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2023/24 > BUSMANCHAP5 > Flashcards

BUSMANCHAP5 Flashcards

1
Q

Leadership

A

ability to influence or motivate people to work towards achieving business objectives

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2
Q

An effective leader will …

A

reduce resistance to change by acting as the bridge from old to new, while stakeholders, cross from the current familiar state to the new desired position

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3
Q

Leadership actions and skills:

A

Preparation and Planning
Communication
Support
Collaboration
Accountability

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4
Q

Leadership actions and skills:

Preparation and Planning

A
  • prepare n plan themselves and bus for change
    -dev action plan describing strat to be implemented to deal with it
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5
Q

Leadership actions and skills:

communiation

A
  • vision for change
    -challenges that bus is facing that are driving forces for change
  • progress of change
  • 2 way comunication
  • empathy and good listening skills
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6
Q

Leadership actions and skills:

support

A
  • ensure employees are provided with assistance or services (councelling, training, mentoring) to help cope with change
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7
Q

Leadership actions and skills:

collaboration

A
  • pple are likely to accept a change when they feel a sense of ownrship for it
  • effective leader will delegate tasks, create opportunitis for empl
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8
Q

Leadership actions and skills:

Accountability

A
  • being held responsible for when the change is working, and when it is not
  • employees r likely to trust man
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9
Q

During a time of change, a leader should

A
  • est high expectations of empl
  • resolves conflicts
    -open minded
    -setting good examples
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10
Q

man strat (1)

A
  • Staff Training
  • Staff Motivation
  • Change in Management Styles or Management Skills
  • Increased Investment in Technology
  • Improving Quality in Production
  • Cost Cutting
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11
Q

man strat (2)

A
  • Initiating Lean Production Techniques
  • Redeployment of Resources (Natural, Labour, and Capital)
  • Innovation
  • Global Sourcing of Inputs
  • Overseas Manufacture
  • Global Outsourcing
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12
Q

man strat

Staff Training:

A

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

kpi - Level of staff turnover
Number of workplace accidents

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13
Q

man strat

Staff Motivation:

A

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

kpi- Rate of productivity growth
Number of customer complaints
Rate of staff absenteeism
Level of staff turnover

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14
Q

man strat

Change in Management Styles:

A

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

kpi=all

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15
Q

man strat

Change in Management Skills:

A

abilities or competencies that a manager will use to achieve business objectives. (communicating, delegating, planning, leading, decision-making, and interpersonal skills)

kpi=all

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16
Q

man strat

Increased Investment in Technology:

A

operate its processes and practices more efficiently and effectively, cutting costs and improving productivity.

kpi: Rate of productivity growth
Level of wastage
Number of workplace accidents
Number of sales
Net profit figures

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17
Q

man strat

Improving Quality in Production:

A

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

kpi: Number of customer complaints
Number of sales
Level of wastage

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18
Q

man strat

Cost Cutting:

A

where costs in the production of its good or service can be cut

kpi:
Net profit figures
Rate of productivity growth
Level of wastage
Number of sales

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19
Q

Initiating Lean Production Techniques

A

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

kpi:
Percentage of market share
Number of sales
Net profit figures
Rate of productivity growth

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20
Q

man strat

Redeployment of Resources (Natural, Labour, and Capital):

A

to moving resources from one area in a business to another area of the business, usually to improve efficiency

kpi:
Level of wastage
Rate of productivity growth
Level of staff turnover

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21
Q

man strat
Innovation:

A

A way for businesses to seek new opportunities, by creating new goods, services, methods or processes, or improving on existing ones

kpi=
Percentage of market share
Net profit figures
Rate of productivity growth
Number of sales
Level of wastage
Number of customer complaints
Number of workplace accidents

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22
Q

man strat

Global Sourcing of Inputs:

A

practice of seeking the most cost-efficient materials and other inputs, including from countries overseas.

kpi:
Net profit figures
Percentage of market share
Number of sales
Number of customer complaints

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23
Q

man strat

Overseas Manufacture:

A

good being produced in a country different to the location of the business’ headquarters

Net profit figures
Percentage of market share
Number of sales
Number of customer complaints

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24
Q

man strat

Global Outsourcing:

A

part of a business’ operations is transferred overseas to an external party. take advantage of the lower cost and effectiveness

KPIs this can address:
Net profit figures
Rate of productivity growth
Percentage of market share
Number of sales
Number of customer complaints

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25
Q

Corporate Culture

A

shared values and beliefs that characterise a business

26
Q

When it comes to change management:

A
  • The corporate culture first thing to be considered, to determine if the change will be possible.
  • change require positive corporate culture to support it.
  • A positive culture guides = acting appropriately and in making decisions that support the achievement of bus obj
27
Q

Benefits of a positive corporate culture

A
  • emp experience high morale npositive attitude = emp productivity
  • more loyal = reduce ep turnover
28
Q

strat for dev corporate culture:

A

rewards, celebr, change man style, heroes, change man style

29
Q

Senge’s Learning Organisation

A

Businesses should aim to be ‘learning organisations’ - always adapting and improving, with managers and emp actively seeking to expand their capacity to achieve desired results.

resulting in pos change

30
Q

The five disciplines (or principles) of a learning organisation
(MVP TS)

Mental Models - but remember it as CHALLENGING mental models

A

deeply held assumptions and generalisations of how people and org understand the world. about who we are, what we do, how we do it - or stopping us from learning new ways.

These beliefs direct how we behave. must be challenged if the business is to adapt and change successfully.

31
Q

The five disciplines (or principles) of a learning organisation
(MVP TS)

Building a Shared Vision

A

business should create a shared vision of the future - end goal of what the business looks like in the future after changing.

