Types of Businesses
Owned by one person, no separate legal entity
Sole trader
Economic
First Stage in the Business Life Cycle
Establishment
Skill meaning 'can see the big picture/future state of the business'
Vision
Most contemporary approach to management
Contingency Approach
The group of consumers the business wishes to sell to
Target market
Unlimited liability
G
Phase that happens when a post-mature business experiences additional new growth
Renewal
Medium-term goals
Tactical
Classical Management views management as what three things?
Planning, Organising, Controlling
Three steps of the production process
Inputs - Transformation - Output
Geographical spread of Woolworths
Global
C
Competitive Situation
Characterised by high fixed costs, erratic sales, may not make a profit
Establishment Phase
All six business goals
Profit, Market Share, Growth, Share Price, Social, Environmental
The approach pioneered by Elton Mayo
Behavioural Management
Managing quality across the entire production process for continuous improvement (Japanese Philosophy)
Total Quality Management - Kaizen
Size of a business with 21 employees
Medium
R
Resources
Poor Management
Four points of staff involvement in achieving management goals
Innovation, Motivation, Mentoring, Training
Leadership style used by Behavioural Managers - one of Mr Cooper's favourite words
Participative
democratic would be accepted in an exam, but not here. this is not a democracy!
Four Ps of Marketing
Price, Product, Promotion, Place
Industry sector of a milling company
Secondary
Business Culture
Term used to describe a sole trader closing down due to the retirement of the owner
Voluntary Cessation
All nine skills of management
Interpersonal, Communication, Strategic Thinking, Vision, Problem-solving, Decision-making, Flexibility, Adaptability to Change, Reconciling the Conflicting Interests of Stakeholders
Organisational structure and Leadership Style used by Classical Managers
Hierarchy and Authoritarian
Quality checks along the production process
Quality Control