Podcast
Questions and Answers
Which of the following is NOT typically considered an area of management responsibility?
Which of the following is NOT typically considered an area of management responsibility?
- Sales and Marketing
- Public Relations (correct)
- Finance
- Human Resources
A 'laissez-faire' management style is characterized by direct control and close supervision of employees.
A 'laissez-faire' management style is characterized by direct control and close supervision of employees.
False (B)
Name three specific types of management skills.
Name three specific types of management skills.
Communicating, delegating, planning, leading, decision-making and interpersonal.
Achieving business objectives requires understanding how each area of responsibility contributes to the overall ______________.
Achieving business objectives requires understanding how each area of responsibility contributes to the overall ______________.
Match the following business entities with their descriptions:
Match the following business entities with their descriptions:
What must a business do to meet shareholders expectations and remain sustainable?
What must a business do to meet shareholders expectations and remain sustainable?
The most effective management style is universally applicable across all situations and employee types.
The most effective management style is universally applicable across all situations and employee types.
Besides making a profit and to increase market share, what other crucial business objective is mentioned?
Besides making a profit and to increase market share, what other crucial business objective is mentioned?
The business objectives include making a profit, increasing market share, and also meeting ______________ expectations.
The business objectives include making a profit, increasing market share, and also meeting ______________ expectations.
Interpersonal skills, decision making and leadership are all important aspects of what?
Interpersonal skills, decision making and leadership are all important aspects of what?
Flashcards
Types of businesses
Types of businesses
Sole traders, partnerships, private/public listed companies, social enterprises, government.
Business Objectives
Business Objectives
Profit, market share, social need, shareholder expectations.
Management responsibility areas
Management responsibility areas
Operations, finance, HR, sales/marketing, technology support drive goals.
Management Styles
Management Styles
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Management Skills
Management Skills
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Stakeholders
Stakeholders
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Appropriateness of management styles
Appropriateness of management styles
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Corporate Culture
Corporate Culture
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Study Notes
- Types of businesses include sole traders, partnerships, private limited companies, public listed companies, social enterprises, and government business enterprises.
- Business objectives include making a profit, increasing market share, fulfilling a market and/or social need, and meeting shareholder expectations.
- Characteristics of stakeholders of businesses include their interests, potential conflicts between stakeholders, and corporate social responsibility considerations.
- The areas of management responsibility operations, finance, human resources, sales and marketing, and technology support, and how each area contributes to the achievement of business objectives.
- Management styles include autocratic, persuasive, consultative, participative, and laissez-faire.
- The appropriateness of management styles is related to the nature of tasks, time, experience of employees, and manager preference.
- Management skills include communicating, delegating, planning, leading, decision-making, and interpersonal skills.
- The relationship exists between management styles and management skills.
- Corporate culture has both official and real aspects, alongside strategies for its development.
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Description
Explore business types like sole traders and companies. Understand objectives: profit, market share, needs. Learn about stakeholders, management areas (finance, HR), and styles (autocratic to laissez-faire). Discover the role of management skills.