This:
- Makes people invested in the long-term
- Encourages positive risk-taking, innovation, and ideas from employees to help get the business to this desired future vision

32
Q

The five disciplines (or principles) of a learning organisation
(MVP TS)

Personal Mastery

A

people in the business must be committed to continuous learning and self-improvement - becoming ‘masters’ of their roles

offering continuous training, development, and career advancement

33
Q

The five disciplines (or principles) of a learning organisation
(MVP TS)

Team Learning

A

people in the business must learn how to efficiently and effectively work as a team to achieve joint outcomes.

34
Q

The five disciplines (or principles) of a learning organisation
(MVP TS)

Systems Thinking - the centre of it all

A

people of the business must see the business as a connected system of departments, processes, and teams

Each person must understand their role within the system and how it affects the other parts / employees

35
Q

ADV

LIMITATION

of a learning organisation

A

benefits: encourages bus and pple within to constantly improve n reflect on what they r good at and what they need to grow

limitation: many pple are resistant to the concept of working in teams n sharing knowledge

36
Q

Low-risk strategies

A

best ways to effectively manage change, as they are likely to generate positive outcomes both in the short-term and the long-term.

tend to seek small , involve employees more in process

37
Q

Low-risk strategies

Communication

A

how management transfers information about the change to employees (Reasons, immpact, n timeline of change) = trust

38
Q

Low-risk strategies

Empowerment

A

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

39
Q

Low-risk strategies

Support

A

management providing employees with assistance in moving from the current state to the new

councelling, training, time

40
Q

Low-risk strategies

Incentives

A

financial or non-financial rewards provided to employees to encourage them to embrace a change

Providing bonuses
Offering promotions
Offering training and career advancemen

41
Q

Low-risk strategies

ADV
DIS

A

2 way comm povide opp for emp to put forward ideas

supports and incentives may be expensive

42
Q

High-risk strategies

A

associated with an autocratic approach to change, failing in man emp resistance leads to neg outcomes

may work in the short-term, but risks generating bad feelings between employees and employers

43
Q
  • High-Risk Strategies

manipulation

A

skilful exertion of influence over someone to get them to do what you want, often by providing incomplete info

44
Q
  • High-Risk Strategies

threats

A

suggestion that some sort of neg consequence will occur if employees fail to follow a requested change.
direct/indirect

Employees may appear compliant, but could be seething and resentful, leading to resistance, sabotage, harrasment, stress claims, and disputes.

45
Q
  • High-Risk Strategies

ADV

DIS

A
  • immediate implementation o change, rapidly n successfully

-fosters neg corporate culture - mistrust

46
Q

Lewin identified three levels in which change can occur:

A

Individual level - everyone within the business is capable of change.

Structural level - change results in a new structure or set of systems within a business.

Cultural level - the style of management, the internal environment, and the real culture of the business can change.

47
Q

Lewin

step 1: unfreeze

A

prepare bus for change, identify what needs to change, rel aspects of bus should be put on table, need for change to be created,

unfreezing changes conditions in which the bus is currently operating

48
Q

Lewin

step 2: change

A

moving the bus from current situation to the new, key staff r empowered to implement req change. Reduces resistance = change implem effectivly

49
Q

Lewin

step 3: refreeze

A

stabilising n institutionalising the change - consolidate change onto its culture through new policies, celeb chaivenemnts, mainitng support.

50
Q

lewin benefits:

A

structured approach t change, w clear steps for proceeding with a change

51
Q

The Effect on Stakeholder Groups

Stakeholders -

A

individuals or groups that have a vested interest in the activities of a business

52
Q

The Effect on Stakeholder Groups

owners

A

sole trader greatly directly impacted by change, whereas a shareholder not so much

53
Q

The Effect on Stakeholder Groups

owners

ADV
DIS

A

improved financial performance is likely to result in an increased resturn on investment

may lose bus or value of shares

54
Q

The Effect on Stakeholder Groups

managers

A

have the responsibility for successfully achieving business objectives

Changes in man styles in response to KPI data, or different management skills,

Intro new tech

downsizing or expanding, merging, acquiring another business, = change of business structure or employment

55
Q

The Effect on Stakeholder Groups

managers

ADV
DIS

A

more emp centric man style or skills may improve morale or motiv

may be uncomfortable using diff man style/skills n fnd change stressfull, reduce roles

56
Q

The Effect on Stakeholder Groups

employees

A

tech is intro,

downsizing or expanding, merging, acquiring another business, result in a change in business structure or employment

57
Q

The Effect on Stakeholder Groups

employees

ADV
DIS

A

opp to learn new skills, change results in better emp conditions

job loss

58
Q

The Effect on Stakeholder Groups

customers

A

customers expect high quality products at competitive prices

fall in pric or improve qual increase customer satis,

may not like idea to dscontinue g/s, opp to adv

59
Q

The Effect on Stakeholder Groups

suppliers

A

supply materials and other resources to a business so that it can conduct its operation

if change increases amount of resources needed, suppliers may experience increased sale

opp for dis

60
Q

The Effect on Stakeholder Groups

general community

A

the individuals who live in the same area as a business’ locations

creation of jobs, increase customer traffic =increase sales, reuction in pollution, social needs

loss of jobs, reduce cust traffic=lose sales, poll

61
Q

csr

benefits

restraints

A

Good reputation= customers’ loyalty, attracting high-performing employees and potential investors

entails higher costs: labour costs, materials costs

62
Q

CSR Considerations for Change

A

env
Employees and Managers
customers
suppliers
gen comm

2023/24 (66 decks)

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