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business 3/4 > business unit 4 aos 2 definitions + key knowledge > Flashcards

business unit 4 aos 2 definitions + key knowledge Flashcards

1
Q

leadership

A

the process of positively influencing and encouraging individuals to set and achieve business objectives

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2
Q

by leading change, the manager

A

supports employees as they cross from existing work territories into new territory

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3
Q

how a manager treats his/her employees will determine

A

their acceptance or resistance to change

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4
Q

strategies to respond to kpis

A

staff motivation, training, change in management styles or skills, investment in tech, improved quality, cost cutting, lean production techniques, redeployment

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5
Q

staff training

A

training refers to the process of teaching staff how to do their job efficiently and effectively, boosting their knowledge and skills

managing employees related kpis, low productivity, low morale

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6
Q

staff motivation

A

what drives employees to apply effort over a sustained period of time

productivity, absenteeism, turnover kpis

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7
Q

management styles

A

managers behaviour and attitude when making decisions, directing and motivating staff, and implementing plans to achieve business objectives

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8
Q

management skills

A

abilities or competencies that a manager uses to complete a business objective

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9
Q

investment in technology

A

applications of knowledge that change people’s lives and the way in which a business operates

productivity, growth, quality, complaints workplace accidents, cost cutting

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10
Q

quality

A

the degree of excellence of goods or services and their fitness for a stated purpose

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11
Q

redeployment

A

the assignment of resources to another area of the business

improves efficiency, wastage, productivity, turnover, redeploying employees saves money

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12
Q

cost cutting

A

can be done through low cost approach, controlling the supply game, using assets more efficiently, redundancy, outsourcing

money kpis, productivity, wastage

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13
Q

lean production

A

a business wide approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality

strategies such as JIT and continuous improvement
market share, money kpis, productivity, waste, competitive

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14
Q

domestic opportunities

A

multiple branding, diversification, redeployment, franchising, mergers and acquisitions, product differentiation, joint ventures

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15
Q

multiple branding

A

a strategy where one business sells multiple brands in the same market

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16
Q

advantages of multiple branding

A

less space for competitors, saturates a market, fills gaps to provide more, caters to brand-switchers

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17
Q

disadvantages of multiple branding

A

public may think business is more profit oriented than customer-oriented, customers may become confused and switch, expensive, less profit per unit

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18
Q

diversification

A

the process of a business emerging or varying its range of products/field of operations
eg. cocacola making more drinks after not being able to buy red bull

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19
Q

advantages of diversification

A

opens a new market, attracts new customers

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20
Q

disadvantages of diversification

A

expensive, entering a market with well established competitors

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21
Q

merger

A

when two business make an agreement to unify

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22
Q

acquisition

A

when a business buys another business

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23
Q

advantages of mergers and acquisitions

A

cheaper way of entering the market because partner is alr established, new market, both can occur domestically and globally

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24
Q

disadvantages of mergers and acquisitions

A

expensive, loss of identity, risky to undertake

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25
Q

franchising

A

a person buys the rights to use the name and distribute the products of an existing business

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26
Q

advantages of franchising

A

expands market share without needing large capital, potential losses are minimised if not successful

27
Q

disadvantages of franchising

A

loss of control, losses from reps of other stores

28
Q

global opportunities

A

exporting, online store, partnering with an overseas business, opening a branch overseas

29
Q

product differentiation

A

a strategy that involves a business attempting to increase sales and market share through the use of brand names and advertising.

30
Q

advantages and disadvantages of global opportunities

A

adv - more opportunities, increase market share

disadv - domestic is cheaper and easier, fewer international laws

31
Q

advantages and disadvantages of online stores

A

adv - increases customer base, opens the world as a potential market
disadv - more competition, time consuming

32
Q

opening a branch

A

overseas

33
Q

advantages and disadvantages of exporting

A

adv - larger market, increase sales and profit, spreads risk of business, increases customer base
disadv - competing against established businesses, businesses may not be aware of local laws or customs

34
Q

quality assurance

A

the use of an external system so that a business achieves set standards in production

35
Q

quality control

A

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

36
Q

total quality management

A

an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation

37
Q

advantages of differentiation

A

allows products to stand out, increases sales

38
Q

disadvantages of differentiation

A

competitors copy strategy and steal market share, expensive, time consuming

39
Q

joint ventures

A

a business arrangement where two or more parties agree to pool resources to accomplish a task

40
Q

advantages of joint ventures

A

pool expertise, costs are shared, gain access to existing customer base

41
Q

disadvantages of joint ventures

A

profits are shared, loss of control

42
Q

learning organisation

A

a business where managers and staff continually seek to expand their capacity to achieve the results they desire

43
Q

five principles of senge

A

systems thinking, mental models, personal mastery, shared vision, team learning

44
Q

systems thinking

A

ability to look beyond whats occuring in the business and understand the interrelationships between different areas of the business

implement long term solutions, external changes influence internal environment

45
Q

personal mastery

A

involves the people in a business developing proficiency through business activities

business improves as individuals improve

46
Q

mental models

A

pre existing assumptions that influence the way we think

open cultures that question operations are more successful at implementing change

47
Q

shared vision

A

aspirational description of what a business and its members would like to achieve

motivates employees and reduces resistance

48
Q

team learning

A

encourages individuals to combine strengths and abilities to continuously grow together

communication and teamwork support change

49
Q

low risk strategies

A

strategies whose use is likely to generate positive outcomes in the long and short terms
ICES

50
Q

communication

A

increases trust and reduces resistance

51
Q

empowerment

A

encouraging negotiation and communication helps make way for change

52
Q

support

A

maintains staff morale and reduces resistance

53
Q

incentives

A

reduces resistance because business shows they want employees

54
Q

manipulation

A

skilful or devious exertion of influence over someone to get them to do what you want

55
Q

threat

A

using force to get employees to conform

56
Q

unfreeze

A

identify what needs to change and create the need for change

56
Q

change

A

moving business into new position and empower action. empower staff to reduce resistance

57
Q

refreeze

A

consolidate changes into business culture

58
Q

benefits of lewin’s theory

A

structured approach to change, provides clear steps, reduces resistance

59
Q

CSR and change

A

the desire to be seen as socially responsible drives a business to change to increase profit without damaging the environment

60
Q

ecological sustainability

A

occurs when economic growth meets the needs of the present population without negatively affecting the environment for the next generation

61
Q

business ethics

A

application of moral standards to business behaviour

62
Q

sustainability report

A

comprehensive report of what a business is doing and has done in related to social issues

63
Q

reviewing kpis is important because

A

it helps the business determine if the transformation was successful or not

business 3/4 (8 decks)

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