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business management end of year exam Flashcards

1
Q

sole trader

A

a business owned by one person
All the decisions and takes all the responsibility for the operations of the business
eg construction workers or gardeners

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2
Q

Sole trader + and -

A

+
Complete control and less costly to operate
-
End of business when owner dies and difficult to operate if sick unlimited liability

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3
Q

Partnership

A

a business owned by two or more people most partnerships have a maximum of 20 partners
eg über and spotify

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4
Q

partnership + and -

A

+
low start-up costs and shared responsibility
-
liable for all debts including the partners
possibility of disputes

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5
Q

Incorporation

A

The process that businesses go through to become a registered company and a separate legal entity from the owner/shareholder

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6
Q

Limited liability

A

refers to when a shareholder in the company will not be held personally responsible for the debts of a business

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7
Q

unlimited liability

A

Refers to when a business owner is personally responsible for all the debts of their business

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8
Q

private limited company

A

incorporated business that has a minimum of one shareholder and a maximum of 50 non-employee shareholders and whose shares are offered only to those whom the business wishes to have a part as its owners
eg bakers delight

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9
Q

private Limited Company and public listed company
+ and -

A

+
Easy transfer of ownership and easier to attract finance limited liability
-
Cost of formation is expensive and the company is taxed on any profits

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10
Q

Public listed companies

A

An Incorporated business with a minimum of one shareholder (no maximum), and whose shares are openly traded on the Australian securities exchange
eg Google or Apple

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11
Q

social enterprise

A

A social enterprise is a business with an objective of fulfilling a social need
eg thank you and who gives a crap

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12
Q

Social enterprise + and -

A

+
Meeting a social need can have a positive effect on profit and marketshare
can open up new markets
-
Difficulty to obtain capital to start a business and significant operating costs
Can be difficult to focus on both social and the finical objectives

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13
Q

Government business enterprise

A

A type of business is operated and owned by the government
eg vic roads

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14
Q

government business enterprise + and -

A

+
Can operate with some independence from the government
Able to carry out government policies delivering community services in areas where private sector businesses might hesitate to invest
-
Political interference in day-to-day operations
There can be less accountability within the GBE resulting and less productivity

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15
Q

business objective

A

And objective gives a business direction it provides a business with a path to follow and increases its chances of being successful
an objective is a desired outcome or specific result that a business intends to achieve

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16
Q

Business objective to make a profit

A

Making a profit is an central objective of most businesses. Profit is what is left after business expenses have been deducted from money earned in sales.

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17
Q

Business objective to increase market share

A

Marketshare is a businesses proportion of total sales in market or industry that is controlled or held by business, calculated for a specific period of time.

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18
Q

Business objective to improve efficiency

A

Businesses in order to sell a product or service to customers will need to use its resources to produce a good or service an output.

How well a business uses its resources to achieve objectives.

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19
Q

business objective to improve Effectiveness

A

The degree to which a business has achieved it stated objectives

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20
Q

Business objective to fulfil a market need

A

To fulfil some sort of market need a business will need to meet customer expectations or provide a good or service that is not otherwise available in the market

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21
Q

Business objective to fulfil a social need

A

The objective involves the production of selling of a good or service for the purpose of making the world a better place

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22
Q

Business objective to meet shareholder expectations

A

Shareholders expect to make a return on their investment they expect the business that they invested in to make a profit as they receive a proportion of the profit.

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23
Q

KPI

A

Specific criteria used to measure the efficiency and or effectiveness of a businesses performance

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24
Q

stakeholders

A

Groups and individuals who interact with a business and have a vested interest in its activities

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25
Q

manager

A

The person who has the responsibility for successfully achieving the objectives of the business

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26
Q

Employees

A

The people who works for a business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production

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27
Q

customers

A

The people who purchase goods and services from the business, expecting high-quality at competitive prices

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28
Q

suppliers

A

Businesses or individuals who supply materials and other resources to a business so that it can conduct its operations

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29
Q

Owners/ Managers interest

A

To make a profit and to conduct its business in a socially responsible manner

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30
Q

Suppliers interest

A

Provide quality materials and delivered reliably

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31
Q

Employees interest

A

Paid fairly, trained properly and treated ethically

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32
Q

Customer interests

A

Expect to purchase quality goods at reasonable prices and high levels of service

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33
Q

General community interests

A

Businesses will give back to society and business it will show concern for the future

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34
Q

Corporate social responsibility

A

The obligations a business has over and above its legal responsibilities to the well-being of employees and customers, shareholders and a community as well as the environment

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35
Q

Employees and owners conflicting interest

A

Employees require safe working conditions and raise more wages but this may reduce the businesses profit

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36
Q

Managers and customers conflicting interest

A

Managers could attempt to maintain profit by raising the prices of products but this will upset customers who expect reasonably priced goods

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37
Q

Management style

A

The behaviour and attitude of the manager when making decisions, when directing and motivating staff, and when implementing plans to achieve business objectives

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38
Q

Autocratic management style

A

One where the manager tell staff what decisions have been made.

the management control is powerful.

