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Flashcards in Term 1 - Exam 1 Deck (29)
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1

What is a business?

A business is an organisation, enterprise or business engaged in productions and trade of goods and services, usually for profits.

2

What are some things that an internal environment has some control over?

- corporate and cultural values
- staff
- structure
- policies
- communications
- operations
- technology

3

What affects a stakeholder?

The organisation actions, objectives and policies.

4

What is a stakeholder?

A person, group organisation that has an interest or concern in an organisation.

5

What does S.W.O.T stand for?

S- Strengths
W- Weaknesses
O- opportunities
T- Threats

6

What are corporate cultures?

Corporate cultures is a set of values and norms that is shared by all members of an organisation.

7

How can desired culture be created?

- management providing an example
- management recognising and rewarding appropriate actions
- training in line with the desired culture
- management communication aspects of desired culture

8

What are the factors of P.E.S.T?

P- political and legal influences
E- economic influences
S- social and cultural influences
T- technology influences

9

What are the external factors that a company has very little control over?

Opportunities and threats

10

What are the key business functions?

- chief executive officer
- operations
- marketing
- human resources
- finance

11

What does an operations manager do?

The planning and implementing of the organisations production system which transforms inputs into valuable inputs.

12

What does a marketing manager do?

Involves the planning and implementing of design, pricing, promotion and the distributions of products to satisfy the customers needs.

13

What does a human resources manager do?

The process of recruiting, hiring and training staff and maintaining and enhancing the work environment.

14

What does a finance manager do?

Involves the organising and controlling of a business' financial resources to achieve its objective.

15

What is the role and importance of a business?

- introduce new trends, technology and ideas
- provides employment and career opportunities
- export goods and services, help reduce trade problems
- generates profit in the economy
- major support of charities and communities

16

What does an autocratic manager do?

Provides clear directives to their employees without listening to or permitting employee input.

17

What does a persuasive manager do?

Attempts to make employees accept the objectives of the organisations and work to plans and procedures.

18

What does a consultative manager do?

Recognises the importance of positive working relationships, and encourages employees to share their ideas on how to overcome a particular issue.

19

What does a participative manager do?

Recognises the strengths and weaknesses in their staff and actively involves them in each stage of the decision making process.

20

What does a laissez-faire manager do?

Employees assume total responsibility for and of work place operations.

21

What are some advantages of an autocratic management style?

- clear direction and procedures
- employees' roles and expectations are clearly defined making performance monitoring easier
- control is centralised with top level management

22

What are some disadvantages of an autocratic management style?

- no employee input allowed, so ideas are not encouraged. This results in employees not feeling valued, or able to further develop skills.
- can result in high absenteeism and staff turnover to a decrease in job satisfaction.
- conflict may arise between employees seeking the approval and praise from management.

23

What are some advantages of a persuasive management style?

- managers can gain trust and support through persuasion
- instruction and explanation remains clear and constant
- some acceptance of negative situations when benefits of management decisions are explained. Eg extended work hours, pay cuts etc.

24

What are some disadvantages of a persuasive management style?

- attitudes and trust remain negative, as employees fail to give full support to management.
- communication is still poor and limited to a top down, one way system.
- employees remain frustrated because they are denied full participation in the decision making process.

25

What are some advantages of a consultative management style?

- employee input allows for a greater variety of ideas, resulting in better decisions.
- employees have some ownership in the organisation, so they take more interest in it, resulting in improved productivity, motivation and commitment.
- decisions are discussed prior to being made resulting in tasks being completed more efficiently and with better results.

26

What are some disadvantages of a consultative management style?

- the time taken to consult with each employee before making a decision.
- some issues are not suitable for a widespread consultation.
- not every employees suggestions can be adopted, which may cause conflict or resentment.

27

What are some disadvantages of participative management style?

- the role and control of the manager may be weakened.
- not all employees want to contribute.
- making decisions can be very time consuming when differing and conflicting views have to be considered.

28

What are some advantages of laissez-faire management style?

- employees feel a sense of ownership which can promote outstanding results.
- there is continued encouragement for creativity, which is conductive to a dynamic work environment.
- in a flat structure, communication is wide open and ideas are both discussed and shared.

29

What are some disadvantages of laissez-faire management style?

- there is a complete loss of control by management, and may result in the misuse of the organisations resources.
- can breed personal conflict where employees may only wish to implement their own ideas instead of working as a team to achieve a common goal.
- the focus on meeting organisational objectives can be easily eroded. As a result management may find themselves with a failed organisation and nothing to management.