Business Foundations Revision

Give at least 3 types of businesses (business models)?

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Answer explanation

They are:

- sole trader

- partnership

- private company

- public company

-social enterprise

- government business enterprise.

Which ones below are Business Objectives?

• Make a profit

• Fulfil a Social or Market Need

• Improve Efficiency & and Effectiveness

• Increase Market Share

• Meet Shareholder Expectations

Which ones of these are Shareholders in a business?

• Customers

• Owners

• Sponsors

• Managers

Which one of these are Shareholders of a business?

• Employees

• Distributors

• Suppliers

• General Community

• Shareholders

What are the 5 management STYLES?

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Answer explanation

1. Autocratic

2. Persuasive

3. Consultative

4. Participative

5. Laissez-faire.

What are the features of an AUTOCRATIC Management Style?

• An autocratic manager makes all decisions.

• Invites no employee input.

• They motivate through rewards.

What are some (dis) and advantages of an AUTOCRATIC Manager?

• AD: Problems are dealt with quickly.

• DIS: No employee input

• AD: Zero potential for conflict

What are some features of a PERSUASIVE Management Style?

• The manager attempts to convince employees.

• Authority is centralised with management.

• Workers are given opportunity to share ideas.

• Two-way communication.

What are dis & advantages of a PERSUASIVE Manager?

• AD: Instructions are clear

• DIS: Communication is one-way.

• AD: Communication is two-way.

• DIS: Directions are poor and rare.

What are some features of a CONSULTATIVE Management Style?

• Makes decision with employees.

• Decision is made by the manager.

• This manager is one where a manager consults staff.

• Input is encouraged.

• Two-way communication.