The manager tends to make all decisions, dictating work methods, limiting employees knowledge about what needs to be done and frequently checking on employee performance

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39
Q

+ and - of autocratic management style

A

+
Directions and procedures are clearly defined
-
No employee input is allowed

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40
Q

Persuasive management style

A

One where the manager attempts to sell decisions made. Manager attempts to convince employees that the management way is the right way authority and control remains centralised with the manager.

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41
Q

+ and - Persuasive management style

A

+
Managers can gain some trust and support through persuasion
-
Communication is still poor and limited to a one-way system and employees remain frustrated because they are not in full participation

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42
Q

Consultative management style

A

One where the manager consults employees before decision-making. This recognises the importance of a good personal relationship among employees and staff. This is a two way communication process.

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43
Q

+ and - Consultative management style

A

+
Asking for suggestions from employees allows for a greater variety of ideas and employers the quality of management decisions
-
Time taken is long and can slow the entire process

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44
Q

Participative management style

A

One where the manager unites with stuff to make decisions together. This is a two way communication. Participative managers recognise the strengths and abilities of all employees and actively involve them in all stages of the decision-making process

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45
Q

+ and - Participative management style

A

+
Employee/employee relations are positive and reduces the likelihood of disputes

-
Time consuming and differing views need to be considered

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46
Q

Laisser-faire management style

A

One where the employees assume total responsibility for, and control of workplace operations. Management or set objectives and is still accountable for overall performance of the department but employees take responsibility for implementing the means of achieving the objectives

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47
Q

+ and - Laisser-faire management style

A

+
Employees feel a sense of ownership
-
There is complete loss of control by management no control or direction means there is a potential for misuse of businesses resources

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48
Q

The appropriateness of management styles

A

Nature of the task, time, the experience of employees, the preference of the manager

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49
Q

Management skills

A

The abilities or competencies that managers use to achieve business objectives

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50
Q

Communication management skill

A

The ability to transfer information from a sender to a receiver and listen to feedback

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51
Q

Delegation management skill

A

The ability to transfer authority and responsibility from a manager to an employee to carry out specific activities

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52
Q

Planning management skill

A

The ability to define business objectives and decide on the methods or strategies to achieve them

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53
Q

Swot analysis

A

The identification and analysis of the internal strengths and weaknesses of a business and the opportunities and threats from the external environment

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54
Q

Leadership management skill

A

The ability to influence or motivate people to work towards the achievement of business objectives

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55
Q

decision making management skill

A

the ability to identify the options available and then choose a specific course of action from the alternatives

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56
Q

interPersonal skills management skills

A

The ability to deal with people and build positive staff relationships

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57
Q

Corporate culture

A

The values, ideas, expectations and beliefs shared by members of a business

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58
Q

Official corporate culture

A

Can be revealed officially in the policies, objectives or slogans of a business

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59
Q

real Corporate culture

A

Can be seen in the unwritten or informal rules that guide help people in a business behave, such as the way they dress, the language that they use and the way that staff treat each other and customers

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60
Q

Human resource management

A

The effective management of the formal relationship between the employer and employees

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61
Q

Human resource manager

A

Coordinates all the activities involving in acquiring, developing, maintaining and terminating employees from a businesses human resources

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62
Q

Motivation

A

The individual, internal processes that direct, energise and sustain a persons behaviour

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63
Q

Maslow’s hierarchy of needs

A

Maslow believes that all people have needs that need to be satisfied, and that they will work towards satisfying those needs.
Maslow propose that needs could be arranged according to the importance in a series of steps

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64
Q

Maslow’s hierarchy of needs steps (5)

A

Physiological (bottom) - so that’s factory pay for survival
safety - job security and safe working conditions
social - teamwork and involvement in decision-making, love and belonging
esteem -Power responsibility promotion
self actualisation (top) - opportunities for advancement and the need for development

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65
Q

+ and - of maslows hierarchy of needs

A

+
Allows management to develop an understanding of individual needs and allows management to be aware that employees will be at different stages
-
It is not supported by actual evidence and the hierarchy does not apply to all individuals

