Chapter 5
Whats does SMART stand for?
Specific
Mesurable
Achievable
Realistic / relevant
Time specific
What is the difference between Public Sector and Public Limited Company?
Public Sector - businesses owned by the government
Public Limited company - Company under the private sector that has shares which are open to the General public to invest in.
Define Corporate Social responsibility
Businesses Prioritizing social issues and the impact their business decisions have on stakeholders.
What is the name of Maslows Theory?
The concept of human needs
Give 2 examples of Maslows concept limitations
Difficult to identify how much each person needs
Money satisfies different needs
Not everyone has the same needs
Self actualization rarely achieved
What are the 5 business objectives of businesses in the private sector?
Survival, Profit, Growth, Marketshare, CSR
Whats the differnce between
Corporate social responsibility (CSR) and a
Social Enterprise (SE) ?
Corporate social responsibility - business objective that helps a company be socially accountable to itself, its stakeholders, and the public.
Social enterprise - a business that has specific social objectives that serves as its primary purpose.
Define Marketshare-
A large marketshare that helps develop strong brand image
What is Absenteeism
Unattendance at work without good reason
How many methods of motivation are there?
Give an example of one of each
Two types - Financial & non Financial
Hourly , salary, price rate, bonus, fringe benefits, profitsharing
Job rotation, Job enlargement, Team working , quality circles, delegation, training. Promotion
Out of the 5 private sector business objectives which is not considered to be common
CSR - Corporate social responsibility is not a common business objective but it is a business objective.
What is the difference between Shareholder & Stakeholder?
Shareholder is part of a PLC and nvests in a company to receive dividends.
Stakeholder is anyone affected by a business internally or externally
A business whose business objectives and purpose is to benefit society's social issues and reinvesting most profits back into the business to support a cause
What are Maslows 5 Hierarchy levels
Physical
Saftey
Social
Esteem
Self Actualization
What is Hertzbergs Theory called? What is it?
Two Factor Theory
Hygiene and Motivator Factors
What are the Two Types of Stakeholders And give an example of each.
Internal-
External-
Objectives of Public Sector
Accessible
Affordable
Open to all
Theory of economic man-
Theory that humans are only motivated by money
What is FW Taylors Theory? Describe it
The theory of the Economic Man
What are Hygiene factors? Give exmaples
Factors preventing job dissatisfaction -
Working conditions
salary
relationships w/ others
Ect
Give me an objective of an internal Stakeholder
Owners- Increase in share value / high returns in investments
Managers- Status , bonuses , salary increase
Employee - Job security , fairwage
Give me an objective of an External Stakeholder
Lenders - receive interest payment, money borrowed repaid on time
Suppliers- Quick payment of goods supplied / fair treatment from businesses w/ strong buying power
Customers - quality goods / fair prices for value of money.
Government - correct amount of taxes / minimum spending on unemployment
Local Community - benefits from economy / avoid negative impacts from business
Define Job Dissatisfaction
How discontent a person is with their job
Price rate Method, What is it and whose research helped develop it?
Employees paid per Piece made - created because of Taylors research for motivation
What are motivator factors
factors that influence a person to increase their efforts
work itself
responsibility
advancement
recognition of achievement