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Flashcards in Definition + varieties of management Deck (23)
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1

What is management?

The process of getting other people to transform resources so that the results add value to the organisation in terms of its goals.

2

Senior managers can be best described as people who...

Set the goals of the organisation and direct the activities of other people.

3

In which industry do managers add value by transforming the physical form of objects?

Manufacturing

4

In which industry do managers add value by transforming the time when objects are available?

Storage + warehousing

5

A manager who notices a gap in the market and who uses their own money to set up an organisation to exploit that gap is usually called...

an entrepreneur

6

A manager employed by an organisation who notices a gap in the market and who uses the organisation's resources to exploit that gap is usually called...

an intrapreneur

7

Approximately what percentage of innovations are made by small companies

55%

8

Approximately what percentage of small businesses fail within five years of their establishment?

60-80%

9

What are the four ways in which entrepreneurs can establish new businesses?

- Buy a franchise
- Buy out an existing business
- Be incubated
- Be spun off

10

What are the two main ways that entrepreneurs can raise money?

Equity finance and debt finance

11

Company directors are also known as...

Top management

12

List 3 other names for first-line managers.

Any of the 3 of the below:
Supervisors
Junior managers
Overlookers
Foremen

13

Which type of manager has the primary role of integrating the work of different groups and departments within an organisation?

Middle managers

14

Katz identified 3 main managerial skills but which is the most important for first-line managers?

Technical skills

15

Katz identified 3 main managerial skills but which is the most important for middle managers?

Interpersonal / human skills

16

Katz identified 3 main managerial skills but which is the most important for senior managers?

Strategic and political skills

17

Who was the researcher that discovered that the average managerial episode lasted for 9 minutes?

Mintzberg

18

Which of the following management role does not belong to the same category?
Figurehead, Leader, Monitor, Spokesperson

Monitor

19

According to Mintzberg, what are the three main characteristics of managerial work?

Previty
Variety
Fragmentation

20

What three main motivations did McClelland identify?

Power
Affiliate
Achievement motivation

21

What are the three main competencies that employers seek in applicants for management positions?

Communication skills
Effective self-management
Organisational ability

22

What is the likely IQ of a senior manager?

124

23

List the four main personality characteristics of a typical managers.

Moderately extrovert
Emotionally stable
Conscientious
Moderately tough minded