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66
Q

Lock and Latham’s goal setting theory

A

Lock and Latham concluded that employees were motivated by clear goals and appropriate feedback regarding the achievement

lock and Latham found that in order to motivate employees goals must be clear specific and provide a challenge the employee must be also committed to meeting the challenge

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67
Q

Five principles of lock and Latham

A

Clarity
challenge
commitment
feedback
task complexity

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68
Q

+ and - of Locke and Latham

A

+
Goals that are clear and specific challenging but not overwhelming will motivate employees to improve their performance
-
Goals can be too vague and lead to poor performance

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69
Q

4 theory drive Lawrence and Nohria

A

Identified the four drives as fundamental to all human behaviour.
Drive to acquire, the desire to own material goods status and power

Drive to Bond, the strong need to form relationships

Drive to learn, the desire to satisfy our curiosity and learn new skills

Drive to defend, the desire to remove threats to our safety and security and protect what we regard as ours

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70
Q

+ and - of four theory drive

A

+
Very adaptable
-
some of the workplace applications involve competition between employees

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71
Q

Maslow’s compared with lock and Latham

A

Similarities
Recognition and feedback are significant in both theories and both theories highlight the importance of achieving job satisfaction
Differences
Maslow’s theory is ongoing long-term process through a series of steps where as lock and Latham’s is more of a short-term

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72
Q

Lock and Lathams compared with Lawrence and Norias

A

Similarities
in both theories is important that the manager understands needs of employees
Differences
Lock and Latham’s theory a person is usually pursuing one goal at a given time while Lawrence and Norias theory assumes a person needs to satisfy all for drives

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73
Q

Performance related pay
motivation strategies

A

The monetary compensation provided to employees relative to how their performance is assessed according to set standards

Improves productivity but is also very expensive and employees may expect higher rewards

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74
Q

Career advancement
motivation strategies

A

Career advancement is the assignment of more responsibilities to employees or the promotion of employ two positions that are in rewards, such as increased salary, fringe benefits and increased responsibilities

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75
Q

Investment in training
motivation strategies

A

The direction of finances, or resources such as time, into the teaching of the skills to employees

this can indicate to an employee that they are valued but it can be costly

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76
Q

Support
motivation strategies

A

The assistance or services provided by the business to help employees cope with difficulties that may impact their work performance

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77
Q

Sanction
motivation strategies

A

A form of penalty or discipline imposed on an employee for poor performance

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78
Q

Training

A

The process of teaching staff how to do their job more efficiently and effectively by boosting their knowledge and skills.

The benefits of training can include opportunity for promotion and improve job satisfaction
Business it can also mean they have higher productivity and objectives are more efficiently meant

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79
Q

Off the job training

A

Occurs when employees learn skills in a location away from their workplace

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80
Q

+ and - Off the job training

A

+
Availability of a wider range of skills and qualifications
-
More expensive with fees charged and travel costs

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81
Q

On the job training

A

Occurs when employees learn a specific set of skills to perform particular tasks within a workplace

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82
Q

+ and - of on the job training

A

+
Cost-effective and trainees use the actual equipment that is required to do the job
-
Quality of the trainer may vary and bad habits of older staff maybe passed on

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83
Q

Performance management

A

A focus on improving both business and individual performance through relating business performance objectives to individual employee performance objectives

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84
Q

Management by objectives
performance management strategies

A

A process in which management and employees agree on a set goals for each employee with these goals all contributing to the objectives of the business as a whole

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85
Q

Appraisals
performance management strategies

A

A formal assessment on how efficiently and effectively an employee is performing that role in a business

+
Facilitates communication and allows a positive relationship to develop
-
Can be time-consuming and stressful

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86
Q

Self-evaluations
performance management strategies

A

A process whereby employees carry out self assessments, based on a set of agreed criteria
+ and -
Allows employees to be actively involved in the process of performance management
but employees can overstayed their own performance

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87
Q

Employee observation
performance management strategies

A

A strategy where a variety of opinions on performance of employees is sought with the aim of arriving at a more comprehensive picture of the past and current performance
+
Allows a manager to gain a broad range of observations
-
Staff may feel stressed and know that they are being observed

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88
Q

Termination

A

The ending of the employment of an employee

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89
Q

Retirement

A

Occurs when an employee decides to give up full-time work or part time work and no longer be a part of the labour force

voluntary

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90
Q

Resignation

A

The voluntary ending of employment by the employee ‘quitting’ their job

voluntary

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91
Q

Redundancy

A

Occurs when a persons job is no longer exists due to technological changes, are businesses restructure or a merger or acquisition
involuntray

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92
Q

Dismissal

A

Occurs when the behaviour of an employee is unacceptable and a business terminate their employment
involuntary

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93
Q

Entitlement considerations

A

The rights to benefits the employees have when leaving their workplace, either on a voluntary or involuntary basis

eg outstanding leave entitlements, including long service and holiday leave.

