nature of management Flashcards

(45 cards)

1
Q

what are features of effective management?

A

planning, organising, leading, controlling

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2
Q

what is planning in effective management

A

the preparation of a predetermined course of action for a business. it refers to the process of setting objectives and deciding on the methods to achieve them

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3
Q

what is organising in effective management

A

the process of structuring the organisation to translate plans and goals into action

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4
Q

what is leading in effective management

A

process of influencing or MOTIVATING people to work towards the achievement of the organisation’s objectives

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5
Q

what is controlling in effective management

A

the process of evaluating performance and taking corrective action to ensure that the set objective are being achieved

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6
Q

define skill

A

the ability that comes from the knowledge, practice and talent to do something well

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7
Q

identify skills of management

A

interpersonal (people), communication, strategic thinking, vision, problem-solving, decision-making, flexibility and adaptability to change, reconciling the conflicting interests of stakeholders

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8
Q

define interpersonal (people) skills

A

those skills needed to work and communicate with other people and to understand their needs (RELATIONSHIPS)

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9
Q

define interpersonal (people) skills

A

those skills needed to work and communicate with other people and to understand their needs (RELATIONSHIPS)

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10
Q

define communication skills

A

the exchange of information between people; the SENDING AND RECEIVING MESSAGES - miscommunication causes problems in a business

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11
Q

define strategic thinking skills

A

allows a manger to see the business as a whole and to take the broad, LONG-TERM view

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12
Q

define vision skills

A

the clear, shared sense of direction that allows people to attain a common goal

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13
Q

define problem-solving skills

A

a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation

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14
Q

outline the process of problem-solving

A

identify the problem and causes - gather relevant information - develop alternative solutions - analyse the alternatives - choose one alternative and implement it - evaluate the solution

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15
Q

define decision-making skills

A

the process of identifying the options available and then choosing a specific course of action to solve a specific problem

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16
Q

define flexibility and adaptability to change skills

A

being responsive to change and able to adjust to changing circumstances - being PROACTIVE (forward planning, creating situations) rather than reactive (responding to situation)

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17
Q

define the triple bottom line

A

the economic, social and environmental performance of a business

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18
Q

define stakeholder engagement

A

businesses sharing information with and seeking input from stakeholders, and involving them in decision making

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19
Q

define goal

A

a desirable outcome that a business wants to achieve (end result) in a particular timeframe, can be a SMART goal

20
Q

what are the benefits of setting goals

A

identifies the business targets, provides a benchmark, sets a challenge and motivates employees, can provide a basis for rewarding staff, provides commitment if employees are involved

21
Q

identify businesses financial goals

A

profits, market share, growth, share price

22
Q

identify businesses non financial goals and what responsibility do they come from?

A

social, environmental/sustainability
corporate social responsibility - triple bottom line

23
Q

when does profit maximisation occur?

A

when there is a maximum difference between total revenue (TR) and total costs (TC)

24
Q

how is profit calculated

A

total revenue (TR) - total costs (TC)

25
how is total revenue calculated
total sales x price
26
how is total cost calculated
it is the total expenses
27
define market share
refers to the business's share of the total industry sales for a particular product
28
why must businesses increase their market share
size of market share affects profits therefore more growth in marketshare = more profit (which is the goal)
29
how can businesses increase their market share
promotion is a successful strategy to increase market share e.g. advertising
30
how can growth be achieved
internally: employing more people, increasing sales, introducing innovative products, purchasing new equipment, establishing more outlets externally: achieved by integration and diversification strategies e.g. merging with or acquiring other businesses
31
define a share in a business
part ownership in a public company
32
how must businesses succeed in increasing share price
companies need to satisfy their shareholders by improving the share price and pay healthy dividends
33
define dividend
a distribution of a company's profits to shareholders
34
what are the social goals for businesses
community service, provision of employment (e.g. employing family for the continuation of the business), social justice
35
why do businesses have social/environmental goals
to reduce things like child labour and mistreatment therefore being more ethical short term costly effects = long term gain
36
what environmental/sustainable goals are demanded by customers
eliminate animal testing, recyclable packing, carbon emissions, solar energy, reducing water
37
define staff involvement
including staff in the decision-making process and providing them with the necessary skills and rewards
38
what must a business recognise for staff involvment
innovation, mentoring, motivation, training
39
how can staff be involved in innovation
employees are a great source of innovation and can be intrapreneurs
40
define intrapreneur
an innovative employee that tales entrepreneurial roles within a business
41
how is staff involvement important in the motivation of employees
involvement empowers staff and increases their motivation
42
define mentoring within the workplace
developing another individual by offering tutoring and coach and by modelling acceptable behaviour
43
what is the importance of mentoring for staff involvement
teaching employees what the business expects of them helps strengthen their dedication0 and commitment to the business
44
define training
teaching staff how to perform their jobs more efficiently and effectively by boosting their knowledge and skills
45
how is innovation related to staff involvement
employees are a great source of innovation