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3.10 STRATEGIC CHANGE > 3.10 Managing Change > Flashcards

3.10 Managing Change Flashcards

1
Q

What are strategic decisions?

A

Big and high risk investment decisions that are difficult to reverse

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2
Q

What is an example of strategic decision?

A

To enter a new market

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3
Q

What are 3 internal influences on objectives and decisions?

A

Ownership
Power of stakeholders
Business Culture

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4
Q

What does PESTLE mean?

A

The external influences on a business

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5
Q

What is SWOT analysis?

A

A framework used to evaluate a company’s competitive position and to develop strategic planning.

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6
Q

What are 2 causes and pressures of change?

A

Lack of communication
Managing multiple changes

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7
Q

What does lack of communication mean for the business?

A

You need to keep stakeholders informed of any changes and what impact is it going to have

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8
Q

What does managing multiple change mean for the business?

A

Focusing on one change at the time can help people not get confused

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9
Q

How did Lego have external factors that impacted the business?

A

Moved into a new market

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10
Q

Name 3 internal changes for a business

A

Business structure
Organisational size
Leadership style

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11
Q

Name 3 external changes for a business.

A

Competition
Technological Change
Economy

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12
Q

What is a disruptive change?

A

A significant change within a business caused by internal and external factors

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13
Q

What is an incremental change?

A

The gradual process of making improvements to a business

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14
Q

What is Lewin’s Force Field analysis?

A

The part of strategic management that tries to ensure that a business responds to the environment in which it operates

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15
Q

Why is change a good thing? 4 reasons

A

Staff could get demotivated without change
Brings in new ideas
Helps to keep up with technology
Attract new customers

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16
Q

Name a business that had to deal with change and diversify.

A

The Royal Mint

17
Q

How did The Royal Mint have to diversify?

A

Due to the increased use of cards, they had to start making jewelry and collector coins

18
Q

What is an example of the value of change for an organization?

A

Improved competitiveness

19
Q

Why is improved competitiveness valuable for an organisation?

A

Businesses need to stay relevant

20
Q

List 3 Reasons of why being a flexible organisation is valuable for a business.

A

Can respond to external shifts
Faster innovation
Fewer layers of communication

21
Q

Why is being a flexible organisation a downside? 3 points

A

Decision-making overload
Employee burnout
Frequent training - increases costs

22
Q

What are organic structures?

A

These are flat, decentralised informal with a value placed on collaboration

23
Q

What are mechanistic structures?

A

The opposite, tall, formal, centralised e.g military and NHS

24
Q

What does information management mean?

A

Where we get information from a written source e.g textbook

25
Q

What does knowledge management mean?

A

Where we get information from an experienced person

26
Q

What does a planned change mean?

A

Something that can be expected or predicted so there is a plan

27
Q

What does an unforeseen change mean?

A

Something happens suddenly the business has to react to it e.g COVID

28
Q

List 2 ways a business can be flexible.

A

Flatter more responsive structure
Flexible working contract

29
Q

List 4 examples of barriers to change.

A

Finance available
Organisational Structure
Stakeholder Resistance
Competition reacting

30
Q

Whose theory is Resistance to change?

A

Kotter & Schlesinger

31
Q

What does parochial self interest mean?

A

Where people don’t like the change because it is not in their interests

32
Q

What does misunderstanding and lack of trust mean?

A

This is where someone doesn’t understand the changes or they don’t trust the person

33
Q

What does different assessments mean?

A

This is where there is a disagreement on the change, parties think differently about it

34
Q

What does low tolerance for change mean?

A

Usually when you have a workforce which is not used to change, maybe it is used to things being done a certain way.

3.10 STRATEGIC CHANGE (2 decks)

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