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94
Q

Transition considerations

A

Issues relating to the process of changing from one job to another or from one set of circumstances to another

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95
Q

Role of the human resource manager

A

Negotiating employment agreements with employees and their representatives
Dealing with disputes and conflict that may arise during an agreement

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96
Q

Role of employees

A

The people working for the business in return for pay, employees are expected to contribute through their work efforts to achieve business objectives

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97
Q

Role of employer associations

A

Organisations that represent an assist employer groups
An organisation for employers that is set up to help protect the interest of its members.
eg the Business Council of Australia

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98
Q

fair work commission

A

Australia’s national workplace tribunal that has a number of responsibilities under the fair work act
role includes making and varying awards, approving registered agreements, setting minimum wages, dealing with a range of dispute

99
Q

award

A

A legally binding document determined by the fair work commission that sets out minimum wages and conditions for an whole industry or occupations

100
Q

+ and - of awards

A

+
Less costly for the business and less time-consuming
-
Provides less flexibility and cannot be customised

101
Q

Agreement

A

An agreement on pay and conditions of work made at the workplace level and negotiated between groups of employees and employers

102
Q

+ and - of agreements

A

+
Very flexible and maybe used to attract talent
-
Time consuming to negotiate and can be very expensive

103
Q

dispute

A

A result of disagreements or dissatisfaction between individuals or groups

104
Q

Dispute resolution method negotiation

A

A method of resolving disputes whereby discussions between the parties result in a compromise and a formal or informal agreement about a dispute

105
Q

Mediation dispute resolution method

A

The confidential discussion of issues in a nonthreatening environment, in the presence of a neutral, objective third party who helps the parties in the dispute work towards an agreement but does not offer a solution

106
Q

Arbitration dispute resolution method

A

Dispute resolution involving an independent third-party hearing both arguments in a dispute and determining an outcome

107
Q

Operations management

A

All the activities in which managers in gauge to produce goods or services

108
Q

Relationship between operations and business objectives

A

Operations align with business objectives by optimizing processes, improving efficiency, and reducing costs. Effective operations management supports key goals like profitability, customer satisfaction, and growth, ensuring resources are utilized strategically to achieve long-term success and competitive advantage.

109
Q

Inputs

A

Inputs are the resources used in the production process these include natural resources physical resources financial resources and time

110
Q

Transformation process

A

The conversion of inputs resources into outputs goods or services

111
Q

Processes in a service business

A

Service businesses such as Commonwealth Bank transforms inputs which are information time and human resources into a intangible product or service that cannot be touched

112
Q

Processes in a manufacturing business

A

Manufacturers such as yakult produces its products by combining the milk bacteria water and sugar then fermenting it using machinery and delivering the output which is the tangible product which is the good that can be touched

113
Q

outputs

A

The final good or service that is delivered to provide customer satisfaction

114
Q

Tangible

A

Goods that can be touched

115
Q

Intangible

A

Services that cannot be touched

116
Q

Manufacturing business characteristics

A

Produce goods that are tangible
manufacture goods that can be stored
little customer involvement except for the purchase

117
Q

Service business characteristics

A

Services are intangible
Service cannot be stored
customers are involved in the process

118
Q

All six technological developments

A

Automated production lines
Robotics
Computer aided design
Computer aided manufacturing
Artificial intelligence
Online services

119
Q

Automated production line

A

Compromises machinery and equipment arranged in a sequence with components added to a good as it proceeds through each step the process controlled by computers

120
Q

Advantages and disadvantages of auto production lines

A

advantages
Allows a business to produce at faster rates
reduces the need for human labour

Disadvantages
Robotics a high cost
can be costly to maintain or replace
training is also required for employees to understand how to use them

121
Q

Robotics

A

Highly specialised form of technology capable of complex tasks

122
Q

Computer aided design

A

A computerised design tool that allows a business to create product possibilities from a series of input parameters

123
Q

Advantages and disadvantages of
computer aided design

A

ADVANTAGES
product designs can be produced a faster rate
be produced in 2D or 3D
DISADVANTAGES
Computer software can crash resulting in a possible loss of work

124
Q

Computer aided manufacturing

A

the use of software to direct and control manufacturing processes

125
Q

Advantages and disadvantages of
computer aided manufacturing

A

ADVANTAGES
reduce at Faster rates
greater product consistency
DISADVANTAGES
Computer software can crash resulting in production stopping
not versatile

