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125 Cards in this Set

  • Front
  • Back

what are the 6 functions of management

forecasting


Planning


Commanding


Coordinating


Controlling


Organising



What is an industry?

A group of companies producing products or services that are essential the same or perform the same function

How can organisations be measured

Number of employees


Turn over


Gross Profit

What are the reasons for growth

Greater income and security


increase market share- control


Economies of scale and scope


diversification to reduce risk


Size required by industry type


reduce competition


carry out R&D


Global pressures

What are the benefits of SMES

Flexibility


Clear defined markets


High expertise


Non standardised Goods


Easier to control


New idea development


ability to customise to consumer needs

What are the disadvantages of SMES

Limited Access to finance


Reliant on few people


High burden of regulation


Little growth from exporting


Difficult to carry out R&D

What are the 3 methods of growth

Mergers


Acquisitions


Organic growth

What are the key features of MNES

Not Reliant on home base


Take oppurtunities abroad


Strength from resource pool


Can plan and control all repairs


Tension between the need to act globally and gain economy of scale and scope and meet the need for global responsiveness

What are the four stages of industry lifecycle

Development


Growth


Maturity


Decline

What are the porters five forces model?

Bargaining power of suppliers


Bargaining power of consumers


threat of new entrants


threat of substitutes products

What is the purpose of an organisation

a framework within which strategies are formed.

What are managers?

rely on control


do the things right


stick to the status quo


ask when and how


short range view


they copy



What are leaders?

inspire trust


think about people


do the right thing


ask why and what


long run view


they innovate



What is the classical approach

based on formal structures - bureaucratic and scientific approach

What is the human relations approach ?

social and psychological factors that affect behaviour

?What is the systems approach

based on seeing the organisation as a socio technical system interacting within its environment

What are the three taylorism of objectives

efficiency


predictability


control

What are the five principles of taylorism

Clear distinction between the roles of the manager and the employees.


Using scientific methods to determine the best way to do a job


use scientific selection to determine the person who is to do the newly designed job.


use training of selected worker to perform the job in the way specified.


Use surveillance for the use of hierarchy of authority and close supervision.

What are the criticisms of taylorism?

neglected subjective side of work


failed to appreciate workers meanings of new procedures and being closely supervised


ignored psychological needs


too simple of an approach


functional formeanship didnt really work

What is structure?

The pattern of relationships among the positions in the organisation and among the members of the organisation.

what is organisational structure?

A framework through which the firms activities can be planned, directed, organised and controlled.

What are the advantages of the functional form ?

enhances operating efficiency


well suited to a single business


permits centralised control of strategic decision making

What are the disadvantages of functional form?

problems of functional coordination and handoffs


risk of overspecialization


forces profit responsibility to the top


discourages creativity


may promote competition between rilvary



What are the advantages of the geographical form

area units are excellent managment training grounds


delegates profit/loss responsibility


takes advantages of economies of local operations



What are the disadvantages of geographical form?

headquarters must constantly reconcile geographic diversity with uniformity


adds another layer of managment


possible duplication of staff services local and HQ level

What are the advantages of a line of business?

puts repsonsibility of business stratergy closer to the unique environment of each business


free CEO to handle corporate issues


puts profit loss responsibility on business unit managers


allows each unit to organise around its own key activities



What are the disadvantages of a line of business?

risk of excessive beuracracy and administrative costs


staff duplication


possible divisonal rilvary


corportate managers may lose touch with the business



What are the advantages of matrix structure

high functional flexibility


service provided much closer to the customer


liberates indiviudal and teams


opportunities for staff development



What are the disadvantages of the matrix structure

coping with dual authority - conflict and confusion


ambiguity


constant change


complex structure


problems with coordination

What are the characterisitics of virtual organization

boundryless and inclusive


hybrid forms


lack of physical structure


reliance on communication technologies


mobile work



What are the seven s elements

strategy


structure


system


skills


staff


style


subordinate goals



What is culture

belief values and customs


the way in which people solve problems



What are the organisation culture systems?

Process culture


Tough guy culture


work hard play hard culture


person culture


power culture


task culture





What does SWOT stand for

strength


weaknesses


opportunites


threats

What are the five cultural dimensions

power distance


long term orientation


uncertainity avoidance


masculinity/femnitity


indiviudalism



What is marketing

A process by which create a value for customers and build strong customer relationships.

What are market offerings?

