| What’s the product life cycle | Introduction , growth, maturity , decline or extension |
| What are the different factors affecting cost + demand for businesses? | . Competition
. Market conditions
. Incomes
. Interest rates
. Demographic factors
. Environmental issues and fair trade |
| What are the roles of managers? | . Setting objectives
. Analysing
. Leading
. Making decisions
. Reviewing |
| What are the 5 main business objectives | Profit, Growth, Survival, Cash flow, Social and Ethical |
| What is the Tannenbaum Schmidt Continuum | Tannenbaum and Schmidt explained the choices that leaders have in decision-making, and the pressures arising from these options. From a group development standpoint, moving from left to right along the continuum, the leader gives up power in making solo decisions so, progressively the group is more involved, until the group effectively becomes self-managing.
At the far left, the leader sets goals, makes decisions and then tells the others what they are going to do. At the opposite end of the continuum, the leader permits (perhaps encourages) the group to define the issues they are facing and share the decision-making.
Tannenbaum and Schmidt's model is oriented notably towards decision-making and ignores other aspects of leadership. |
| What is the Blake Mouton Grid? | Blake and Jane Mouton (1960s) proposed a graphic portrayal of leadership styles through a managerial grid (sometimes called leadership grid). The grid depicted two dimensions of leader behavior, concern for people (accommodating people’s needs and giving them priority) on y-axis and concern for production (keeping tight schedules) on x-axis, with each dimension ranging from low (1) to high (9), thus creating 81 different positions in which the leader’s style may fall |
| What management style is a 1,1 on the Mouton Grid classed as | Impoverished Management (1, 1): Managers with this approach are low on both the dimensions and exercise minimum effort to get the work done from subordinates. The leader has low concern for employee satisfaction and work deadlines and as a result disharmony and disorganization prevail within the organization. The leaders are termed ineffective wherein their action is merely aimed at preserving job and seniority. |
| What management style is a 1,9 on the Mouton Grid classed as | Country Club (1, 9): This is a collegial style characterized by low task and high people orientation where the leader gives thoughtful attention to the needs of people thus providing them with a friendly and comfortable environment. The leader feels that such a treatment with employees will lead to self-motivation and will find people working hard on their own. However, a low focus on tasks can hamper production and lead to questionable results. |
| What management style is a 5,5 on the Mouton Grid classed as | Middle-of-the-Road (5, 5): This is basically a compromising style wherein the leader tries to maintain a balance between goals of company and the needs of people. The leader does not push the boundaries of achievement resulting in average performance for organization. Here neither employee nor production needs are fully met. |
| What management style is a 9,1 on the Mouton Grid classed as | Task management (9, 1): Also called dictatorial or perish style. Here leaders are more concerned about production and have less concern for people. The style is based on theory X of McGregor. The employees’ needs are not taken care of and they are simply a means to an end. The leader believes that efficiency can result only through proper organization of work systems and through elimination of people wherever possible. Such a style can definitely increase the output of organization in short run but due to the strict policies and procedures, high labour turnover is inevitable. |
| What management style is a 9,9 on the Mouton Grid classed as | Team Management (9, 9): Characterized by high people and task focus, the style is based on the theory Y of McGregor and has been termed as most effective style according to Blake and Mouton. The leader feels that empowerment, commitment, trust, and respect are the key elements in creating a team atmosphere which will automatically result in high employee satisfaction and production. |
| What is an autocratic management style | Autocratic leadership, also known as authoritarian leadership, is a leadership style characterized by individual control over all decisions and little input from group members. Autocratic leaders typically make choices based on their ideas and judgments and rarely accept advice from followers |
| What is a democratic business style | Democratic leadership, also known as participative leadership or shared leadership, is a leadership style in which members of the group take a participative role in the decision-making process. This type of leadership can apply to any organization, from private businesses to schools to the government. |
| What is a Laissez faire business style? | Laissez-faire leaders have an attitude of trust and reliance on their employees. They don't micromanage or get too involved, they don't give too much instruction or guidance. Instead laissez-faire leaders let their employees use their creativity, resources, and experience to help them meet their goals |
| What does decision making in business need to include? | . Risks
. Rewards
. Ethics
. Uncertainty
. Opportunity costs |
| What is a Frequency Tree | A frequency tree can be used to record and organise information given as frequencies. This can then be used to calculate probabilities. |
| How do you work out Estimated Value? | EV = Outcomes x their probabilities then add up all outcome results |
| What is the equation for net income? | Net Income = Total income - expenses (taxes and subsides) |
| What are the influences on decision making? | . Mission
. Objectives
. Ethics
. External Environment
. Resource Constraints |
| What are the 7ps of the marketing mix | Product
Promotion
Price
Place
People
Process
Physical evidence |
| What’s the product life cycle | Introduction , growth, maturity , decline or extension |
