Flashcards on Key Concepts in Business Management
Key Concepts in Business Management: Study Guide & Overview
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Management
25 cards
Card 1
Question: What are the most important qualities of a good manager?
Answer: Strong communication skills, the ability to solve problems under pressure, emotional intelligence, decisiveness, empathy, and the ability to delegate
Card 2
Question: Is it possible to learn how to be a good manager?
Answer: Yes. While some people have natural inclinations, key skills (planning, conflict resolution, decision-making) can be developed through education, ment
Card 3
Question: How does Tom Peters distinguish between management and leadership?
Answer: “Management is about arranging and telling. Leadership is about nurturing and enhancing.”
Card 4
Question: What is the main difference between management and leadership?
Answer: Management focuses on planning, organizing, and controlling (managing complexity); leadership focuses on inspiring and motivating towards a vision (ma
Card 5
Question: What are the fundamental tasks of a manager?
Answer: Planning goals and strategies; organizing human and financial resources; leading and motivating employees; controlling results.
Card 6
Question: What financial motivators can managers use to incentivize employees?
Answer: Salary increases, performance bonuses, profit-sharing, and commissions.
Card 7
Question: What non-financial motivators can managers use to incentivize employees?
Answer: A positive work environment, clear goals, opportunities for development and promotion, and recognition for performance.
Card 8
Question: What does Maslow's Hierarchy of Needs state, and how do managers utilize it?
Answer: Needs are arranged in five levels: physiological (salary), safety (job security), social (belonging to a team), esteem (recognition), and self-actuali
Card 9
Question: What does Herzberg's Two-Factor Theory distinguish?
Answer: Hygiene factors (salary, security, working conditions) prevent dissatisfaction but do not motivate; motivators (achievement, responsibility, recogniti
Card 10
Question: What do McGregor's Theory X and Theory Y say about a manager's views on employees?
Answer: Theory X assumes employees are lazy and need strict control; Theory Y assumes employees are self-motivated, creative, and capable of taking responsibi