business management 3-4 glossary?

define stakeholder

A stakeholder is a person, group or organization with a vested interest, or stake, in the decision-making and activities of a business, organization or project. Stakeholders can have a direct or indirect influence on the activities or projects of an organization.

define corporate culture

the shared beliefs and values of people within the business

define official culture

refers to the formally stated values, norms, and practices that are promoted and endorsed by an organization's leadership. It often contrasts with the actual behaviors and beliefs of employees within the organization.

define real culture

the actual or prevailing beliefs of the business.

define decision making skills

a multistep approach whereby a selection is made between a range of different alternatives

define delegation skills

passing authority down the hierarchy to perform tasks or make decisions

define planning skills

 is the process of determining objectives and devising strategies in order to achieve them

define interpersonal skills

the ability to deal or liaise with people and build positive relationships with staff

define leadership skills

 is the skill of a manager to influence and motivate employees towards the achievement of business objectives

define communication skills

is a process of creating and exchanging information between people that produces the required response

define centralised decsion making

management makes decisions and pass on directions to those below them in a hierarchy

define de-centralised decision making

  where employees are given responsibility for decision making in their own areas

define autocratic management style

Where all decisions are made by managers and communication is one way - downwards.

define to increase market share

Market share is the proportion of that industry’s sales that you control. It is a sign of competitive advantage.

what are employees interested in

• to receive fair wage or

• salary and good working conditions

• to have a work life balance

• to gain job satisfaction

• to have job security

what are customers interested in

• to obtain high quality goods and services for a reasonable price 

• receive high level of customer services

what are owners interested in

• The profitability of the business

• To receive a return on the investments (dividends and increased shareprice for shareholders.)

• Ethical business operations

what are managers interested in

• to receive an increased salary for achieving business objectives

• to have the opportunity for career advancement

• job satisfaction

what are suppliers interested in

• increasing their revenue - earning profit from raw materials and resources they supply

• be paid promptly and fairly 

• maintain a positive professional relationships

what are the general community interested in

• to benefit from employment opportunities created by the business 

• for the business to participate in the community

• ensure the business operations are sustainable in the local community

define hr

Responsible for managing the overall relationship the business has with employees in order to increase the efficiency of both the employees and the business

maslows heirarchy

• Suggest that an employee has 5 levels of needs: physiological, safety, social, self-esteem, self actualisation

• Lower needs must be satisfied before an individual can move up to the next level of needs.

• Once a need has been met, it is no longer a motivator.

define motivation

willingness or drive to exert high levels of effort to reach business objectives, while also satisfying individual employees need to achieve.

similarities and differences between awards and agreements

sim:

• both use awards as the base level for wages and conditions

• once agreed, both are legally binding and enforceable

• both can have union involvement

diff:

• methods of negotiation are different

• the application is different

• cost

locke and latham theory of motivation

clarity, challenge, task complexity, commitment and feedback