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Business - Coggle Diagram
Business
Management Skills
Communication is the transfer of information from one person to another. Managers need to communicate to key stakeholders both internally and externally
Delegation is wjere the manager passes authority and responsibility to an employee for tasks. This can improve effectincy in the workplace as more tasks are completed overall.
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Leadership is the ability of the manager to motivate and to inspire others towars their achierement of any objectives, helping to build postive enviroments
Decision making is the ability to chosse the best course of action from a range of different actions. Poor decsion making can harm the business
Interpersonal skills is the ability of the manager to interpose with others, helping to build postive relationships with other people in the work place
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Stakeholder
Stakeholder is a person or group with rested interest in the business, and can come from the internal or external enviroment of the business
Owners are those that owns part of the business, and are involved in key decision making. Those who own small portion may not make big decisions
Managers make decisions and lead others to meet business objectives and are responsible for day to day decisions
Employees perform tasks in business for wage, and the interest is to receive fair pay and good working conditions
Customers buy goods and services from the business. Business need to understand what people want to attract more customers
Suppliers provide resources to businesses to help them produce, and can come from all over the worldg
General community are members of the community who live in the area of the business, who should postively contribute
Business objectives
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Marketshare is the proporation of sales a business has compared to toal sales in the industry, shown as %
Efficiency is a measure of how well the business is using it's resources, using fewer is more efficient
Effectiveness is the ability of the business to acheive goals. Managers will implement strategies for the business to acheive those goals
Market need is a gap or problem in the market that a business can look to solve. Market research can help
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Shareholders are owners of companies, often looking for return on return on investement, through sharing in profits, and the values of shares increasing
Types of businesses
Sole traders are a business owned by one, and has unlimited liability meaning the owner is personally responsibile for debts from business
Partnerships are ownerd from 2 to 20 people, who have unlimited liability. Some businesses have more than 20 such as Solieitors
Company stryctyre is a business thats undergone incorporation and has a seperate legal entity to the oweners
Private limited companys are incorporated business owner from 1 to 50 people, and must have one director who is the senior managers, makes decisions for the shareholders
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Social enterprise primary aim is to address and to improve social cause, and may rely on the goverment. It's profits are often used for their social issue.
A goverment business enterprise is owned by the goverment and have a board of director and 2 shareholderer minsters
Management styles
Management styles refer to the behaviours and attitudes of the manager when making decisions and communicating with the employees
Autoratic management is where the manager makes decisions themselves and tells the employees what to do
Persuasive management is where the manager makes decisions themself, while convincing everybody that it's the best
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