Management Approaches
A leadership style (hint not approach) where the manager consults with employees to ask their suggestions and then seriously considers those suggestions when making decisions
participative or democratic leadership style
(a feature of the behavioural management approach)
The resources used in the transformation process are called:
Inputs
Who am I?
After the target market is identified, I am the FOUR strategies that can be implemented by marketing.
Product
Price
Place
Promotion
Who am I?
Opening Balance
+ Cash In
- Cash Out
= Closing Balance
BONUS POINTS (150): What financial product could I use if there my forcast tells me there will be a negative cash balance in June
Cash Flow Statement
Overdraft (Bonus 150)
Which Marketing Strategy?
The methods used by a business to inform, persuade and remind customers about its products.
Promotion
Flatter organsational structure
Management as planning, organising and controlling
Teamwork
Many rules and procedures
Less layers of management
Shared decision making
Management as planning, organising and controlling
Many rules and procedures
Who am I?
1. The use of a system so that a business achieves set standards in production
2. Give an example of how I could operate in a business.
Quality Assurance
Australian Stanards for Bike Helmets
ISO Standardss for Car Seats
Food Standards Australia/NZ
Who am I?
Opening stock + Purchases - Closing Stock
OPP-C
BONUS POINTS
1. Which financial statement (100 points)
2. Give an example (200 points)
COGS
Income Statement (bonus 100)
Example e.g. a small business sells wooden furniture. The cost of goods sold is the cost of the wood and nails. This is different to expenses which include fixed costs (such as rent) and variable costs (such as wages and advertising).
The four strategies of human resources can implement are:
– recruitment
– ____________________
– employment contracts
– _______________ – voluntary/involuntary
training
Separation
A product is a combination of _______ and ______ variables including:
b_____________
p_________
Tangible
intangible
branding
Packaging
The _________________ management aproach is
management as planning, organising and _________
_______________ organisational structure
______________ leadership style
controlling
hierarchical
autocratic
I am a financial statement that tells the business how much they own and owe at a point in time.
BONUS POINTS: 200 - Tell me the formula for this financial statement.
Balance Sheet
Assets = Liability + (owners) equity
Who am I?
I am the key business function that effectively manages the formal relationship between employee and employer.
Human Resources
The most common reason employees may be restitance to change are:
Financial costs
Purchasing new equipment
Redundancy payments
Retraining
Reorganising Plant and Equipment
Inertia
Which are the financial reasons?
Which are psychological reaons?
BONUS POINTS: EXPLAIN INERTIA (100 POINTS)
Answers may include Inertia is - fear of change/ unethusiastic response to change; employees fear lack of control fear of the unknownit can lead to anxiety.
I am a summary of the revenue earned and the _________ incurred over a period trading and I show how much ____________ has been made . I am called an _______________ statement
expenses
profit
income
The syllabus lists the following for the behavioural managment approach
management as _________, motivating, ___________
_______
participative/______________leadership style
Leading
Communicating
Teams
Democratic
Which TWO are FALSE
a. Transformed resources are customers, materials, quality, information
B. Transforming resources are human resources, materials, information
C.Transforming resources are facilities and human resources
D. The transformation process is the conversion of inputs into outputs during the production process
B
The four common ways to segment a market
Hint: DGPB
Demographic (population characteristics e.g. age, gender)
Geographic (where people live)
Psychographic (personality characteristics)
Behavioural (loyalty to a product)
Teaching staff to perform their current job more efficiently and effectively by boosting their knowledge and skills is called ________________. (BONUS 100 POINTS FOR EXAMPLE)
Preparing employees to take on more resonsibility in the future is called __________________ (BONUS 100 POINTS FOR EXAMPLE)
Training
Development
____________ refers to the process of recruiting the right staff for roles in a business
The first stage is ____________ which involves analysing the job and preparing a job description.
Then _______________ commences to find the right people to apply for the job.
Employee ______________ is the means by which the employer can choose the most suitable applicant for the vacancy
Acquisition
Planning
Recruitment
Selection
1. I am a management approach tha stresses the need for flexibility and adaptation of management practices and ideas to suit changing circumstances?
2. I am an approach where there is often less job satisfaction that can lead to increased turnover
3. I am an approach where adapting to constant changes in the environment can be challenging for management
4. I am an appraoch where a disadvantage is lack of control
5. I am an approach which can lead to improved efficiency and productivity
1.contingency
2. classical
3. contingency
4. behavioural
5. classical
Quality improvment focuses on
1. ________________ - a commitment to _____________ that emphasises continuous improvement in all aspects operations by sharing responsibility among ____________
2. ______________________ a process that involves a constant evaluation of, and improvement in, the way things are done. Higher and higher standards are set in the continual pursuit of improvement._______ (Japanese for ‘improvement’) emphasises continuous improvement in all facets of a business
Excellence
Employees
Continuous Improvement
Kaizen
Which Promotion strategy?
1. 25% off
2. Cotton on Perks
3. I get commission for selling you TV's at JB Hi Fi
4. a newspaper writes an article about the new McFlurry Coke.
5. The Lion King Musical at the Civic Theatre on a billboard
1. sales promotion
2. Relationship marketing
3. Personal Selling
4. Publicity
5. Advertising
What are the FIVE Promotion Strategies
AND BONUS POINTS - Give an example of each (100 bonus for each correct example)
Sales promotion
Advertising
Personal Selling
Relationship Marketing
Publicity and Public Relations
A business has
_______________ for Kye's KandyCOGS $10,000
Net Profit _____________
Expenses _____________
Gross Profit $6,000
1. Income Statement
2. GP = Revenue - COGS
So, $20,000
3. Expenses = $14,000 (as NP - E = GP)