Busman U3 Aos1

Front 1

Corporate culture

Back 1

The values, expectations and beliefs shared by members of an organisation, which influences their behaviour

Front 2

Business Objective

Back 2

A desired goal or specific outcome or specific result that a business intends to achieve over a period of time

Front 3

Strategies

Back 3

Actions that a business takes to achieve objectives

Front 4

What are the five areas of management responsibilities?

Back 4

Sales & marketing, Human Resources, operations, finance and technology support

Front 5

Sales and marketing

Back 5

Area responsible for promoting the business and selling its products in the market

Front 6

Human Resources

Back 6

The area responsible for managing the relationship between the employer and employees

Front 7

Operations

Back 7

Area that oversees the conversion of inputs to outputs/ the production of the business’s goods or services

Front 8

Finance

Back 8

Area responsible for managing the financial, monetary and accounting aspects of the business

Front 9

Technology support

Back 9

Are responsible for installing and maintaining technology, and providing assistance to the technology users of the business

Front 10

What are the five types of management styles?

Back 10

Autocratic, persuasive, consultative, participative, laissez-faire

Front 11

Benefits of autocratic style

Back 11

Less time consuming, little uncertainty, performance is managed easier

Front 12

Drawbacks of autocratic style

Back 12

Low employee morale, limited ideas, potential conflict from employees competing from approval

Front 13

Benefits of persuasive

Back 13

Manager can gain some trust, some acceptance of negative situations, instructions remain clear

Front 14

Drawbacks for persuasive style

Back 14

Limited ideas, poor/one-way communication, employees remain frustrated

Front 15

Benefits of consultative style

Back 15

Greater variety of ideas, employees have more internet in the business, more efficient

Front 16

Drawbacks of consultative style

Back 16

Slow, if process is inconsistent it can lead to confusion, resentment from ignored ideas

Front 17

Benefits of participative stule

Back 17

High trust, high commitment, higher job satisfaction, positive relations

Front 18

Drawbacks of participative style

Back 18

Not every employee may want to contribute, internal conflict, role of manager is unclear, time-consuming

Front 19

Benefits of Laissez-faire style

Back 19

Can promote outstanding results, encourages creativity, open communication

Front 20

Drawback of laissez-faire style

Back 20

Can breed conflict, loss of control by manager, no focus on business objectives

Front 21

Delelagtion

Back 21

Transfer of authority and responsibility from a manager to an employee to carry out specific tasks

Front 22

Communication

Back 22

Transfer of a message from a sender to a receiver

Front 23

Planning

Back 23

Setting objectives and deciding on the process used to achieve them

Front 24

Leading

Back 24

The ability to influence or motivate people to work towards the achievement of business objectives

Front 25

Decision-making

Back 25

The ability to identify the options available and then choose a specific course of action from the alternatives

Front 26

Interpersonal skills

Back 26

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

Front 27

Steps in the planning process

Back 27

SADIM: Set objectives, analyse the market, develop alternative strategies, implement a strategy, monitor the strategy

Front 28

Corporate social responsibility

Back 28

A business going above and beyond the legal requirements (in the triple bottom line)

Front 29

Conflict between employees and shareholders

Back 29

Employees expect good working conditions and wages but this can reduce business’s profits and dividends to shareholders

Front 30

Conflict between management and customers

Back 30

Management could attempt to maintain profit and high dividends by raising the prices of products but this may upset customers who expect reasonably priced products

Front 31

Conflict between suppliers and community

Back 31

Suppliers expect to be paid fairly and quickly, but they may use socially irresponsible practices which can upset the community

Front 32

Conflict between Management and suppliers

Back 32

Management wishes to keep costs down to improve productivity but suppliers providing ethical materials require higher prices to cover their costs

Front 33

Management style

Back 33

The way a manager works with and through other people to achieve the objectives of the business

Front 34

Management responsibility

Back 34

One of the various functions a business must perform in order to achieve its business objectives

Front 35

Management skill

Back 35

The abilities or competencies a manger uses to achieve business objectives

Front 36

How does operations help achieve business objectives?

Back 36

When managed effectively, business spends less in creating their end product. Increases profit margins and market share

Front 37

How does finance help a business achieve business objectives?

Back 37

Transactions are recorded accurately and financial info is passed on to management. When done effectively, can tell when KPIs drop and quickly make changes to address business objectives

Front 38

How does HR help a business achieve business objectives?

Back 38

HR do their job. If staff are well-trained, motivated and well-paid, more likely to help the business achieve objectives

Front 39

How does sales and marketing help a business achieve business objectives?

Back 39

They study the market, and ensure the business meets customer needs and monitors competition. When they continuously meet their customer needs, can retain their market share and increase profits

Front 40

How does technology support help a business achieve business objectives?

Back 40

If tech is effective, business can be more efficient in achieving business objectives (getting minimum input for maximum output)

Front 41

Official corporate culture

Back 41

The culture based defined by the business’s policies, objectives or slogans

Front 42

Official corporate culture

Back 42

The culture based defined by the business’s policies, objectives or slogans

Front 43

Real corporate culture

Back 43

The unwritten or informal rules that dictate how people in the business behave

Front 44

Official corporate culture

Back 44

The culture based defined by the business’s policies, objectives or slogans

Front 45

Real corporate culture

Back 45

The unwritten or informal rules that dictate how people in the business behave

Front 46

Strategies to develop culture

Back 46

Rewarding staff, changing management style, changing style of dress in the workplace, communicating desired values to staff, recruiting staff who agree with values, training