Answer 9

Giving a subordinate responsibility and authority to carry out a given task while the manager retains overall responsibility

Question 10

What are the advantages of delegation?

Answer 10

Relieve senior of less important activities.
Quicker decisions.
Flexibility
Interest for the subordinate.
Career development.
Increase in skills and ideas.
Motivation
Allows for appraisal

Question 11

What are the disadvantages of delegation?

Answer 11

Over supervision and waste time and it’s demotivating.
Under supervision needs to inferior product. Line manager only delegate to boring work.
Manager, delegates, impossible tasks.
Manager refuses to delegate enough.
Inadequate training.

Question 12

What are the four main types of manager?

Answer 12

Line manager, direct authority.
Staff manager advisory capacity
Functional manager hybrid of both.
Project manager, temporary

Question 13

What are the three main manager roles?

Answer 13

Informational
Interpersonal
Decisional

Question 14

What is culture?

Answer 14

Culture is the common assumptions, values, and believes that people share that become the way we do things around here

Question 15

What are the four features of the business culture?

Answer 15

Flexible.
Controlled.
Outward looking
inward looking

Question 16

What are the four types of business culture?

Answer 16

Human relations – flexible – inward looking
Open systems – flexible – outward looking
Rational go – controlled – outward looking
Internal process – controlled – inward looking

Question 17

What did the key functions of a business usually consist of?

Answer 17

Finance
HR
Marketing
IT
Operations – R&D and procurement

Question 18

What is marketing?

Answer 18

The process which identifies anticipates and supplies customer requirements

Question 19

What are the four main marketing concepts?

Answer 19

Marketing orientation
Sales orientation
Production orientation.
Product orientation

Question 20

What are consumer markets?

Answer 20

Products and services bought for the use of individuals and their families – fast, moving consumer goods – durables – services

Question 21

What are industrial markets?

Answer 21

Products or services bought for the use of companies – war materials – components – capital goods – supplies – services

Question 22

What are the characteristics of industrial marketing?

Answer 22

Small number of large cup customers.
Large purchase size
Complex negotiation

Question 23

What is marketing mix?

Answer 23

Set of controllable marketing variables

Question 24

What are the four Ps?

Answer 24

Product
Promotion
Place
Price?

Additional three people, processes, physical evidence 

Question 25

What is market segmentation?

Answer 25

The division of the market into her margins groups potential customers may be treated similarly for marketing purposes

Question 26

What is digital marketing?

Answer 26

The use of big data and data analytics to target specific, some segments of the marketing, using techniques such as: Search engine optimisation Pay per click Social media marketing. Content marketing? Affiliate marketing. Email marketing.

Question 27

What does operations management involve?

Answer 27

Changing inputs into outputs in order to add value through design creation, implementation and control. Uses the 4 Vs: Volume Variety Variation in demand. Visibility 

Question 28

What does research and development involve?

Answer 28

Pure research. Applied research. Development

Question 29

What is procurement?

Answer 29

The acquisition of goods and all services. Main factors include: Quantity Quality Price? Leadtimes. The five rights of procurement are: Right, quality? Right quantity Right price Right place Right time

Question 30

What is the supply chain?

Answer 30

The network of organisations, the systems resources and activities are required to resources into a product or service

Question 31

What is an integrated supply chain?

Answer 31

Members of a supply chain working collaboratively, the shared goal of satisfying the ultimate consumer using: Upstream supply chain to provide raw materials. Downstream supply chain To get finished goods to the ultimate consumer 

Question 32

What is human resource management?

Answer 32

The creation, development and maintenance of an effective workforce, matching requirements of the organisation and responding to the environment

Question 33

What are hard approaches to HRM?

Answer 33

Emphasis on resource element. Meet organisational objectives. Dictatorial control, business culture. Management style top down. Training focuses on current needs of organisation. Centralised structure. Short term perspective

Question 34

What are soft approaches to HRM?

Answer 34

Emphasis on human element. Create human assets. Flexibility and culture. Management style is participative. Training focuses on Personal and career development. Devolved delegation Long-term perspective

Question 35

HRM uses the Harvard 4 C-section what are these? 

Answer 35

Commitment Competence. Congruence. Cost effectiveness

Question 36

What are the four main considerations for managing the IT function in management?

Answer 36

In-house IT activities. Outsourcing external help. Innovation and investment. IT possibilities

Question 37

What are the differences between IT service delivery and IT service support?

Answer 37

Delivery focuses on data extraction and reports, capacity monitoring, customer, billing, and budgeting. Support focuses on systems, maintenance, security controls, prevention of IT problems, and investigation of IT problems 

Question 38

What is organisational behaviour?

Answer 38

The understanding of individual group behaviours, patterns of structure in order to improve organisational efficiency and performance

Question 39

What is the organisational iceberg?

Answer 39

Overt – visible – rules, products, physical assets, financial, resources. Covert – invisible – attitudes, personalities, conflict, informal communication

Question 40

What is motivation?

Answer 40

A reason for acting in a certain way. Maslow hierarchy of needs suggest that people are motivated by a desire to satisfy unfulfilled needs.

Question 41

What are Tuckermans four stages of development?

Answer 41

Forming Storming Norming. Performing

Question 42

What are Belbins group roles?

Answer 42

Leader Shaper. Plants. Monitor – evaluator. Resource – investigator Company worker. Team worker. Finisher. Specialist/expert