126
Q

Artificial intelligence

A

Is the ability of a computer or a robot controlled by a computer to do tasks that are usually done by humans

127
Q

Online services as well as advantages and disadvantages

A

Websites
ADVANTAGES
Delivers consistent messages to customers
DISADVANTAGES
Designing, registering and publishing a website maybe initially expensive and time-consuming

128
Q

Materials management

A

The strategy that manages the use, storage and delivery of materials to ensure that the right amount of inputs are available when required in an operation system

129
Q

Forecasting

A

Materials planning tool that relies on data from past and present and analysis of trends to attempt to determine future events

130
Q

Advantages and disadvantages of forecasting

A

ADVANTAGES
Insures that a business maintains an appropriate level of materials without eva producing and also doesn’t allow our business to under produce
DISADVANTAGES
Making use of historical data does not necessarily guarantee that past events will continue in the future

131
Q

Materials planning
master production schedule

A

A plan that details what is to be produced and when

132
Q

Materials planning
materials requirement planning

A

Involves developing a itemised list of all materials involved in production to meet specific orders

133
Q

Advantages and disadvantages of materials planning strategies

A

ADVANTAGES
Avoid overproducing both can be used by a business to make adjustments to production in response to fluctuations in demand
DISADVANTAGES
Rely on accurate information if incorrect information is used there will be errors

134
Q

Infentory control

A

Insures that cost a minimised and the operation systems have access to the right amount of inputs when required

135
Q

Just in time

A

Materials management strategy that insures that the right amount of material inputs will arrive only as they are needed in the operations process

136
Q

Just in time advantages and disadvantages

A

ADVANTAGES
Reduces storage costs
Insures production will flow smoothly
DISADVANTAGES
Supply deliveries must be reliable
increased transportation cost

137
Q

Quality control

A

the use of inspections at various points in the production process to check for problems or defects

138
Q

Quality

A

The degree of excellence of goods or services and their fitness for their state of purpose

139
Q

Quality assurance

A

The use of a system so that a business achieved set standards in production

140
Q

Total quality management

A

An ongoing, business wide commitment to excellence that is applied to every aspect of the business is operation

141
Q

Waste minimisation

A

The process involving the reduction of the amount of unwanted or unusual resources reduced by a business in attempt to improve the efficiency and effectiveness of operations

142
Q

Reduce reuse recycle

A

REDUCE
Achieved by creating less waste disables a business to decrease its costs and improve efficiency
REUSE
Taking old or unwonted items you might otherwise throw away and finding a new purpose for them
RECYCLE
Recycling is changing discarded material into new products in order to avoid using more virgin resources

143
Q

Lean management

A

The approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality

144
Q

Lean management
pull

A

Relates to avoiding overproduction and stockpiling

145
Q

Lead management
one-piece flow

A

Eliminating waiting time or idle time. One piece flow involves a piece of production moving through the operations process one at a time.

146
Q

Lean management
Takt

A

Refers to the right of production meeting customer demand takt is the average time that passes between production starting to the end.

147
Q

Lean management
Zero defects

A

Striving for perfection. Errors or defects need to be identified as closely as possible to where they occur. not excepting or passing defects

148
Q

Strengths and weaknesses of lean management

A

STRENGTHS
Reduces delays increases worker productivity
WEAKNESSES
Requires committed and experienced employees constant focus and improvement can lead to workplace stress

149
Q

Environmental sustainability

A

A business making decisions that will allow it, and the rest of society, to continue to interact with the environment

150
Q

The amount of waste generated from processes and production of outputs example
Inputs processes outputs

A

INPUTS
Insure that suppliers provide materials that come from socially responsible sources
PROCESSES
Facilities and technology should contribute to the health and welfare of staff
OUTPUTS
Should focus on creating high-quality products of real value

151
Q

Strengths and weaknesses of global sourcing

A

STRENGTH
Reduces costs accessing skills or resources that are unavailable domestically
WEAKNESSES
Hidden costs associated exposure to potential high-risk, both financial and political

152
Q

Global sourcing

A

The practice of seeking the most cost officiant materials and other inputs, including from countries overseas

153
Q

Overseas manufacturing

A

The production of a good in a country that is different to the location of the businesses headquarters

154
Q

global outsourcing

A

The contracting of a specific business operation to an external person or business in another country

155
Q

Strengths and weaknesses of global outsourcing

A

STRENGTHS
Improve quality from aspects of knowledge from expert and high-quality services
WEAKNESSES
Management may have less control over production processes and maybe difficult to maintain quality

