Strand 1
what does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats
Unlike a mission statement, a vision statement impacts...
The whole world
What is the advantage of decentralized management?
Quicker response time
What is the strict leadership style?
Autocratic
What is Lean?
Continuous improvement of quality and efficiency
What management focuses on future development?
Strategic managment
What management focuses on current happenings?
Operational management
Who makes decisions in centralized management?
One high-up person or team.
What is the neutral leadership style?
Democratic
What is TQM?
Total quality management, ensures ongoing satisfaction
What is a procedure?
A standardized way of doing something
What is a policy?
A rule or regulation in a company
An S-corp is different from other types of business Management because it has...
Global investors
What is the lenient leadership style?
Lassez-faire
What is the process of products from manufacturing to the end user?
(SCM) Supply chain management
What does a good mission statement have?
Brand purpose, values, and goals.
What does a good vision statement be?
Aspirational, practical, and general.
What are the 4 organizational structures?
Line, line and staff, matrix, and team.
What are the 5 motivational techniques?
Goal-setting, job advancement, cross training, empowerment, and self direction
Who manages day-to-day success?
Operational manager
What does decide stand for?
Define goal
Establish criteria
Choose good options
Identify pros and cons
Decide the most logical option
Evaluate results.
What does SMART stand for?
Specific
Measurable
Achievable
Relevant
Timely
List the 6 types of business ownership, with definitions.
Sole proprietorship, one person owns the business. Partnership, two+ people co-operate a business, sharing financial and legal responsibility. C-corp, complicated legal entity with double taxation. Franchise, a business agreement between a parent company and manager. LLC-limited liability company, pass through taxation with flexibility, popular for small startups. S-corp, pass-through taxation, global investors. Non-profit, tax exempt, no profit goal.
Good leadership traits include...
Honesty, judgement, objectivity, initiative, dependability, cooperation, courage, confidence, understanding and stability.
Responsibilities of operations management include...
maintenance, short-term marketing, HR, sales, customer service, and IT.