AO1

AO1

1. Managers

   • Management- The process through which company resourcesare used and decisions made in order to meet the objectives of the business
   • The roles of a manager include Planning, Organising, Monitoring and Reporting
     • Planning-The process of outlining and scheduling all of the tasks necessary to achieve an outcome
     • Organising- The process of co ordinating all of the resources required to achieve an outcome.
     • Monitoring- The process of reviewing and assessing progress of actual performance against targets.
     • Reporting- The process of providing a detailed a detailed description of an event or outcome
   • FOCUS
     • Find a problem
     • Organise the resources
     • Clarify from other viewpoints
     • Understand the possible variations in the problem
     • Select and test a solution

2. Leaders

   • Leadership- The ability to influence and direct people in order to meet the goals of a group
   • A business vision- The core value and purpose of a business i.e. what it wants to achieve overall
   • Motivation- The factors influencing the ways people behave
     • Motivated employees will have a desire to work hard and help a business achieve its objectives
       • This might include: Leading by example, setting a corporate culture to match the vision, ambassadors to promote the division, living he vision in every aspect of the business, A figurehead that people can rally behind
   • Leaders will need to ensure that everyone understands the business vision
     • This will require: Sharing/communicating with all stakeholders including employees at all levels of the hierarchy, everyoe focused on achieving the same goals, business vision used to inform corporate and functional objectives
   • A strong leader will surround themselves with people who: Share the vision, compliment their skills and are team players but challenge decisions for the good of a business.

3. Changing environment

   • Incremental change- Change that is implemented over time with small changes over a longer basis
   • Disruptive change- Rapid and unexpected change which can have a dramatic effect the way in which a business operates
   • External environmental forces- factors that happen outside the control of the business
     • Some factors are: Economic, Social, Ethical, Technological, Legal and Political
   • Economic and environmental forces include: Inflation, Exchange Rates, Interest Rates, Taxation, Government Spending and The Business Cycle
   • Social Environmental Forces- Includes the characteristics of society and trends in consumer behaviour that influence the conduct of businesses and their customers. Includes factors like gender, age and ethnic background
   • Ethical environmental forces: Includes changes in the beliefs of people. As society changes so does its values.
   • Technological environmental forces- Include changes in social media and developments in technological products and processes. This has created a bigdata for businesses allowing them to analyse the buying habits of its customers
   • Legal and political environmental forces- Includes changes to the law and changes through government. New legislation will need to be assimilated into the business by management otherwise they could be financially penalised or worse

4. Leaders vs Managers

   • Manager- An individual incharge of its subordinates
     • They are: responsable for short and medium term decisions within the business, Can allocate jobs and delegate responsibility to those employees within their span of control, management is the process through which business resources are used and decisions made in order to meet the objectives of the firm
   • Leader- A person with the ability to influence and direct people in order to meet the goals of a group
   • Transformational vs Transactional
     • Transformational- Leaders with a clear vision, who are able to lead others to achieve the extraordinary.
       • Requires passion, energy, enthusiasm and the ability to inspire others
     • Transactional- When leaders focus on short term planning, coordinating and organising
   • People focus vs operational focus
     • People focus- will have concern for key stakeholders, including the employees
     • Operational focus- will be primarily based on achieving required outcomes from the day-to-day activities of the business
   • Risk seeking vs risk minimising
     • Risk seeking involves actively welcoming risks. This doesnt mean recklessness. It will be calculated and weighed up beforehand. Requires willingness to accept accountability
     • Risk minimising- Means trying to avoid or only accepting risks when necessary. May mean preferring the status quo or security. Risk-averse so less likely to take risks

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