ICAEW BTF questions with correct answers

Porter's 5 forces model, what is the purpose and what are the elements? - Answer Analyses the competitive aspect of the task environment: - Bargaining power of suppliers - Threat of substitute products or services - Bargaining power of customers - Threat of new entrants - Rivalry among existing firms In terms of the management process, what does leading involve? - Answer Concerned with generating effort and commitment towards meeting objectives What are the different types of power and their meaning? - Answer Coercive - physical force or power of punishment Reward - e.g. power to pay you Legitimate - associated with a particular position Expert - from knowing lots Referent - through charisma/charm Negative - power to disrupt operations What are different types of manager? - Answer Line manager - traditional boss Staff manager - no actual power, has power through giving advice (e.g. HR) Functional manager - best example is IT, hybrid of line and staff manager (has real power in some circumstances) Project manager - has power over a particular project