Nature of Management
interpersonal, communication and flexibility are examples of...
skills of management
What are the 3 management approaches?
Classical
Behavioural
Contigency
What is a good and service?
Goods are tangible products.
Services are intangible.
What is a target market?
What are the 4 aspects in the HR Cycle?
1. Acquisition
2. Development
3. Maintenance
4. Seperation
What is the acronym T.I.M.M. for?
Staff Involvement
What are the 2 leadership styles for the classical and behavioural approach?
What is the transformation process for bread.
Input: wheat, sugar, water, salt. Machinery and HR
-> Transformation Process (mixing, baking)
-> Output: bread
Identify the 4 market segments.
Demographic
Psychographic
Behavioural
internal - hiring within the business
external - hiring outside the business
Provide an example of how businesses meet their social and environmental business goals at once.
- Community gardens
- Clean Up Australia Day
What are the 3 dot points under the classical approach?
- management as planning, organising and controlling
- hierarchical organisational structure
- autocratic leadership style
What is the difference between a transformed and a transforming resource? provide an example.
Transforming resources: inputs that make the change and can be reused. e.g. machineries and human labour.
Define the 4 P's
Product: tangible and intangible benefits of a product
Price: cost of the good/services
Place: how the good/services meet the market
Promotion: ways the business communicates their products to consumers
Why is training important? Provide examples of how training can be done.
Training is seen as a long-term investment as employees are able to develop and enhance their skills, contributing to productivity.
e.g. on the job, off the job, job rotation, corporate university.
Define 3 business goals and provide an example for each.
Profit - difference between revenue and expenses
Market Share - the percentage of the total market that the business has in comparison to its competitors.
Growth - increase in revenue from year to year
Share price - value of part ownership in a company
Social - intentions to support and benefit the community
Environment - implementing more ecologically sustainable practices.
What are the 3 dot points under the behavioural approach?
- management as leading motivating and communicating
- teams
- participative/democratic leadership style
Define all 3 aspects of quality management.
control: standards
assurance: procedures and processes
total quality management: continuous improvement
What are the 3 distribution chains?
Producer > consumer
Producer > retailer > consumer
Producer > wholesaler > retailer > consumer
What is the difference between an award and an enterprise agreement?
Awards are the minimum conditions for employees within the same industry.
Enterprise agreement is a contract made at a workplace level between the employer and a group of employees regarding the terms and conditions of work.
Interpersonal, Communication, Strategic Thinking, Vision, Problem-solving, Decision-making, Flexibility.
Bonus points for: adaptability to change and reconciling the conflicting interests of stakeholders.
In your own words, distinguish the difference between the classical and behavioural approach as well as define contingency.
Classical - autocratic where the manager controls all aspects of the business.
Behavioural - team based where employees' social needs are considered.
Contingency - dependent on the situation and can combine both a classical and behavioural approach to resolve the issue.
Explain why quality management is beneficial.
- helps reduce costs and waste
- increase productivity
- increase business position
Distinguish the difference between the distribution channels. Provide an example for each.
Intensive, Selective and Exclusive
Intensive distribution submerges the entire market with the product e.g. Coco-Cola
Selective distribution reaches a wide range of the market but not as intense. e.g. Dyson Airwrap
Exclusive distribution is much more narrow in the consumers they reach. Often high-end products e.g. Rolls Royce
Define the 5 ways separation can be done and categorised it by voluntary and involuntary.
retirement - no longer working (V)
resignation - voluntarily ending employment (V)
redundancy - when the job is no longer performed (V&I)
retrenchment - not enough work to pay the employee (I)
dismissal - when the employees' behaviour is unacceptable. (I)