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Business Managment 3/4 > SAC5 > Flashcards

SAC5 Flashcards

1
Q

The importance of leadership

A

Leadership is the ability of a manager to motivate and inspire employees towards business objectives. Change can be a difficult process where people have feelings of fear and anxiety which can cause resistance to the proposed change. Leadership is important during these times as it can help reduce this resistance and help inspire the employees and motivate them towards the change. A strong leader will have open communication and provide support for those that are finding the change difficult which is important if the Cuna he is going to implemented successfully.

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2
Q

Management strategies to respond to KPIS

A

Look onto notes for this the ones on here is too brief.

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3
Q

Management strategies to respond to KPI’s- percentage of market share

A

Selection, training and motivation of staff
Overall improvement in quality of production
Management skills such as decision making and analytical

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4
Q

Management strategies to respond to KPI’s- net profit figures

A

Lean production techniques
Technology improvements
Management skills, such as decision making, interpersonal, communication
Economies of scale to maximise outputs for least amount of inputs
Sourcing of inputs from other suppliers and sources

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5
Q

Management strategies to respond to KPI’s- rate of productivity growth

A

Technology improvements
Sourcing and quality of supplies
Redeployment of resources
Lean production techniques

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6
Q

Management strategies to respond to KPI’s- number of sales

A

Employees - trained and motivated
Quality of product
Technology developments, eg. Online presence

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7
Q

Management strategies to respond to KPI’s- rate of staff absenteeism

A

Employees - motivated
Management styles and skills - more people focused
Technology improvements to create safer workplace

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8
Q

Management strategies to respond to KPI’s- level of staff turnover

A

Management styles and skills
Employees trained and motivated
Technological developments- creation or change in job roles

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9
Q

Management strategies to respond to KPI’s- level of wastage

A

Lean production techniques
Quality management
Change in resources eg, solar recycling
Employees- trained to avoid waste age

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10
Q

Management strategies to respond to KPI’s- number of customer complaints

A

Quality management - increased quality of output

Employees - skilled and motivated

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11
Q

Management strategies to respond to KPI’s- number of workplace accidents

A

Investment in technology eg. Robots
Staff training in creating safe workplace environment
Management style and skills that reinforce safe workplace environment

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12
Q

Why should a business seek new opportunities

A
  • desire to expand profits
  • move out of a market decline
  • move out of a market with overly strong competition
  • get into a new market just as it begins to expand.
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13
Q

Developing new products through investment in research and development

A

Eg; rubicon water- they want to improve the productivity of the worlds farmers in an environmentally sustainable way.

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14
Q

Developing new products through investment in research and development : ADVANTAGES

A
  • can stay at the front of the market with new releases and capture new sales.
  • may be the first to patent or copy right the next big thing
  • can lead to spin off other innovations / product services
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15
Q

Developing new products through investment in research and development : DISADVANTAGES

A
  • time consuming
  • financially expensive
  • risk as there are no guarantees that the investment will pay off
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16
Q

Finding a new market niche :

A

Eg: LUSH as they have a specified market with speciifc needs that they cater to.

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17
Q

Finding a new market niche : ADVANTAGES

A
  • uses a differentiation strategy which builds brand and customer loyalty
  • can allow you to charge premium prices and gain higher profits
  • allows the business to market on its uniqueness
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18
Q

Finding a new market niche : DISADVANTAGES

A
  • can be exposed if this niche markets decline

- if becomes successful major players may try to move into your niche

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19
Q

Innovations

A

Eg; YOU WINES. Aims to create a new brand of wine that would resonate with generations Ys tastes and lifestyles, in ways existing wine brands had failed to do so

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20
Q

Innovations : ADVANTAGES

A
  • creates a new market and or product to expand sales
  • generates a consumer buzz around a new idea/ concept
  • can extend the product lifestyle
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21
Q

Innovations : DISADVANTAGES

A
  • need to constantly innovate to stay in front of the next idea
  • often requires heavy marketing to get the idea out to consumers
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22
Q

Taking advantage of new technology :

A

Eg: Netcomm wireless. It has provided regional homes and businesses in Australian and the US with fixed wireless broadband, where they previously had little to no coverage

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23
Q

Taking advantage of new technology : ADVANTAGES

A
  • can create new markets to expand into
  • can lead to greater accuracy, quality and improved customer products / services
  • can lead to efficiency, higher productivity and lower costs per unit which leads to low cost strategic advantage
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24
Q

