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Chapter 6 + 7
Communication and Management styles
| Question | Answer |
|---|---|
| GDPR | General Data Protection Regulation |
| Contingency Plan | This is back-up planning to cope with emergencies/unforeseen events and unexpected circumstances. |
| Operational Plan | Short term plans which are designed to meet specific objectives |
| Tactical Plan | Long term plan is broken down into more manageable short-term plans. Some short term plans relate to a particular function of the organisation, e.g. advertising. |
| Strategic Plan | Are developed over the long term and normally cover five years or more. |
| Functional Structure | Dividedn into different departments. |
| Product Structure | This type of structure organises the business on the basis of the products it makes. Each product has its own individual departments. Every product has its own management functions. E.g. Marketing, Finance, Human Resource |
| Geographical Structure | This type of structure organises the business by dividing it into different markets (locations) that it serves. Separate physical locations will have it’s own organisation structure. |
| Matrix Structure | This structure divides the organisation into various teams. These teams will have a clearly stated goal. (New product) The teams are made up of staff with skills in various areas (Marketing, Production) |
| Span Of Control | Number of employees reporting to one manager |
| Control | A management activity that measures performance against stated goals. |
| Credit Control | Controlling the amount of credit and length of payment periods given to customers. It involves trying to reduce bad debts by checking credit worthiness of customers, setting credit limits, and penalties for late payments. |
| Quality Control | This is checking work done to ensure it meets the required quality standards of the business. |
| Financial Control | A financial plan that sets out the expected income and expenditure for a future period of time. |
| Stock Control | Having the right amount of stock, in the right place, at the right time to meet production requirements and satisfy consumer demand (optimum stock levels). |
| AGM | Meeting once a year Attended by the directors/managers and shareholders of the business Typically discuss the performance of the business within the previous year They elect a board of directors during the AGM for the following year |
| EGM | A meeting that is called as a matter of emergency that can’t wait until the AGM. Attended by the directors and shareholders of the business Only the issue is discussed. |
| Board Meetings | Attended by the board of directors’ Held once a month Progress and performance is discussed and plans are developed They problem solve during these meetings. |
Created by:
mcurran
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