Business Management Flashcards

Flashcards for reviewing business management lecture notes.

Management Definition

The process of coordinating business resources to achieve specific goals efficiently and effectively.

Challenges of Management

Adapting to change, managing innovation, globalisation, ethical decision-making, and balancing stakeholder expectations.

Skills of Management

Interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, and flexibility.

Goals Definition

Specific outcomes a business aims to achieve, providing direction, motivation, and a basis for measuring success.

Reconciling Conflicting Interests

Negotiation, compromise, communication, and ethical practices to ensure long-term business success.

Stakeholder Engagement

Interacting with and considering the needs of stakeholders to enhance business relationships and outcomes.

Financial Goals

Profit, growth, and efficiency.

S.M.A.R.T. Goals

Specific, Measurable, Achievable, Relevant, and Time-bound.

Staff Involvement - Why?

Boosts motivation and productivity.

Staff Involvement - How?

Through training, mentoring, delegation, teamwork, and recognition.

Non-Financial Goals

Customer satisfaction, ethical behaviour, environmental sustainability, and improving public image.

Three Major Management Approaches

1. Classical 2. Behavioural 3. Contingency

Classical-Scientific Management Definition

Focuses on efficiency, task specialisation, and division of labour.

Classical-Scientific Management Founder

Frederick Taylor

Classical-Scientific Management 4 Principles

Develop a science for each task, select and train workers, ensure cooperation, divide work between managers and workers.

Classical-Bureaucratic Management Definition

A structured and rule-based approach to management.

Classical-Scientific Management Advantages

Increased productivity, clear structure.

Classical-Scientific Management Disadvantages

Repetitive tasks, lack of creativity, low morale.

Interpersonal Skills

Ability to communicate and interact.

Communication Skill

Clear information sharing.

Strategic Thinking Skill

Planning for future success.

Classical-Bureaucratic Management Advantages

Clear authority, consistent procedures.

Classical-Bureaucratic Management Disadvantages

Inflexibility, slow decision-making, lack of innovation.

Behavioural Management Advantages

Improved morale, better communication, teamwork focus.

Behavioural Management Disadvantages

Time-consuming, harder to implement in large firms.

Behavioural Management Definition

Focuses on human relations and employee motivation.

Behavioural Management Founder

Elton Mayo

Behavioural Management Features

Motivation, teamwork, leadership, employee involvement.

Vision Skill

Setting direction.

Problem-Solving Skill

Finding solutions.

Decision-Making Skill

Choosing best options.

Contingency Management Definition

A flexible approach depending on the situation.

Contingency Management Features

Adapts to changes, no one-size-fits-all, considers internal and external factors.

Leadership Definition

The ability to influence and motivate others.

Leadership Continuum

Range from autocratic to democratic styles.

Contingency Management Advantages

Flexible, situation-based decisions.

Contingency Management Disadvantages

Inconsistency, complexity.

Participative/Democratic Leadership Definition

Involves employees in decision-making.

Participative/Democratic Leadership Features

Collaboration, trust.

Participative/Democratic Leadership Advantages

High morale, innovation.

Participative/Democratic Leadership Disadvantages

Slower decisions.

Autocratic Leadership Definition

Centralised control, manager makes all decisions.

Autocratic Leadership Features

Clear instructions, little input.

Autocratic Leadership Advantages

Quick decisions.

Autocratic Leadership Disadvantages

Low motivation.

Operations Definition

The activities involved in producing goods/services.

Operations Purpose

To add value through efficient production.

Four Key Functions of Management

Planning, Organising, Leading, Controlling.

Operations Inputs

Resources used in the production process.

Operations Transformation

The process of converting inputs into finished goods/services.

Operations Manufacturing

Transforming raw materials into physical goods.

Operations Outputs

Final goods or services delivered to customers.

Operations Quality Management

Ensures that goods and services meet customer expectations.

Operations Service Business

Providing intangible products (services).

Marketing Target Market

The specific group of consumers a business aims to reach.

Marketing Definition

The process of promoting, pricing, and distributing products to satisfy customer needs and wants.

Marketing Segmentation

Demographic, Geographic, Psychographic, and Behavioural factors.

The 4 Ps (Marketing Mix)

Product, Price, Place, and Promotion.

Cash Flow Statement

Shows inflows and outflows of cash.

Financial Management Definition

Planning, organising, and monitoring financial resources to achieve business goals and maximise profitability.