WEEK 7 - 8

Define communication.

Exchange and understanding of information between people.

What is interpersonal communication?

Exchanging messages and meaning between two or more people.

What is the sender–receiver process?

Sender → encode → message/channel → decode → receiver → feedback.

What is noise in communication?

Anything that interferes with transmitting or understanding a message.

What are common communication barriers?

Filtering, weak encoding, decoding errors, overload and poor listening.

What is non-verbal communication?

Meaning conveyed through facial expression, posture, gesture, voice and appearance.

What is channel richness?

A channel’s ability to convey cues, support feedback and reduce ambiguity.

Which channel generally suits ambiguous sensitive issues?

A richer, interactive channel, such as face-to-face discussion.

What is downward communication?

Communication from managers to employees about goals, instructions and policies.

What is upward communication?

Information from employees to managers, such as concerns, reports and suggestions.

What is horizontal communication?

Communication across peer roles and departments for coordination.

What are formal vs informal channels?

Formal = official organisational channels; informal = unofficial networks or grapevine.

Define entrepreneurship.

Identifying opportunities and creating new ventures or business value.

Define intrapreneurship.

Employees pursuing entrepreneurial initiatives within an existing organisation.

Entrepreneur vs intrapreneur: core distinction?

Independent venture ownership and risk vs innovation within an established firm.

What is innovation?

Implementing or commercialising a new idea, process, product or service.

How does invention differ from innovation?

Invention is creating an idea; innovation is implementing it to deliver value.

What is mainstream management?

Reliable, standardised daily delivery of current products and services.

What is newstream management?

Experimenting with innovations and developing future opportunities.

Name the five start-up growth stages in your notes.

Existence, Survival, Success, Takeoff, Resource maturity.

What is CSR?

Responsibility to consider society’s welfare and interests in managerial decisions.

Name Carroll’s four CSR responsibilities.

Economic, Legal, Ethical, Discretionary/philanthropic.

Economic vs ethical CSR responsibility?

Economic = create value/profits; ethical = act fairly beyond legal compliance.

What is the stakeholder approach?

Considering all groups affected by organisational decisions.

What is the shareholder approach?

Prioritising returns to the owners of the business.

Give two arguments in favour of CSR.

Reputation and trust; risk reduction and ethical obligations.

Give two concerns about CSR.

Extra costs and potential conflict with profit goals or managerial capabilities.

What is managerial ethics?

Moral principles governing managerial behaviour and decisions.

How can a business support ethical behaviour?

Codes of conduct, ethics training, responsible leadership and whistleblower protection.

What is the triple bottom line?

People, Planet and Profit.

What are the eight innovation tests in Lecture 6?

Function, market, operations, people, finance, IP, strategic fit, sustainability.