Companies
Name five sectors of economic activities
Primary; secondary; tertiary/service; quaternary; quinary
Explain the difference between ‘leader’ and ‘manager’
In brief, leaders are more about inspiring and guiding people towards a vision, while managers are about organising and ensuring tasks are completed to achieve specific, short-term goals. These roles can overlap, and successful individuals often possess qualities of both leadership and management, but the primary distinction lies in their core focus and approach.
What's an agenda? Why is it important document for meetings?
a structured list of topics, activities, and objectives that will be discussed or decided during the meeting. Without it, participants cannot prepare for the meeting; no clear objectives; no specified timing; no responsible person
What's self-assessment? What sections are usually included in it?
a judgement made by an employee about their own work, abilities, etc., or the process of doing it
Sections: achievements; challenges; future goals; specific examples
What org structure is this?
Features: C-Suite at the top, followed by other senior management, middle managers, etc. Divided into traditional departments like IT, marketing, finance, HR, based on everyone’s functional role.
What are its pros and cons?
Functional/Hierarchy
Pros: increased productivity; skill development; clarity; minimized cost of operation.
Cons: hindered decision-making; competition between departments; narrow scope.
Name five industry groups
Oil & gas; Basic materials; Industrials; Consumer goods; Health Care; Consumer Services; Telecommunications; Utilities; Financials; Technology
Name three classic styles of leadership; their features, pros and cons
Authoritarian/Autocratic.
Features: very directive; complete authority and control over the group and the decisions being made.
Pros: quick decisions; effective in emergency situations
Cons: no room for dissenting views
Democratic/Participative/Participatory
Features: the leader participates in the group and encourages others’ to share their ideas and opinions, even though the leader may have the final say over decisions.
Pros: more ideas produced; dissenting opinions, more effective decisions; people are more committed.
Cons: decisions take more time, numerous meetings, doesn’t work with not competent or motivated group members.
Laissez-faire.
Features: leaders use a hands-off style, letting the group members make decisions.
Pros: group tends to be more productive; works with highly skilled and motivated teams, independence
Cons: is the leader is ineffective, someone else with an authoritarian or democratic style will take over
What's the minutes? Why is it important for meetings?
Minutes serve as a formal record, documenting decisions made, actions assigned, and key discussions, ensuring a clear and accurate account of proceedings. They provide a valuable reference for participants, aid in accountability, and help maintain continuity by serving as a historical record of the organization's activities.
What's a performance appraisal? Why is it important for both the employer and employee?
It is a formal assessment, usually carried out once a year, to evaluate an employee's individual contribution to their role and their organisation.
For the employer: identifies strengths and weaknesses in employee performance; provides a basis for decisions on promotions, pay rises, bonuses, or training; helps align employee performance with organisational goals.
For the employee: gives feedback on what they’re doing well and where they can improve; clarifies expectations and future goals; provides an opportunity to discuss career development or training needs; can lead to rewards, such as bonuses, pay increases, or career advancement; improves motivation by making employees feel recognised and supported.
What org structure is this?
What are its pros and cons?
Features: few or no levels of management between executives and all other employees.
Flat.
Pros: empowers self-management and a greater decision making ability for everyone; lower operating costs; increased employee motivation and satisfaction.
Cons: difficult for larger companies; low employee retention; create power struggle.
Explain the following company interactions: B2B; B2C; B2B2C; B2G; C2C. Provide examples
B2B - Business to Business; B2C - Business to Consumer (retail); B2B2C - hybrid of B2B+B2C; B2G - Business to Government; C2C - Consumer to Consumer
Name three levels of managers and skills needed at each level
Front-line / middle / top managers
Technical / HR / conceptual skills
Name five features of a successful meeting
Possible answers: clear objectives are set; starts and finishes on time; all attendees know the agenda; no digressions; relevant participants are invited
What three needs in Maslow's pyramid are considered to be motivators at work?
1. Social (be accepted) 2. Esteem (be recognised) 3. Self-actualization
Physiological and Safety are not motivators.
Describe responsibilities of a chair
The chair is supposed to lead and facilitate the meeting; ensuring it stays on track, overseeing the adherence to the following protocols and practices.
Explain the following types of business: partnership, a sole trader / a sole proprietor
partnership - two or more people run the business, all partners share profits and losses; a sole trader - the business is owned by one person who is responsible for any debts;
Name five core tasks of managers
planning (setting objectives); organising; integrating (motivating and communicating); measuring performance; developing people
Name five features of an unsuccessful meeting
Possible answers: no need for a meeting; rambling/digression; no agenda; too much on the agenda; interruptions; no follow-ups.
Name at least 3 'hygiene' or 'maintenance' factors according to Herzberg. Do they motivate employees? What might happen, if they're missing?
Salary, job security, working conditions and good relations with co-workers.
They do not motivate employees, but can cause dissatisfaction if they are missing.
What org structure is this?
What are its pros and cons?
Features: the company is organised along a product like or specific geography. Each division has its own functional structure like IT and marketing.
Divisional.
Pros: accountability and transparency; gains local competitive advantage; improves company culture; increased offerings efficiently.
Cons: costs more to operate; economies of scale; encourages rivalries.
Explain the following types of business: Corp / Ltd
Corp (Public limited / a publicly traded company) - the company is owned by shareholders who receive dividends and gain or lose money if share prices go up or down; Ltd (a private limited company / a Limited liability) - the company is responsible for any losses, not the owners; the company is private, i.e. shares cannot be sold to the public;
Recognise the leadership styles:
a) Phil Knight: As the co-founder of Nike, Phil Knight exemplifies a _________ leadership style. Knight is known for providing his team with autonomy and fostering a culture of innovation. He believes in hiring talented individuals, trusting them to perform their best, and creating an environment that allows for creativity and independent thinking.
b) Worker Cooperative at a food processing plant – The Worker cooperative is run by workers, where the leader is voted into power by the workers. All the decisions are made collectively on a committee
a) Laissez-faire
b) democratic
Name four ways meetings can be classified
They can be classified based on:
1 purpose (informational, decision-making, brainstorming, problem-solving, feedback, etc.)
2 format (in-person, virtual, hybrid, standing)
3 participants (internal, external, cross-departmental, one-on-one)
4 formality (formal, informal)
5 hierarchical level (executive, management, team)
6 frequency (regular, unplanned, annual or quarterly)
Name 2 categories of managers according to McGregor.
Theory X managers believe that most people dislike work and must be controlled. Theory Y managers believe that most people like work and actively seek responsibility.
What org structure is this? What are its pros and cons?
Features: Decentralization: Authority and decision-making are distributed across multiple interconnected entities or teams.
Flexibility: Relies on external partnerships, outsourcing, and collaborations to achieve goals.
Network.
Pros:
Cost Efficiency: Reduces internal overhead by outsourcing tasks.
Flexibility: Quickly adapts to changes in the business environment.
Access to Expertise: Collaborates with specialized external entities.
Innovation: Encourages creativity by leveraging diverse perspectives.
Cons:
Coordination Challenges: Managing multiple external entities can be complex.
Dependency: Over-reliance on partners may create vulnerabilities.
Communication Issues: Risk of misunderstandings or delays between internal and external units.
Lack of Control: Difficult to enforce consistent quality and standards across all partners