Combination of products/services information or experiences offered to a market to satisfy needs or wants



What is marketing myopia

Focusing only on existing wants and losing sight of underlying consumer needs

What is exchange

The act of obtaining a desired object by offering something in return

What is marketing mix

Combination of variables that business can use to carry out a particular marketing stratergy and meet customer needs- 4 PS

What are the 4Ps

Product


Price


Promotion


Place



What is marketing managment

Art and science of choosing target markets and building profitable relationships with them

What is market segment

Dividing the market into segments of customers

What is target marketing

Choosing the segment you wish to go after

What is value propostion

Set of benefits or values a company promises to deliver to customer to satisfy their needs

What is the purposes of HRM

Ensure that employees of the company are used in such a way that the employer obtains the greatest possible benefit of their abilities and the employees gains material and pschological rewards for their work

What are the benefits of training and devleopment

improvment in the job performance- higher productivity


building a pool of skilled manpower for the organisation


improvement of existing skills


increase knowledge and experience of employees


improve service to customer

What is operations management ?

The business function responsbile for planning coordinating and controlling the resources needed for the company to produce its products and services



What are five performance objectives

Quality


Cost


Dependability


Flexibility


Speed



What are the five types of quality ?

transcendent approach


manufacturing based


user based


value based


product based



What is law?

A body of rules created by the state, binding within its jurisidction and enforced with the authority of the state through the use of sanctions

What is justice

Applying the legal rules to everyone in the same way

Why do we need law?

provide governmental structure and legislative procedures


provides public services


raises taxes and regulates the economy


promotes public orders


ensures personal rights


provide a legal framework for tansactions



What is a constitution ?

Enacted document containting the rules which determine the composotion and functions of government bodies and the relationsip between the state and its citizens

What is the rule of law ?

No one is above the law


everyone has to abide by the law (subject to the law)


law should be open clear stable and persepctive



What are the three main aspects of the supremacy of parliament



Unlimited competencies


Primary legislation cannot be overriden by any body


parliamnet cannot be bound by predecessor or bind a successor



What are the three arms of the state?

Legislature


Executive
Judiciary

What is an executive?

Responsivle for the innitiation formulation direction and implementation of government policy

What is at the base of the heirarchy

magistrates or county court

What is at the top of the heirarchy

the supreme court

What is criminal law?

called a prosecution


Brought by the state


objectives : punishimet and deterrence


punishment brings no benefit to the victim


Heard in the magistrates court or crown court


Decision is by magistrates or jury



What is civil law

brought by claimaint


Obkective: usually compensation for lossess


depenedent is found liable or not liable


Heard in country court or high court


decision by judge



What does bi cameras mean

composed of two houses

What does tripartite mean?

Composed of three elements


the queen


house of commons


house of lords



What is the period between parliament known as?

term and each term is subdivided into a maximum of 5 divisions.



What are the characterisitcs of english law?

adversarial nature


evolved slowly


not codified


judge made law


doctrine of binding precedent

What are the sources of Uk law?

Parliament


European Law


Human Rights act 1990


The courts

What is a contract?

An agreement giving rise to obligations which are enforced or recognised by law



When is writing essential

COntracts for sale of land


credit agreements



What are the essentials of a binding contract?

agreement


consideration


intention to create legal relations



What is an offer

A define promise to be bound on specified terms




How can things be communciated

written or spoken


by conduct

What is an invitation to treat?

not an offfer- merely invites offers


includes:


goods in shop


auctions and invitations to tender


advertisiments



What are terminations of offers

death of offeror


acceptance


rejection


counter offer


lapse of time


revocation

What must an accpetance be?

unequivocal


distinct from a counter offer and a request for information

What are the rules of consideration

past consideration is no consideration


consideration must move from the promisee


it must be sufficient but need not be adqueate

What is the traditional view

performance of an exisiting public duty is not good consideration


performance of an existing contractual duty is not good consideration


unless the contractual duty is exceeded



What are the intention to create legal restrictions

social and dometic agreements


commerical agreements



Why are enterprises important

crucial to economic growth and development


engine of innovation


agents of choice


cultural heroes of western capitalism

What are the types of entrepreneuers

intermediary


orginator


innovator


risk taker


corodinator

what are entrepreneurial skills?

identifying opportunities


creating solutions


taking calculated risks


learning from failure


decision making


building something of value



Why are enterprises important to the economy

Boost the economy


creates new ventures


encourage independence


employment opportunities


contributed to development and social change

Whate are the push factors of self employment

no qualifications


unemployment


discrimination


family pressure

What are the pull factors of self employment s

family tradition


identified gap


beureaucracy


independence


entrepreneurial



What do entrepreneuers focus on

growth



What are the four dimensions of innovations

paradigm


process


product


position

What are the types of innovation

incremental- do what we do but better


radical- doign something different


disruptive - create a new market and eventually disrupts an existing market displacing established market leaders and alliances

What is the innovators dilema

the establish companies can fall behind if thye put too much empahis on customers current needs and fail to adopt new technologies or business modesl that will meet their customers future needs.

