nature of management Flashcards
(19 cards)
What is management?
Management is the process of coordinating a business’s resources to achieve its goals.
What does effective management ensure?
Effective management ensures that the joint efforts of employees are directed towards achieving the business’s goals.
What skills are essential for effective managers?
Effective managers need to be good at planning, organising, leading, and controlling.
What types of skills do managers require?
Managers require a wide range of technical, conceptual (thinking), and people skills.
What are interpersonal skills?
Interpersonal skills are those needed to work and communicate with others and to understand their needs.
What is the importance of effective communication in management?
Effective communication of business goals and strategies is crucial to achieving business success.
What can miscommunication lead to?
Miscommunication can lead to errors, missed deadlines, low morale, reduced productivity, damaged relationships, and even financial losses.
What is strategic management?
Strategic management allows the manager to see the business as a whole and to take a broad, long-term view.
What is the role of strategic thinking?
Strategic thinking involves considering a business’s future direction and the goals it wants to achieve.
What is leadership in a business context?
Leadership is the ability to influence people to set and achieve specific goals.
What are some goals a business attempts to achieve?
Goals include profits, market share, growth, share price, social responsibilities, and environmental responsibilities.
What is profit maximisation?
Profit maximisation occurs when there is a maximum difference between total revenue (TR) and total costs (TC).
What does market share refer to?
Market share refers to the business’s share of the total industry sales for a particular product.
How can a business maximise growth?
A business can maximise growth either internally (organically) or externally.
What are social goals a business attempts to achieve?
Social goals include community service, provision of employment, and social justice.
What is an intrapreneur?
An intrapreneur is an innovative employee who takes on entrepreneurial roles within a business.
What is motivation in the workplace?
Motivation refers to the individual, internal process that directs, energises, and sustains a person’s behaviour.
What is mentoring?
Mentoring is the process of developing another individual by offering tutoring and coaching.
What does employee training aim to improve?
The goal of employee training is to improve productivity by boosting knowledge and skills.
