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Bus Man unit 3 sac 1
| term | definintion |
|---|---|
| Autocratic Management style | Management style where the decision making is centralised with the manager and communication is from the manager to their subordinates, while all policies, procedures, objectives and decisions are made by the manager with no employee input. |
| Persuasive Management style | decision-making is centralised and involves the manager urging or convincing their employees that the decision they made is ideal and beneficial for the business and staff, while communication still remains one way from the manager to the employees. |
| Consultative Management style | Management style where the manager encourages two way communication while seeking input and opinions from staff before ultimately making the decisions themselves. |
| Participative Management style | A people-oriented management style where decisions are made collaboratively between managers and employees; This style decentralises authority and encourages two-way communication between managers and the employees until a decision is made together. |
| Laissez-faire Management style | where authority is completely decentralized and employees are empowered to determine their own objectives, solve their own problems and make their own decisions. |
| Sole trader | : A small business which is owned and run by a single proprietor, often with the objective of making a profit. |
| Partnership | Business structure where two to twenty proprietors own and operate the business whereby all partners are jointly liable for all business debts incurred. |
| Private limited company | : An incorporated business structure owned by two to fifty private shareholders, whereby the business is a separate legal entity to its shareholders and where shares can not be openly traded on the Australian Securities Exchange. |
| Public listed company | An incorporated business owned by a minimum of five shareholders, whereby the business is a separate legal entity to its shareholders and whose shares can be freely traded on the Australian Securities Exchange. |
| Social enterprise | A revenue-generating business that provides goods or services for the market, with the primary objective of fulfilling a social need. A social enterprise aims to generate a profit or surplus, a redirect a portion of this into benefitting the community. |
| Stakeholder | An individual or groups of individuals that have a vested interest in the activities and functions of the business and can be affected by the business's practices. |
| Operation Area of management responsibility | The area of management responsibility which is concerned with planning, controlling, coordinating and overseeing the transformation of inputs into outputs for the production of goods and services. |
| Finance Area of management responsibility | The area of management responsibility which is concerned with the monetary aspects of the business, dealing with how financial assets are used an received within the business. |
| Human resources Area of management responsibility | The area of management responsibility which is concerned with coordinating, planning, controlling and overseeing the employment cycle and the employees' relationship with the business which involves the recruitment, retention and termination of employees. |
| Sales and marketing Area of management responsibility | The area of management responsibility which is concerned with developing an ongoing relationship between the business and its customers through market research, advertising, branding and targeting the needs and wants of their customers. |
| Technology support | The area of management responsibility which is concerned with assisting the business to create value by installing, troubleshooting and maintaining technology, while providing assistance to users of technology in the business. |
| Corporate culture | Corporate culture refers to the shared values, behaviours, expectations and beliefs of an organisation, which can influence the actions and decision-making styles of managers and employees. |
| Official corporate culture | Refers to the desired culture that the business wishes to establish and present to the public as its own, as generally stated in official documents such as their mission statement, policies and slogans. |
| Real corporate culture | Refers to the culture that is actually reflected within the business in its day-to-day existence, as influenced by the language use, dress habits and general interactions between people within the business. |
| Strategies to develop corporate culture: | • Recruiting employees with desired attitudes • Team building activities • Change of management style • Creating a formal mission, vision and values statement |
| Delegation | The process of transferring authority and responsibility from a manager to a subordinate employee to carry out specific tasks, while ultimately the manager remains accountable for the work. |
| Planning | Involves defining objectives and deciding the processes, methods and strategies that will be implemented in the present, mid-term and long-term to achieve these objectives. |
| Interpersonal skills | The ability to interact, relate and empathise with other people and build effective relationships. Being able to assess and understand the emotions of people Motivate and encourage others Empathic towards others Developing long-term relationships |
| Sole trader Advantages | • Relatively inexpensive to start and operate. • Owner is entirely responsible for all aspects of the business. • Full control of business assets and decision-making stays with the owner. |
| Sole trader disadvantages | • No perpetuity - If the owner passes away or decides to leave the business, then the business no longer exists. • Difficult for owner to take time off work. • Unlimited liability - personal assets of the owner can be seized to recover a debt. |
| Partnership Advantages | Relatively inexpensive to start and operate. Combines the expertise and capital of two to twenty people which means that more ideas, resources and experience will contribute to the success of the business. |
| Partnership disadvantages | • Unlimited liability. • Potential conflicts between partners on the direction that the business should take. • More legal obligations (ie. lodging a partnership tax return with the Australian Taxation Office each year) |
| Private limited company Advantages | •Perpetuity for the business - The death, removal or resignation of directors or shareholders does not threaten the existence of the business. •Limited liability - Personal assets of shareholders can not be seized to cover debts |
| Private limited company disadvantages | •Complex structure •Expensive to establish •More legal obligations - Registering with the Australian Securities and Investments Commission and complying with the Corporations Act 2001. •Shares only traded with the permission of all other shareholders |
| Public listed company Advantages | • Perpetuity • Limited liability • Extra capital can be obtained by selling shares to the public |
| Public listed company disadvantages | • Complex structure • Expensive to establish • More legal obligations - Registering with the Australian Securities and Investments Commission and complying with the Corporations Act 2001. • Diverse shareholder priorities which may be difficult to fulfil |
| Social enterprise Advantages | • Benefits the community • Reinvests a portion of their profits into fulfilling their misson |
| Social enterprise disadvantages | • Expensive to establish • Operating costs are high • Difficult to continually focus on financial and social objectives simultaneously |
| Types of stakeholders | Internal environment: Employees, managers, directors, shareholders Operating environment: Suppliers, customers, competitors, trade unions, Macro environment: Government, general community |
| Interests of stakeholders- Manager | • Achieving business goals and objectives • Securing a position in the business and developing their career • Job satisfaction • Leading employees • Reducing resistance to change • Manage a business that is ethically responsible |
| Interests of stakeholder- Employees | • Fair working conditions • Reasonable remuneration • Job security • Work-life balance • Flexible working arrangements • Job satisfaction • Work for a business that is ethically responsible |
| Interests of stakeholder- Customers | • Purchase high quality goods • Receive high quality service • Purchasing goods at the cheapest possible price • Ensuring that the business from which they purchase their products is ethically responsible • Supporting Australian-owned businesses |
| Interests of stakeholder- Suppliers | •Ensure that their customer's business is profitable so they keep on receiving orders for raw materials and supplies. •Establish a long-term business to supplier relationship •Ensure that their practices are ethical and fulfil their corporate social res |
Created by:
anthonycampagna
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