Taking advantage of new technology : DISADVANTAGES

A
  • can be expensive to invest in new technology

- can require investment in staff training

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25
Q

Export goods and services overseas :

A

Eg: Crosby roads . 96% of Hipster Whales business equates to foreign revenue, with most coming from gamers in Canada, France, Germany, South Korea, U.K. And USA

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26
Q

Export goods and services overseas : ADVANTAGES

A
  • much bigger markets tap into, - sales numbers can massively increase
  • by targeting areas of free trade agreements to avoid tariffs and quotes
  • can use Austrade support programs
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27
Q

Export goods and services overseas : DISADVANTAGES

A
  • exposed to exchange rate fluctuations
  • may have to deal with language or cultural barriers
  • may be exposed to tariffs, quotas, import regulations etc..
  • delivery times increase
  • exposed to global competition
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28
Q

Tariff

A

Tax on imports to help local production be cost effective

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29
Q

Quota

A

A limit on the quantities of goods that can be imported into a country

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30
Q

Having goods produced overseas :

A

Eg; RIPCURL. Nine corporate licenses make and sell ripcurl products in USA, France, South Africa, Japan, Indonesia, Brazil, Argentina, Peru and chille

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31
Q

Having goods produced overseas : ADVANTAGES

A
  • access to larger markets for your products
  • having production much closer to your customer base to help with marketing issues etc..
  • opportunity to cut costs from lower labour costs
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32
Q

Having goods produced overseas : DISADVANTAGES

A
  • may prove harder to manage operations from Australia
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33
Q

Senges learning organisation

A

This theory is associated with businesses that continuously transform themselves by allowing the members of that business to continuously learn from their experiences

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34
Q

Senges learning organisation : systems of thinking

A

Uses this method of thinking to evaluate the performance of business as a whole, rather then seperate units. This is the discipline that integrates the disciplines, fusing them into a coherent body or theory and practise. Without a systematic orientation, there is no motivation to look at how the disciplines inter relate. By enhancing the disciplines it continually reminds us that the whole exceed the sum of its parts.

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35
Q

Senges learning organisation PERSONAL MASTERY

A

This is where the individual is committed to self improvement and becomes a life-long learner. Individual learning is acquired through staff training, development and continuous self reflection. Research shows that most learning in the workplace is incidental rather than from training, therefore it is important to develop a culture where personal mastery is practised

36
Q

Senges learning organisation MENATL MODELS

A

The assumptions held by individuals and organisations are called mental models. To become a learning organisation, these models must be challenged. This is about creating a business culture of openness, inquiry and trust where employees are encouraged to challenge old assumptions and mindsets to feel empowered and create something new and better then before.

37
Q

Senges learning organisation TEAM LEARNING

A

This is important because it places emphasis on the team the individual. The idea is that individuals learn from each other and as a group together. Employees learn more quickly, and the problem solving capacity of the business is improved when ideas can be shared openly and with trust

38
Q

Senges learning organisation SHARED VISION

A

The development of a shared vision is important in motivating the employees to learn, as it creates a common goal that provides focus and energy for learning. When there is a genuine vision people excel and learn, not because they are told to, but because they want to

39
Q

Senge BENEFITS

A
  • boosts levels of creativity, thinking, innovation and business competitiveness
  • continuously striving to improve
  • adaptable, flexible, the business responds quickly to issues in the future.
  • staff motivation should increase, boost skills and empowerment
  • improving quality of outputs at all levels
  • improving corporate image by becoming more people orientated - employer of choice
40
Q

Senge ISSUES TO CONSIDER

A
  • requires cultural change which can take time

- large businesses can struggle to share ideas and knowledge between all members

41
Q

Senge examples: systems thinking

A

IBM - is an example of a firm that has integrated many of these functions and has a competent, engaged and long serving workforce. Employees have been cross trained and often perform many diverse functions

42
Q

Senge examples: shared vision

A

Googles well known motto of do no evil plays out in several ways including giving employees paid time off to contribute to charities. This commitment to a vision is a powerful in pulling people together to achieve common goals.

43
Q

Senge examples: mental models

A

Zappos has taken a very different approach to how they are organised by adopting a management system called holocracy. In this system there are no managers and employees are empowered to suggest changes or bring up ideas that the group can discuss and make decisions on.

