Objectives
TRUE OR FALSE
Strategy is a statement of purpose.
False
Define stakeholder concept.
the idea that a business chooses to take into account a range of stakeholders in its decisions
Differentiate a manager and a leader.
can be the definition or any of the statements we discussed in class
Name two process theorists.
McClelland and Vroom
What is SMART in terms of setting business objectives?
What is a right of a customer?
to have the products comply with laws about health, safety and advertising/ to expect fair competition among businesses (no cartels and price fixing)/ to get fair response if products are faulty/ or any right similar to these
List the five management categories according to Henri Fayol.
planning, organising, commanding, coordinating, controlling and monitoring
What is cell production and what needs* does it satisfy?
*based on Maslow's hierarchy of needs
groups of employees performing the various tasks required to complete a process or product; social needs
Define CSR (not only the what the letters stand for).
a set of policies designed to demonstrate the commitment of a business to the well-being of society and others by taking responsibility for the impact of business decisions on all stakeholders
Give three ways employees can influence the business.
Through industrial action, staff turnover, productivity and commitment.
Based on Mintzberg's functions of management, name the three roles and give an example for each.
interpersonal (figurehead, leader, liaison)
informational (monitor, disseminator, spokesperson)
decisional (entrepreneur, disturbance handler, resource allocator, negotiator)
What is the similarity between Mayo's and Herzberg's theories?
working conditions do not motivate (for Mayo, what motivates workers are teamworking and supervision/observation; for Herzberg, these are hygiene factors only)
Give one advantage and one disadvantage of target.
Refer to table on page 58 of the book :)
What are the three main aspects of business accountability?
statutory/legal, ethical and commercial
TRUE or FALSE. An autocratic leadership style fits a Theory X employee. Defend your answer.
False, because there is no Theory X employee. McGregor's Theories X and Y refer to managers' perception and not based on an actual employee characteristic.
Explain how giving fringe benefits relate to Vroom's motivational theory.
Fringe benefits are rewards employee gets in addition to their pay (may be financial or not) = valence. They are usually given to good-performing workers = instrumentality. Finally, workers expect to perform well if they put more or increase their effort = expectancy.
Enumerate 5 unethical business activities.
See list on pages 61-62.
Name four stakeholder groups who might be interested in a business' final accounts.
shareholders, employees, government, banks/lenders, other investors
Enumerate and explain each of the competencies of Goleman's EQ.
Self-awareness (knowing and understanding own emotions)
Self-management (control own emotions)
Social awareness (knowing and understanding emotions of others)
Social skills (managing relationships)
Define empowerment. Where do you think does it fall in McClelland's theory?
Empowerment is the giving of power to employees so that they can make some of the decisions relating to their area of business activity.
It falls under AUTHORITY.