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BUSINESS MANAGEMENT > transforming a business > Flashcards

transforming a business Flashcards

1
Q

define leadership

A

the ability to influence and and motivate individuals to achieve business objectives

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2
Q

why is leadership important ?

A
  • helps to build momentum towards successful change

- reduces resistance

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3
Q

what are the 8 management strategies

A 
staff training
staff motivation
change in management style/skills
increased investment in technology
improved quality in production
cost cutting
initiating lean production techniques 
redeployment of resources
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4
Q

define staff training & which KPI’s it applies to

A

aimed at improving employee skills, knowledge and attitudes allowing employees to perform more efficiently
-applies to number of sales, workplace accidents

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5
Q

advantage and disadvantage of staff training

A
  • decreased customer complaints

- cost of training

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6
Q

define staff motivation & which KPI’s it applies to

A

concerned with the desire to do things

-applies to staff turnover and customer complaints

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7
Q

advantage and disadvantage of staff motivation

A
  • employees more motivated

- may take time and cost

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8
Q

define change in management & which KPI’s it applies to

A

influences the performance of a business and culture

-applies to productivity, customer complaints

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9
Q

advantage and disadvantage of change in management

A
  • employees feel more included

- some may not agree

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10
Q

define increased investment in technology & which KPI’s it applies to

A

technology to can be used to improve business in all forms

-applies to productivity, level of wastage

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11
Q

advantage and disadvantage of increased investment in technology

A
  • less wastage

- cost and new technology

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12
Q

define improved quality in production & which KPI’s it applies to

A

improving the quality of the end good or service

-applies to customer complaints, no. of sales

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13
Q

advantage and disadvantage of improved quality in production

A
  • better product

- may not please lower price customers

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14
Q

define cost cutting & which KPI’s it applies to

A

businesses look to reduce costs without decreasing quality

-applies to net profit, productivity

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15
Q

advantage and disadvantage of cost cutting

A
  • increased net profit

- quality may decline

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16
Q

define initiating lean production techniques & which KPI’s it applies to

A

minimising waste produced in a business

-applies to level of wastage, productivity growth

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17
Q

advantage and disadvantage of lean production techniques

A
  • reduced wastage

- may be hard to find ways to reduce it

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18
Q

define redeployment of resources & which KPI’s it applies to

A

transfer of resources from one place in a business to another for better use of resources
-applies to productivity, staff turnover

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19
Q

advantage and disadvantage of redeployment pf resources

A
  • save costs, less wastage

- major restructure may cost money

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20
Q

define domestic opportunities

A

business looks to gain more business within their current country of operating

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21
Q

what are three domestic strategies/overview

A
  • multiple branding; business sells multiple brands in same market
  • franchising; allowing someone to set up the same business as yours
  • government programs; some provide programs for growing your business
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22
Q

define global opportunities

A

where the business is looking to gain more business outside their current country of trade

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23
Q

what are two global strategies/overview

A
  • exporting; sending goods to another country

- austrade; government body who help increase Australias trade and education

24
Q

what is a strategy that helps domestically and globally

A

developing on online presence; putting business online attracts many new customers but can be costly

25
Q

define low risk strategies

A

strategies that help to reduce resistance to change that maintain strong relationships between employee and employer

26
Q

what are the 4 low risk strategies/overview

A
  • communication; open and honest about the change
  • empowerment; involving employees in decision making
  • support; supporting employees through the change
  • incentives; providing a reward encouraging employees to embrace the change
27
Q

define high risk strategies

A

strategies that allow businesses to overcome resistance quickly but could more likely result in negative consequences

28
Q

what are the 2 high risk strategies/overview

A
  • manipulation; SELECTIVE use of facts or information to make them support the change
  • threat; forcing employees to embrace the change or receive retribution
29
Q

define learning organisation

A

a business that is flexible, adaptive, productive and aims to have a culture where people work together at their best

30
Q

what did Peter senge find

A

that businesses that are more flexible, adaptive and productive excel during times of change

31
Q

what are the 5 key principles of senge

A
  • systems thinking
  • personal mastery
  • mental models
  • shared vision
  • team learning
32
Q

define systems thinking

A

ability to see the bigger picture, meaning all principles need to be implanted for one to work. business can evaluate performance overall

33
Q

define personal mastery

A

people within the business undertake continual learning working towards self improvement and this increases their skills

34
Q

define mental models

A

the existing assumptions held by individuals as to how a business should act, behave and response

35
Q

define shared vision

A

being able to develop a vision that the people within the business believe in and all agree with to develop commitment

36
Q

define team learning

A

process of aligning and developing capacities of a team to create results the members desire. individuals that learn together will grow more rapidly

37
Q

advantage and disadvantage of senge

A
  • everyone may already be used to shared vision so would understand benefits better
  • time allocated to team learning etc may be expensive and everything must be right for one to work
38
Q

what is the effect of change on managers

A

change of management style, loss of employment

39
Q

what is the effect of change on employees

A

may alter an employees job, cause them to resist or require training

40
Q

what is the effect of change on customers

A

could be positive - improved quality/lowered price or negative - discontinued product

41
Q

what is the effect of change suppliers

A

businesses may need to change their suppliers, or suppliers may need to provide them with different materials

42
Q

what is the effect of change on the general community

A

if they go to a new location, the are stimulating the local economy

43
Q

what are the 4 csr affects of changes

A
  • restructure/downsizing; could cause job losses
  • suppliers; supporting suppliers and using local suppliers
  • changes in technology; consider technology impact on employees
  • impact on the environment; changes could increase pollution or harm wildlife
44
Q

what is Lewins change model used for

A

change model that businesses can use to implement effective change

45
Q

what are the three steps in the change model

A
  • unfreeze
  • change
  • refreeze
46
Q

describe unfreeze

A
  • identifying what needs to change
  • demonstrating a need for change
  • challenge current beliefs that resist change
47
Q

describe change

A

take out the change, it is important that open communication and support is used to help those that are finding change difficult

48
Q

describe refreeze

A
  • reinforce the change
  • embed into the culture
  • evaluate results/make adjustments
49
Q

how can kpis be used to evaluate changes

A

they can evaluate their performance, and implement changes to suit it

50
Q

how do businesses measure their performance

A

companies can look at the impact of the changes on number of sales, market share and net profit

51
Q

what were the 4 changes made to Bega cheese

A

2017-purchased Mondelez grocery brand who own Kraft and Vegemite for $460 million in Port Melbourne
2018-purchase peanut company of Aus in queensland
2018-purchase koroit factory (milk powder) for 250 million in west victoria
2019-close Coburg warehouse because of it being too small for future demand

52
Q

what KPI’s affect Bega cheese

A
  • percentage market share; expanding into new markets

- net profit; increases due to new sales

53
Q

what is a driving force and restraining force at Bega of the changes

A

driving; pursuit of profit / competitors

restraining; financial considerations / employees

54
Q

what are the domestic and global opportunities of Bega

A
  • domestic; Bega expanded into other food areas and expanded across the country
  • global; bega export sales rose 29% and have developed a clear stratergy
55
Q

what are management strategies that apply to Bega

A

staff training; due to new methods/business

redeployment of resources; Labour and equipment moved around

56
Q

what is the effect of change on Bega stake holders

A

employees; existing employees under new management

suppliers; business requires new materials

BUSINESS MANAGEMENT (6 decks)

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