44
Q

Senge examples: team learning

A

Cisco systems and ideo, a Palo Alto-based design firm, have deeply embraced senges disciples of team learning. They have integrated functions as disparate as human resources, engineering, design, sales and softwear development into a single team.

45
Q

Senge examples: personal mastery

A

N/A

Of all of senges disciplines this is the one that is probably the least acted upon and least visible.

46
Q

Low risk strategies: communication advantages

A
  • all employees become informed and can have their questions answered
47
Q

Low risk strategies: communication disadvantages

A
  • it can be time consuming when there are lots of employees to communicate with
48
Q

Low risk strategies: empowerment advantages

A
  • new and fresh ideas on the change and how it should be implemented
49
Q

Low risk strategies: empowerment disadvantages

A
  • conflict when there are differing ideas and time due to lots of discussions about the best way to move forward
50
Q

Low risk strategies: support advantages

A
  • employees are given time to adapt to the change. Employees see support of others which help develop a strong culture
51
Q

Low risk strategies: support disadvantages

A
  • it can be time consuming and sometimes expensive to provide this support
52
Q

Low risk strategies: incentives advantages

A
  • employees feel as though they are values
53
Q

Low risk strategies: incentives disadvantages

A
  • employees are only supporting change because they have been given something in return. It can also be expensive
54
Q

Low risk strategies: empowerment

A

Is where employees are given the power or authority to be involved in the change process. This can greatly reduce any resistance as the employees are less likely to go against decisions they have been involved in making.

55
Q

Low risk strategies: support

A

Providing emotional an functional support for employees that are facing hardships due to the change. Employees that need to undertake new processes or change positions should be given support through training, which helps them to overcome any performance pressures.

56
Q

Low risk strategies: incentives

A

Negotiating with resistors and offering them incentives can help them to gain support for the change. This could involve offering trade offs that provide special benefits in exchange for the restaurant that the change will not be blocked.

57
Q

Low risk strategies: communication

A

By clearly and respectfully expressing in advance, why and how change needs to occur, managers can overcome employee resistance. Communication can be done by email, meetings, public announcements etc..

58
Q

High risk strategies: manipulation

A

To where the business or change agent will use covert tactics to influence employees. Management may secretly leak info to employees, or provide only some facts so that the change is able to gain support

59
Q

High risk strategies: manipulation advantages

A

-gaining support can be quick and inexpensive

60
Q

High risk strategies: manipulation disadvantages

A
  • it can cause conflict and greater resistance if employees find out that they were manipulated
61
Q

High risk strategies: threat

A

Is where the business will use force to get employees to accept the change. Employees can be threatened with a number of undesirable consequences, such as loss of promotion, transfer or loss of benefits that have not been written into the workforce agreement. While this can allow a change to happen relatively quickly, it can erode any positive relationship ps that have previously been formed.

62
Q

High risk strategies: threat advantages

A
  • very quick to over-power resistance
63
Q

High risk strategies: threat disadvantages

A
  • can harm relationships. If employees are strong or have a strong or have a strong union it can cause a nasty conflict
64
Q

The effect of Change on stakeholders: employees

A

Employees have a financial interest in the business in the form of their wages. Some changes may affect the size of the workforce, resulting in redundancies, redeployment or affect the number of working hours. Some changes may result in the nature of the job changing that will require employees undertake some training.

65
Q

The effect of Change on stakeholders: managers

A

May have to try to cope with the changes to their positions or their responsibilities while managing the implementation of the change in relation to the employees. Some managers might find implementing the changes challenging but they will have to deal with the changes in a positive way in order to support other employees through the changes

66
Q

The effect of Change on stakeholders: customers

A

The preferences and need of its customers are crucial to ongoing business success. Customers are often overlooked in the change process as the focus is more Om shareholders and employees. However, businesses should consider the impact on the customer when considering changes

67
Q

The effect of Change on stakeholders: general community

A

Can be impacted, directly and indirectly, by the changes within a business. Reducing significant staff numbers will impact on surrounding businesses that provide goods and services to employees, such as cafes and office supplies

68
Q

The effect of Change on stakeholders: suppliers

A

Some changes may affect the company’s suppliers. It could necessitate new contracts and supplier specifications, which could adversely affect the suppliers. Their bargaining position might also be affected as the company seeks to reduce its costs