What is organisational inertia

it reduced the capability of incumbents to adapt successfuly to the new technological environement

What are the soruces of innovation?

Accidents and the unexpected


resources based on internal knowledge push


market based view or need pull

What is strategic alignment ?

The process of enaging the senior leadership team, the organisaton and key external stakeholders



What is industry foresight?

A top down perspective

What is consumer/customer insight

a bottom up perspective

What is core technologies and competencies

the set of internal capabilities, assets

What is organisational readiness

its ability to act

What is disciplend implemenation

AN organisations capacity for effective

What are the elements of culture

beliefs and value


customs


arterfacts


rituals


symbols


common set of values


rituals and behaviour


filters of an interpreter of information



What can an organisation culture be influenced by?

founder


history


leadership and managment


style


strucutre and systems


indsutry


location


society in which it operates



what are the key dimesnions of culture

power distance


uncertainity avoidance


individualism/collectivism


masculintiy/feminimity


long or short term orientatin

What is power distance

the exten to which the less powerful memebers of institutions and organisatins within a country expect and accept that power is distributed unequally.

What is an individualist society

Ties are loose ande veryone looks out for himself or herself



What is a collectivist society

people interfrated into strong cohesive groups. Protection is exchanged for loyalty

What is masculine society

Social gender roles are distinct. A focus on material success and taking responsbility.

What is a femine society

social gender roles overlap. A focus on quality of life and helping others to achieve

What is uncertainity avoidance

the extent to which the memebers of a culture feel threatend by uncertain or unknown situations


What does strategy do?

sets decision


focuses effort by sitting between objective and implementation/action


defines the organisation and its strucutre


matches competences to opporutnitie s


privdes consistency and a means of measuring success

what is strategic managmetn

a set of related action managers take to increase company performance

what is strategic leadership

effectively managing a sompanys statergy making process

what is stratergy formulation

determing and selecting the right strategies

what is stratergy implementation

putting those stratergies into action to improve companys efficiency and effectivness

what is an information system

A system for capturing storing data and turning it into information which is usable to the person people for whom it is intended

why do we need IS

in order to thrive a business needs to make a decisions


to make decisions a business need information


to get information a business needs data and an information system to process that data and trun it into information

what is data

a by product of an organisation daily business


data is unstrucutre and needs context and processsing to turn it into soemthing useufl for decision makers to analuse



What is information?

The fact or state of knwoing. Data processed for a purpose can now be considered information

What does information allow us to know

Best worst selling products


customers buying trends


regional buying trends


cheapest most reliable suppliers


most profitbale stores


customer most least favourite stores

What are the levels of decision taking

strategic - seniro managment

tactical- middle managemt


operational- day to day activities


types of information systems?

transaction processing system


decision support system


managment infomration systems


executive information systems


eneterprise reosurce planning systems


expert systems



What are the three aproaches for control

output


behabiour


cultural



What are the three states of change



current


transition


future



What are lewins three phase model for a change process

unfreezing


moving/chaning


refreezing

What is dawsons ten general lessons

No simple universal prescriptions for how to manage change




Change strategies must be sensitive to people and context




Major change takes time




Different people experience change in different ways




We can learn from all change experiences not just successful ones




Employers need to be trained in new methods and procedures - often overlooked




Communications must be ongoing and consistent




Change strategies must be tailored to fit the substance and context




Change is a political process




Change involves the complex interaction of often contradictory process

What are firm Specific advantages

A unique capability proprietary to the organisation




May be built upon product or process technology




Marketing of distributional skills

What are location specific advantages

Natural Resource


Endowments


The Labour Force


Associated Cultural factors


Potential markets



What are building firm SA's

Increasing operating scale to grow margins




Building capabilities and specialist skills




Reinvesting in innovation




Acquire knowledge by purchasing a business

Seeking Location SA's

Exploit fast growing markets




Operating within economic blocks




Provide superior service close to customers




Low operating cost of new locations