What is perfect competition?
- many buyers and sellers, similar products, many substitutes
- few barriers to entry and prices determined by supply and demand
What is imperfect competition?
- one firm has too much control over market
what is monopolistic competition?
- mix between monopoly and perfect comp
- numerous firms supply products which are each slightly different
what is ogliopoly?
few producers that exert considerable influence in a market
what are the benefits of an informal organisation?
- employee commitment
- knowledge sharing
- speed
- responsiveness
- co-operation
what are the managerial problems of informal organisations?
- social groupings may act against the organisation
- morale damaging rumours
- risk of exclusion
Team formation, management and development theories
Belbin - team composition (personality)
Tuckman - formation stages of groups
Learning theories
Kolb - phases occurring in the learning process
Honey and Mumford - learning styles, preferences
Motivation theories
Maslow (Hierachy of needs)
Herzberg (2 factor - motivators/hygiene)
McGregor (theory x and y)
Leadership theories
Adair - functional, effective leaders skilled in 3 areas managing tasks, issues, people
Fielder- psychologically distant are better suited for difficult management situations
Kotter - managers to overcome resistance and change
Heifetz- technical change and adaptive change
