P2: Business Management

Nature of Management

100

Measures the degree to which a goal has been achieved.

Effectiveness

200

Refers to management's ability to deal or liaise with people and build positive relationships with staff

Interpersonal skills

300

The clear, shared sense of direction that allows all employs to attain a common goal.

Vision

400

Refers to a management style that incorporates dynamic action and forward planning to achieve particular objectives

Proactive

500

Compares the resources needed to achieve the goal (the costs) against what was actually achieved (the benefits)

efficiency

Goals

100

What is the formula to find the profit of the business?

Total Revenue - Total Costs

200

Community service or employing people from disadvantaged groups are examples of what type of goals?

Social goals

300

Refers to the business's share of the total industry sales.

Market Share

400

Measures how much an employee can produce in a set period of time. 

Labour productivity

500

Refers to the individual, internal, process that directs, energises and sustains a person's behaviour. 

Motivation

Management Approaches

100

Is the preparation of a predetermined course of action for a business. It involves showing how the business will achieve its stated mission and business goals. 

Planning

200

Long-term planning, over a 3-5 year time frame is sometimes referred to as...

Strategic Planning

300

This approach stresses that people/employees should be the main focus of the way the business is organised. 

Behavioural

400

Managers using this style tend to dictate their decisions with minimal consultation with employees. 

Autocratic (authoritarian)

500

A strict hierarchical organisational structure

Clear lines of communication and responsibility

Job specialisation

Rules and procedures

Impersonal

Classical-bureaucratic approach

Marketing Mix

100

Marketing to everyone 

Mass Marketing

200

A group of customers with similar characteristics who presently, or who may in the future, purchase the product. 

Target Market

300

Quality, packaging, design, name fall under which P?

Product

400

A pricing strategy that revolves around what customers are willing to pay. Determined by the interaction of supply and demand. 

Market Based

500

Producer to wholesaler to consumer is a form of what?

Distribution channel

Finance

100

An asset that is likely to be "used up" within 12 months or converted to cash within 12 months. 

Current Asset

200

Opening Stock + Purchases - Closing Stock

COGS

300

What is the accounting equation that governs the Balance Sheet?

Assets = Liabilities + Owners Equity

400

Bonus Harry Potter: What is the name of the spider that Hagrid kept as a pet

Aragog

500

On which financial statement would we find "sale of non-current assets"

Cash Flow Statement