156
Q

Business change

A

The adoption of a new idea or behaviour by a business

157
Q

Change

A

Any alteration in the internal or external environments

158
Q

Proactive

A

Initiating change rather than simply reacting to events

159
Q

Reactive

A

Waiting for a change to occur and then responding to it

160
Q

Competitive advantage

A

When a firm, industry or economy has a lower cost price structure than its rivals in this situation, goods and services can be sold more cheaply, undercutting competitors and expanding domestic and forge in sales

161
Q

effectiveness

A

The degree to which a business has achieved it stated objectives

162
Q

efficiency

A

How well a business uses resources to achieve objectives

163
Q

key performance indicators

A

Specific criteria used to measure the efficiency and or effectiveness of a businesses performance

164
Q

Percentage of marketshare KPI

A

The businesses share of total industry sales for a particular good or service

165
Q

Net profit figures KPI

A

The measurement of accompanies profit once operating cost, taxes, interest and depreciation have all been subtracted from its total revenues

166
Q

How does a business evaluate their objectives using KPI’s

A

Establish objectives, develop strategies and evaluate performance

167
Q

Productivity

A

A measure of performance that indicates how many inputs it takes to produce an output

168
Q

Rate of productivity growth KPI

A

The change in productivity from one year compared to the previous year

169
Q

Number of sales KPI

A

A measure of the amount of goods or services sold

170
Q

Rate of staff absenteeism

A

The numbers of workers who do not turn up for work when they are scheduled to do so

171
Q

Staff turnover

A

The number, or the right, of employees who are leaving a business over a specific period of time I need to be replaced by new employees

172
Q

Level of wastage

A

The amount of unwonted or unusable materials created by the production process of a business

173
Q

Number of customer complaints

A

Number of customers expressing their dissatisfaction with the business either in spoken or written form

174
Q

Number of website hits

A

a hit on the website is a request to the web server for a file such as a webpage or image

175
Q

Number of workplace accidents

A

Indicates how safe the workplace is for employees

176
Q

Forcefield analysis Lewin

A

Outlines the process of determining which forces drive and which forces resist propose change

177
Q

Driving forces

A

Those forces that support, initiate and encourage a change

178
Q

Restraining forces

A

Forces the work against a change

179
Q

Forcefield analysis diagram - an action plan

A

Important aspect of the forcefield analysis is an action plan. Using a template similar to a T shape driving forces will be listed on the left side and restraining forces on the right they will then be allocated a numerical score

180
Q

A process of conducting a force field analysis steps

A
  1. Giving a waiting to current driving and restraining forces
  2. Frank the top restraining and driving force to eliminate or strengthen them
  3. List actions required and implement a response
  4. Evaluate the response
181
Q

Benefits and limitations of the forcefield analysis

A

BENEFITS
Allows a business to identify and strengthen driving forces and eliminate or reduce restraining forces
LIMITATIONS
Identification of driving and restraining forces may omit some forces
the weighting of the forces are subjective and can be bias

182
Q

Driving forces within a business

A

Innovation, employees, competitors, legislation, pursuit of profit, reduction of costs, globalisation, technology

183
Q

Globalisation

A

The movement across nations of trade, investment, technology, finance and labour or about by the removal of trade barriers

184
Q

Restraining forces for a business

A

Managers, time, employees, legislation, financial considerations, organisational inertia

185
Q

Organisational inertia

A

Unenthusiastic response from a businesses proposed change

186
Q

Financial considerations restraining force

A

Purchasing new equipment, retraining the workforce and redundancy payment

187
Q

Employees as a restraining force

A

Employees can be restraining forces for a business if there is any type of job security or the change does not benefit them

188
Q

Porters generic strategies

A

The theory attempted to explain how businesses may seek future growth by pursuing a competitive advantage over other businesses. A competitive advantage may occur when a business has a lower cost price structure then it’s rivals or they have a differentiation advantage

189
Q

The generic strategies approach
Cost advantage differentiation advantage

A

Cost advantage. A competitor advantage is gained through reducing the costs of the business allowing it to operate with larger profit margins compared to its market rivals

Differentiation advantage. Businesses gain a competitive advantage through differentiating their good or service from others in the market

190
Q

low cost strategy advantages and disadvantages

A

ADVANATAGES
Businesses may be able to prevent competitors from increasing their market share if they can’t match costs or price and businesses save money on costs allowing for expansion or development of new lines