69
Q

The effect of Change on stakeholders: general community examples

A

NBN some says it’s good and it works well, but others say that the money is not worth it, its too expensive and the taxpayers money paid for it

70
Q

The effect of Change on stakeholders: employees example

A

Ford and Holden shut down and caused major unemployment and anger from the employees

71
Q

The effect of Change on stakeholders: managers

A

McDonalds intro of new menus, uber eats and new layout of stores, would effect managers through the increased pressure of new responsibilities to train staff to produce new products

72
Q

The effect of Change on stakeholders: customers examples

A

Shapes Arnotts changed recipes and changed it back because of the backlash from customers

73
Q

The effect of Change on stakeholders: suppliers examples

A

The impact of moving Holden and ford car manufacturing overseas impacts the suppliers as they will not need them as much

74
Q

The effect of Change on stakeholders: Positives and Negatives managers

A

Pos- if the business change went as planned we can expect celebration and accolade for leading the business through this period
- change may have led to new opportunities for them.
Neg- the change may have lead to a diminished role or responsibility for them.
- substantial business change can come at the expense of high stress.

75
Q

CSR- considerations when implementing change.

A

During the process of implementing change CSR should be considered throughout the process

  • consider the environment
  • consider the community
  • consider the workforce
76
Q

CSR Positives and negatives

A 
Pos- better business reputation can translate into improved sales for new customers, brand loyalty for existing customers 
- additional marketing opportunity 
- impact on sustainable future 
Neg- financial costs 
- diverted time away from core business.
77
Q

The effect of Change on stakeholders: Positives and Negatives employees

A

Pos- may lead to new opportunities and responsibilities = more challenging work
- change may require additional training which boosts promotional opportunities.
Neg- change may reduce the need for employees or even totally replacing them and this may lead to redundancy, loss of income
- the skills and demands of their new positions may cause some fear and angst requiring support, counselling or retraining

78
Q

The effect of Change on stakeholders: Positives and Negatives customers

A

Pos- customers will hopefully benefit with better goods or services, better focused on their needs.
- customers may expirence lower prices
Neg- customers may sometimes feel quality has been sacrificed for price or vice versa.
- customers may have their brand loyalty has been taken advantage of and changed thier buying preferences

79
Q

The effect of Change on stakeholders: Positives and Negatives general community

A

Pos- Successful businesses are more likely to employ workers, reducing the unemployment rates, boosting social wellbeing.
- successful businesses are more likely to make charitable donations to society and broader causes eg; maccas home for sick families
Neg- business Change can lead to redundancy, damaging unemployment levels, supplier closures lower community incomes, job prospects and social wellbeing in a community.

80
Q

The effect of Change on stakeholders: Positives and Negatives suppliers

A

Pos- suppliers may gain additional contracts or volume orders from the host business as they become more successful.
Neg- if the change process went badly or the market have changed, the supplier business Ma feel vulnerable as their fortunes may be tied to the host business.

81
Q

Evaluating business transformation

- by reviewing our initial KPI’s we can …

A
  1. Analyse the size and extent of any transformation
  2. We can identify the areas we had the most success in and the ones which require additional effort or time to be achieved
  3. Consider an alternative management strategy if we didn’t achieve the results we were looking for.
82
Q

Lewin 3 step change

A

Lewin found that driving and restraining forces determine the success of change. When change is actually about to occur, he recommends that change process works through threee key steps

83
Q

Lewins three step change model: 1. UNFREEZE

A

Getting people and resources ready for change.

  • create the need for change
  • work to reduce resistance to change
84
Q

Lewins three step change model: 2. CHANGE

A
  • implement change

- ensure people are trained, resources are in place, obstacles removed

85
Q

Lewins three step change model: 3. REFREEZE

A

Ensure the change remains for long term

  • embed into culture
  • reinforce change
  • evaluate results
  • adjust if necessary
86
Q

Seeking new business opportunities : DOMESTICALLY DEFINITION

A

Domestic opportunities are where the business is looking to gain more business within their current country of operating

87
Q

Seeking new business opportunities: GLOBALLY DEFINITION

A

Global opportunities are where the business is looking to gain more business outside their current country of operations

Business Managment 3/4 (8 decks)

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