Operations
Finance
Marketing
Management Approaches
Nature of management
100
What is one of the approaches involved in operations
What is
Quality Control
Quality Assurance
Total Quality Management
100
What is one of the Financial statements we have studied in class
What is
Cash flow statement
Income (revenue) statement
100
What is the 4P's of marketing
What is
Price, Promotion, Product, Place
100
Name one of the management approaches a manager can implement
what is
1. Classical approach
2. behavioural approach
3. contingency approach
100
Identify two methods of staff involvement
what is
1. mentoring
2. training
3. motivating
4. innovation
200
The process that Operations follows
What is
Inputs -> Transformation Process -> Outputs
200
What does a Cash flow statement show?
What is
The movement of cash throughout the business from month to month
200
What is the target market that targets only a small group of individuals (Wedding dresses)
What is
Niche market
200
Draw the organisational structure of a classical approach
200
Businesses have goals that they want to achieve. Indentify two of the goals
1. Profits
2. Market Share
3. Growth
4. Share price
5. Social
6. Environmental
300
What type of product does a manufacturing service produce?
What is
Tangible Products
300
What is the formula for Gross Profit
Gross Profit = Sales - Cost of Goods Sold
300
What is competition base pricing?
What is
Setting the price of the product/service as the same of competitors with similar products/service
300
What does the behavioural approach place a strong emphasis on
What is
Teamwork, more participation, democratic
300
What is market share?
Refers to the businesses share of the total industry sales for a particular product
400
Which approach uses the method of inspections to ensure quality is achieved
What is
Quality Control
400
What is the formula of Cost of Goods sold
COGS = Opening stock + Purchases - Closing stock
400
What form of promotion is the development of long term, cost effective and strong relationships with individual customers
Relationship Marketing or personal selling
400
What is the contingency approach?
What is
Flexibility and adaptation to a variety of ideas and theories. Depends on the businesses requirements at that time
400
Identify two of the features of effective management
1. Planning
2. Organising
3. Controlling
4. Leading
500
Provide one example (including products) of the operations process
What is ...
500
What is the formula for Net Profit
Net Profit = Gross Profit - Expenses
500
Draw one method of distribution (place)
1. producer to consumer
2. Producer to retailer to consumer
3. Producer to wholesaler to retailer to consumer
500
Which management theory focuses on the strict control of communication and responsibilities, generally passed down the hierarchal structure
What is
The Classical Approach
500
Managers need to have a range of skills to operate effectively now and in the future. Identify two of these skills
1. interpersonal
2. communication
3. strategic thinking
4. problem solving
5. Flexibility
6. Adaptability to change
7. Reconciling the conflicting interest of stakeholders
8. Vision