Nature of Management
Name THREE skills of management
Interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
List the three management approaches
Classical, Behavioural, Contingency
Name the four key business functions
Operations, Finance, Marketing and Human Resources
What is the Just-In-Time Method for managing stock? Why is it popular?
Ordering stock as needed - not having to warehouse or contain large supplies of stock
Name THREE business goals other than profit
Market share, growth, share price, social, environmental
What are the three main features of the Classical management approach?
Planning, organising and controlling
What is the 'marketing mix'?
Product/Price/Place/Promotion
What are Business Information Systems?
BIS - provides businesses with the information needed to strategically manage the business
Describe TWO skills of management in detail
Interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
*teacher discretion*
What are the three main features of the Behavioural management approach?
Leading, motivating, communicating
What is the difference between a Cash Flow Statement and a Balance Sheet?
Cash flow statement = liquidity (how much money)
Balance sheet = financial stability (in vs out)
Name THREE reasons for resistance to change
Inertia, financial costs, resistance from employees, cultural incompatibility in mergers/takeovers
Provide a real life example of a business that has failed to manage change effectively
Blackberry/tech companies
Kodak
*teacher discretion*
Describe the Contingency approach to management, including a specific example
Adapting to changing circumstances e.g. Apple introducing USB-C connections
*teacher discretion*
What are the primary roles of Human Resources? There are 3.
Recruitment and training of staff; maintaining contracts and employee cessation - both voluntary and involuntary
Why do some businesses hire management consultants?
Benefit of having an external, expert person in a position to assist the business
What are the four factors of staff involvement that help achieve business goals?
Innovation, motivation, mentoring, training
What are the benefits for a business that moves from an Autocratic to a Behavioural management approach?
Flattening hierarchy
Autocratic vs teamwork
Happier staff - more staff input
Describe TWO forms of voluntary cessation and TWO forms of involuntary cessation
Voluntary - retirement, resignation, voluntary redundancy
Involuntary - dismissal, involuntary redundancy
What is the difference between a Situational Analysis and a SWOT Analysis?
Situational Analysis = examination of internal and external business processes
SWOT = Strengths, Weaknesses, Opportunities, Threats