DISADVANTAGES
Customers may perceive a product as being poor quality

191
Q

product differentiation

A

the use of factors such as brand names delivery methods and advertising to establish differences between substitutable products
some strategies to differentiate a product are:
high quality products
multiple branding
innovation and research

192
Q

+ and - of product differentiation

A

+
is a way to improve the way a business connects with customers, and can develop customer loyalty
if able to charge premium price that business can make revenue gains
-
rival business can copy negating any gains
initial cost ca overweigh the benefits

193
Q

leadership

A

the ability to motivate and influence people to work towards the achievement business objectives

194
Q

leaders need to be able to

A

communicate, prepare and plan, support, collaborate and take accountability

195
Q

management strategies

A

STAFF TRAINING
INITIATING LEAN PRODUCTION TECHNIQUES
STAFF MOTIVATION
REDEPLOYMENT OF RESOURCES
CHANGE IN MANAGEMENT STYLES/SKILLS
INNOVATION
INCREASED INVESTMENT IN TECHNOLOGY
GLOBAL SOURCING OF INPUTS
IMPROVING QUALITY IN PRODUCTION
OVERSEAS MANUFACTURE
COST CUTTING
GLOBAL OUTSOURCING

196
Q

staff training

A

Training refers to the process of teaching staff how to do their job efficiently, boosting their knowledge and skills. It can be completed on the job or off the job

197
Q

Management might decide to introduce training in response to key performance indicators that relate to managing employees, such as:

A

the level of staff turnover
the number of workplace accidents
the number of staff complaints

198
Q

staff training achieves

A

Management teams who understand and know their employees better
Employees who are equipped with better skills and knowledge to carry out their job
Employees who feel like they are valued and appreciated

199
Q

staff motivation

A

Refers to the desired drive and willingness to do something usually unprompted and volunteered

200
Q

staff motivation a workplace should offer examples

A

Job security
sufficient pay
goals to strive for
fulfilment of personal drive

201
Q

specific motivation strategies include

A

support
sanction
investment in training
career advancement
performance related pay

202
Q

management styles include

A

Autocratic
Persuasive
Consultative
Participative
Laissez-faire

203
Q

Management skills include:

A

Communicating
Leading
Delegating
Decision-making
Planning
Interpersonal

204
Q

An increased investment in technology can come from:

A

Automated production lines
Computer-aided design (CAD)
Computer-aided manufacturing (CAM)
Website development

205
Q

Quality management can be administered and strengthened in different ways:

A

Quality Control
Quality Assurance
Total Quality Management

206
Q

Innovation

A

Innovation is a way that a business can seek new opportunities. It involves the business either creating news goods or services or processes or significantly improving an existing one.

Innovation can also be a management strategy to respond to KPI’s including percentage of marketshare net profit figures and rate of productivity growth

207
Q

KPI rate of productivity growth and it’s relevant management strategy

A

Improving production methods, minimising waste, staff training and improving staff motivation

208
Q

KPI number of sales and it’s relevant management strategy

A

Quality management and price

209
Q

KPI level of wastage and it’s in relevant management strategy

A

Introduce quality control or increase investment in technology

210
Q

KPI rate of staff absenteeism and it’s relevant management strategy

A

Training or support

211
Q

KPI number of customer complaints and it’s relevant management strategy

A

Enroll staff in training programs to better equipped them for their role or introduce quality management to improve the quality of the product

212
Q

Corporate culture and change management

A

-implementing change the corporate culture of a business will often be the first thing to be considered if a change can be possible transformation

-business requires a positive corporate culture to support it a positive culture will guide the businesses people in acting appropriately and making decisions to support the attainment of business objectives

213
Q

Examples of developing corporate culture

A

Creating values, implement policies reflecting values, communicate desired values to staff and empower staff

214
Q

The learning organisation

A
  • Senge developed a concept in the 1990s that businesses should become learning organisations to excel in the future
  • He suggested that businesses must be dynamic in order to adapt and improve to develop into the business they aspire to be, as outlined in their vision and mission statements.
  • learning organisations are “fast on their feet,” action-oriented, and able to adapt quickly to a changing environment.
215
Q

The learning organisation principles

A

five principles or disciplines that he believes are necessary to generate a learning organisation are:
Systems thinking
Personal mastery
Mental models
Building shared vision
team learning

216
Q

Systems thinking

A

the ability to see the big picture and to look beyond what is occurring within a business at the time

System thinking allows a business to implement solutions that are more oriented towards the long-term view

217
Q

Personal mastery

A

Personal mastery refers to the practice of an individual undertaking personal growth and learning

Mastering one’s personal and professional life includes:
Developing competence and skill
Developing the ability to focus energy
Looking objectively at one’s abilities and weaknesses

218
Q

Mental models

A

Mental models are the deep assumptions and beliefs held by individuals and organisations.

