Ms McFadden Business cue cards

What is a manager?
Managers organise and galvanise staff into implementing the strategies needed to achieve business objectives
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What are the 5 roles undertaken by managers?
Setting objectives, analysing, making decisions, reviewing and leading
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What are the five day to day roles of a manager?
Oversee, delegate roles, supervise, make decisions and have good customer service
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What is the Management Process?
The process of getting things done through others
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What are the four key functions of managers?
Planning, controlling, organising, coordinating/directing
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Internal reasons for reviewing a decision?
Corporate culture not ready to change, skills insufficient, lack of finance and funds, leadership or management style inadequate
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What is leading?
Leading is about inspiring others and having followers. It is not linked to your hierarchical role as you can lead peers and/or those more senior than you
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What are the differences between leaders and managers?
Leaders: Look to the future, are willing to break the mould (innovate) and have a vision. Managers: Focus on the present, maintain the status quo and are implementers
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What are the common traits of a leader?
Adaptable, ambitious, assertive, decisive, dependable, energetic, persistent, self-confident, tolerant of stress and willing to assume responsibility
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What are the four things leading is about?
Creating a vision, motivation and inspiration, delivery of the vision and coaching and development
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Name the seven different management styles
Authoritarian, laissez-faire, paternalistic, bureaucratic, democratic persuasive and democratic consultative
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Advantages of Autocratic leaders
Good for demotivated staff, make decisions quick, efficient, retains full control
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Disadvantages of Autocratic leaders
Alienates workers, uses fear to motivate staff, poor relationship with staff, lack of creativity, overdependent on manager
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Advantages of Democratic Consultative leaders
Motivates staff, very positive, encourages innovation, good relationship with staff
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Disadvantages of Democratic Consultative leaders
Time consuming, decision paralysis, lose control, weight in the argument
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Advantages of Democratic Persuasive leaders
Workers feel like they made the decision, retains control, motivate staff
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Disadvantages of Democratic Persuasive leaders
Staff can see through the manipulations, time consuming convincing staff
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Advantages of Paternalistic leaders
Motivated workforce, good relationship with staff, retains control
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Disadvantages of Paternalistic leaders
Lack of creativity, too much emphasis on supporting staff which takes away from productivity, over dependence, lack of creativity
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Advantages of Laissez Faire
Motivating as good staff moral and relationships, easy to implement, more creativity
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Disadvantages of Laissez Faire
Lack of direction (demotivating), no focus, lack of control, no productivity efficient, no guidelines to follow
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What is the leadership spectrum based on two conflicting management styles called?
The Tannenbaum Schmidt Continuum
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How many sections is the continuum split into?
7
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What is on the X and Y axis of the Blake Mouton Grid?
X - Concern for Production Y- Concern for people
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What name is given to the co-ordinates 1,1 on the Blake Mouton Grid?
Impoverished Management (Low concern for both people and production)
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What name is given to the co-ordinates 1,9 on the Blake Mouton Grid?
Country Club Management (High concern for people, low concern for production)
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What name is given to the co-ordinates 9,9 on the Blake Mouton Grid?
Team Management (High concern for both people and production)
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What name is given to the co-ordinates 9,1 on the Blake Mouton Grid?
Authority Obedience Management ( High concern for production, low concern for people)
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What name is given to the co-ordinates 5,5 on the Blake Mouton Grid?
Organisation Man Management (middle of the road, concern for both)
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What is effectiveness?
The ability a business hs to achieve its objectives eg financial performance, competitive advantage and social
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What is scientific management?
A strategic and logical approach to decision making using data and reviewing process to improve decisions
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Advantages of scientific management
Enhanced teamwork, better planning and decision making, improved opportunties for workers, time saving, cost effective, retains control
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Disadvantages of scientific management
Only suitable for small firms, managers need to have complete control of workplace, demotivating for staff, data could be inaccurate, bias, time consuming
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What is intuition?
Judgment made on qualitative criteria, perhaps experience and strength of market understanding or perhaps little more than guesswork
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What is a strategic decision?
One that is made is circumstances of uncertainty and where the outcome will have a major impact on the medium to long term future of the organsiation
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What is a tactical decision?
Deciding what to do in circumstances that are immediate (short term) and where a mistake is unlikely to have a major impact on the business
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What are decision trees?
Diagrams which set out all the options available when making a decision, plus an estimate of their likelihood of occuring
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What is the formula for expected value in decision trees?
(Probability 1 x Benefit 1) + (Probability 2 x Benefit 2)
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How do you work out net gain in decision trees?
Expected value minus initial cost
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Advantages of decision trees
clear decision is made, forces all possible outcomes to be considered, data quickly shows the financially sound option, tactical decision making, offers alternatives
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Disadvantages of decision trees
Relies upon accurate data, relies on compound unknowns, decision is quantitative only, no basis for long term factors, cynicism is not helpful, can lead to exaggerated sales figures
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What is stakeholder mapping?
It maps the relative power of each stakeholder against the degree of interest
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What categories can stakeholders be put into on a stakeholder map?
High power and high interest, high power and low interest, low power and high interest, low power, low interest
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What time period is regarded as short term?
0-3 years
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What factors can influence relationships with stakeholders?
Leadership style, missions and objectives, stakeholder power and interest, market conditions, external influences, business form
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Why set targets?
Motviational, accountavbility, improves efficiency, gves clear point you are looking to achieve, allows for structure eg budgets
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What is profit?
The surplus of revenue after total costs has been deducted after the end of a trading period. Formula = revenue minus total costs
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What is revenue?
The receipts from sales. Formula = price x quantity sold
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What is cash flow?
The movement of money in and out of the business over time
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What are financial objectives?
A goal or target pushed by the financial department within an organisation
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Internal influences on financial objectives
Ownership style, capital avaialbe, size of business, functional conflict, corporate objectives, objectives of senior managers
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External influences on financial objectives
Competitve environment, politcial and legal environment, economic environment eg interest rates and exchange rates
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What is absolute profit?
The value of the profit earned that year
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What is relative profit?
The profit earned as a percentage of another figure
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What are the three forms of absolute profit?
Net profit, gross profit and operating profit
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Other cards in this set

Card 2

Front

What are the 5 roles undertaken by managers?

Back

Setting objectives, analysing, making decisions, reviewing and leading

Card 3

Front

What are the five day to day roles of a manager?

Back

Preview of the front of card 3

Card 4

Front

What is the Management Process?

Back

Preview of the front of card 4

Card 5

Front

What are the four key functions of managers?

Back

Preview of the front of card 5
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