Corporate objectives / Lewin's Theory Flashcards
What does SMART stand for?
Specific Measurable Achievable Relevant Time Bound
Internal influences on corporate objectives?
Business ownership
Attitude to profit
Ethical stance
Organisational culture
Leadership
Stakeholder influence
External influences on corporate objectives?
Short-termism
Economic enviroment
Political / legal enviroment
Competitors
Social and technological change
What is short-termism?
Where a business prioritises short-term rather than long-term performance
What are the 2 elements of Lewin’s force field analysis?
Driving and restraining forces
Name a driving force for internal change
Needs for higher profit
Name a driving force for external change
Customer demand
Name a restraining force for internal change
Lack of finance
Name a restraining force for external change
Pressure groups
What is restructuring?
changing the organisation structure to be more responsive to change
Advantages of restructuring
opportunity to reduce costs
Disadvantages of restructuring
redundancies may lower morale
