With the lengthy and detailed extensive business textbook, it's often difficult to pinpoint and study what's important and of actual relevance, there notes have been made summarising everything that is important in the business chapter, and will assist you to achieve a distinction.
Levels of management
TOP MANAGEMENT = strategic management function where long term strategic
decisions of planning are made, conceptual skills with objectives and long term
future decisions being defined (Managing Director)
MIDDLE MANAGEMENT = tactical management where medium to long term
planning takes place with human relations skills to ensure that resources are
avaliable to carry out strategic decisions (Marketing manager)
Chapter 5: General Management
LOWER MANAGEMENT = operational management decisions of short term planning of
operational decisions, technical skills and supervision of tasks performed by the
enterprise to reach its objectives (Production Foreman)
Entrepreneur Intrapreneur
-combines factors of production to start -aka inside entrepreneur
business -works within the business
-sees market opportunities -uses entrepreneur qualities with business resources
-takes risks with own capital to make profit for ideas of profit
-operate top level management -implement new profitable idea in department
Entrepreneurial qualities, characteristics and skills
-identify and pursue opportunity
-understand target market and scan external environment
-know customer (LSM) to satisfy needs
-anticipate and take advantage of market trends
-commitment and perseverance
-creative + innovative to differentiate from competitors
-prepare, implement realistic plan
-coordinate plans and resources optimally
-get “buy in” to plans& goals
-evaluate achievement to initiative corrective measures
-make quick decisions
-personally motivated, insightful to shortcomings
Manager: In a appointed position of authority to enable instructions
Makes people aware of advantages of pursuing a certain course of action,
Leader: creating the desire in people to follow them to achieve a common goal
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