Business Goals
Define a manager.
Someone who coordinates the business’s limited resources in order to achieve specific goals.
Describe the contingency management approach.
Stresses the need for flexibility and adaptation of management.
Describe quality control and give an example of how this could be used in a pizza making operation.
It involves the use of inspections at various points in the production process to check for problems.
What are the 4 key business functions?
Operations, Marketing, Finance and human resources.
What are the two sources of finance a business can access?
Debt and Equity
Give me an example of an environmental goal.
Reduce waste/emissions.
No plastic.
No animal testing.
Name 2 management styles that align with the classical management approach.
Autocratic
Authoritarian
Persuasive
Name 2 management styles that align with the behavioural management approach.
Participative
Democratic
Team building
Laissez Faire
Explain what assets and liabilities are.
Assets – items of value to a business that can be given a monetary value.
Liabilities – items owed to other organisations.
What are the 4 P’s of the marketing mix?
Product, price, promotion and place.
Give me an example of a social goal.
Community service.
Provision of employment.
Social justice.
What are the 3 elements of quality management?
Quality control.
Quality Assurance.
Total Quality Management.
Name 3 skills that managers need.
Interpersonal, communication,strategic thinking, vision, problem solving and decision making, flexibility and adaptability, and conflict reconciling.
What are the 3 key elements of Operations?
Inputs, Processes/transformation and outputs.
What is the accounting equation?
Assets = liabilities + owners equity
Give 2 examples of financial goals.
Maximising profits.
Increasing market share.
Maximising growth.
Improve Share Price.
Provide an example of a business that would use an autocratic management approach. Explain why this approach would be used.
Examples: defence force, kitchens, crime scenes or emergency departments.
Due to untrained/unmotivated staff or life-or-death situations where strict rules must be followed.
Decribe a laissez faire management style. Explain why this approach would be used.
Laissez faire approach can be used when employees are highly trained and motivated to work with minimal supervision and direction.
Define Outsourcing, and give an example.
Contracting of some organisational operations to outside suppliers.
Eg hiring cleanings or an accountant from outside of your business to do tasks for you.
What are the 4 elements of the human resource cycle?
What does the acronym SMART goals represent?
Specific Measurable Achievable Realistic and Time-bound.
What are the 3 functions of management in a classical approach?
Planning, organising and controlling.
What are the 3 steps in the control process?
1. Establish standards.
2. Measure performance.
3. Take corrective action.
Explain the difference between a mass market and a niche market. Give an example for each.
Mass market sells to a large range of customers – eg water/gas/electricity/internet.
Niche sells to a small range of customers – eg magazines/custome clothing/pet products.
What are 2 main features of the structure and features of a business report?
Executive Summary
Numbered headings and subheadings
Formal language, using business teminology
Third person language
Regular reference to the hypothetical business situation