It is the way people view and interpret the world, and the way they believe things ‘should be’.

219
Q

Building shared vision

A

Building a shared vision creates a common goal that provides focus and energy.
When everyone is headed in the same direction, ‘synergy’ is created because they will be working together to bounce ideas and solutions to problems off each other, and this process enables new learning to take place for everyone involved.

220
Q

team Learning

A

Team learning is described as a process of aligning and developing the capacities of a team to create the results its members truly desire.

People within a business need to be able to act together to improve and achieve results

221
Q

Leading the learning organisation

A

learning organisations require a new view of leadership this being leaders are designers, stewards and teachers they are responsible for building businesses where people continually expand their capabilities to understand the business

222
Q

Managing employee resistance low risk strategies

A

Low risk strategies such as communication, empowerment, support and incentives are the best way to affectively manage change.

They are considered low risk because of their use is more likely to generate positive outcomes in both the short-term and long-term

223
Q

Communication Low risk strategy

A

Communication is a low risk strategy for overcoming employee resistance.

Communication refers to the management transferring information about the change to employees this overall builds employee trust and maintains a good relationship

224
Q

Empowerment low risk strategy

A

Empowerment refers to the involving employees in the change process, providing them with greater responsibility and decision-making power.

It is crucial that employees feel they have the opportunity for input into those decisions that have a direct effect on them.

225
Q

Support low risk strategy

A

Support refers to the management providing employees with assistance in moving from the current state to a new state i.e. training or counselling

226
Q

Incentives low risk strategy

A

Incentives refers to any financial or non-financial reward provided to employees to encourage them to embrace change e.g. providing bonus or offering promotion

Can be negative in the Long term

227
Q

Disadvantages of low-risk strategies

A

Time consuming and can be expensive

228
Q

Advantages of low-risk strategies

A

provides opportunities for employees to put forward ideas and fears and anxieties can be reduced

229
Q

high risk strategies

A

They considered high-risk because their failure may generate negative outcomes the strategies are manipulation and threat

230
Q

manipulation high risk strategy

A

the skilful or devious exertion of influence over someone to get them to do what you want, often by providing incomplete or selective information

231
Q

Threat high risk strategy

A

The suggestion that some sort of negative consequence will occur if an employee fails to follow request a change

232
Q

+ and - of high risk

A

+
Appropriate for critical situations or a time of crisis
-
Negative corporate culture and poor employee relationships

233
Q

The three step change model

A

Theory on best way to approach change

kurt lewin developed a systematic framework to ensure the change process is structured, and handled well.

By dealing with any change in a structured and relatively predictable manner, Lewin says managers can:
minimise the chances of change causing huge disruptions and disasters
maximise the likelihood that change will be successful

Unfreeze change refreeze

234
Q

Three step change model process practical steps

A

Unfreeze- determine what needs to change, ensure there is support from upper management and create the need for change

change - here that new processes or practices are introduced to the business.

Refreeze- anchor the change into the culture and develop ways to sustain the change

235
Q

Corporate social responsibility

A

The obligations of business has over and above its legal responsibilities to the well-being of employees and customers, shareholders and the community as Well as the environment

236
Q

The environment when implementing change

A

Businesses will need to consider the environment when implementing change to ensure that it goes above and beyond in reducing the impact of pollution, wildlife and worlds resources the health of the natural environment has a direct impact on society’s life

237
Q

Employees and managers when implementing change

A

The business will need to make sure that any change introduced is not negatively impact the health and well-being of staff are socially responsible approach is to inform staff of the situation and provide a timeline of the coming period when implementing change

238
Q

Suppliers when implementing change

A

Businesses will also need to consider suppliers when implementing change it will be considered socially responsible to source resources and materials from local suppliers this would ensure that job opportunities are created in the local community

239
Q

Evaluating transformation

A

It is necessary to review KPI’s following a businesses transformation as a part of the businesses processes of evaluation and review of the change introduced.

if not done it is very hard to determine whether change was successful.

business transformation is the new form or structure of a business after change has been introduced

240
Q

Reviewing KPI’s to evaluate transformation

A

Establish objectives, develop strategies, evaluate performance, implement management strategies and review KPIS

241
Q

trade unions

A

organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and the working conditions of their members

242
Q

workplace relations

A

the interactions between employers and employees, or their representatives, to achieve a set working conditions that will meet the needs of employees, as well as allowing the business to achieve its objectives

243
Q
A

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