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VCE > U4 AOS1 bus man > Flashcards

U4 AOS1 bus man Flashcards

1
Q

business change

A

any alteration in the operation of the business that sees the business transition and create a new state of operation

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2
Q

reactive change

A

is to wait for change to occur and then respond to it

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3
Q

proactive change

A

is to initiate change rather than simply reacting to events

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4
Q

key performance indicator (definition)

A

is a set of criteria that helps business owners understand how their business is performing in a certain area in order to achieve business objectives

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5
Q

key performance indicators (9)

A
  • percentage of market share
  • net profit figures
  • rate of productivity growth
  • number of sales/revenue
  • rates of staff absenteeism
  • level of staff turnover
  • level of wastage
  • number of customer complaints
  • number of workplace accidents
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6
Q

MPP SAT CAW

A
  • percentage of market share
  • net profit figures
  • rate of productivity growth
  • number of sales/revenue
  • rates of staff absenteeism
  • level of staff turnover
  • level of wastage
  • number of customer complaints
  • number of workplace accidents
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7
Q

percentage of market share

A

represents the % of an industry sales that is earned by a particular business over a specified time period (increase = good for business)

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8
Q

net profit figures

A

is what the company has earned after all expenses are deducted from total revenue (increase = good for business)

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9
Q

rate of productivity growth

A

is the % increase in productivity over time (increase = good for business)

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10
Q

number of sales/revenue

A

refers to the measure of the quantity of goods/services sold in a given reporting period (increase = good for business)

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11
Q

rates of staff absenteeism

A

is the number of days employees are absent from work as a % of their total number of working days (decrease = good for business)

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12
Q

level of staff turnover

A

is the amount of employees leaving the business in a period of time and need to be replaced (decrease = good for business)

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13
Q

level of wastage

A

the amount of stock either as a raw material or during processing which is discarded (decrease = good for business)

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14
Q

number of customer complaints

A

the amount of written/verbal expressions of dissatisfaction from customers about an organisation’s goods/services over a period of time (decrease = good for business)

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15
Q

number of workplace accidents

A

the recorded amount of worker/ customer related injuries that occur in a business in a given time period (decrease = good for business)

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16
Q

key principles of the Force Field Analysis theory (Lewin)

A
  • driving forces

- restraining forces

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17
Q

driving forces (definition)

A

factors that encourage a change to occur

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18
Q

restraining forces (definition)

A

factors that work against the change and provide resistance

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19
Q

driving forces (10)

A
  • managers
  • employees
  • competitors
  • legislation
  • pursuit of profit
  • reduction of costs
  • globalisation
  • technology
  • innovation
  • societal attitudes
20
Q

managers (DF)

A
21
Q

employees (DF)

A
22
Q

competitors

A
23
Q

legislation (DF)

A
24
Q

pursuit of profit

A
25
Q

reduction of costs

A
26
Q

globalisation

A
27
Q

technology

A
28
Q

innovation

A
29
Q

societal attitudes

A
30
Q

restraining forces (6)

A
  • managers
  • employees
  • time
  • organisational inertia
  • legislation
  • financial considerations
31
Q

managers (RF)

A
32
Q

employees (RF)

A
33
Q

time

A
34
Q

organisational inertia

A
35
Q

legislation (RF)

A
36
Q

financial considerations

A
37
Q

Porter’s Generic Strategies

A

is a strategic management theory which describes how a business can seek to acquire a competitive advantage in its industry/market by adopting generic strategies

38
Q

strategies of porter’s

A
  • lower costs

- differentiation

39
Q

lower costs

A

a business manager decides that their strength is to become the lowest cost producer of a product

40
Q

lower costs advantages

A
  • Strong competitive advantage in markets with price conscious consumers
  • Encourages customers to try the product due to the low price –> results in returning customers
  • Accessible to a wide range of customers –> as more affordable for all people
41
Q

lower costs disadvantages

A
  • Customers may associate a lower price with lower quality –> could deter customers away
  • If business choose to lower price, may need to substantial sales to general a profit
  • May be difficult and time consuming to determine effective ways to reduce costs w/o impacting quality
42
Q

differentiation

A

to be more innovative and creative than their competitors and create goods/services that have a unique point of difference compared to their competitors

43
Q

differentiation advantages

A
  • Can change a premium price as the cost is not an important consideration for customers
  • Creates brand loyalty and this can increase competitiveness
  • Powerful at generating a strong a well known brand image
44
Q

differentiation disadvantages

A
  • Limited target market to those require unique feature or can afford to purchase
  • Business can copy unique point of difference meaning the competitive advantage is lost
  • Can be quite expensive to be unique, increasing costs and making it hard to generate a profit
45
Q

similarities between lower costs and differentiation

A
  • Both approach are used as a way for a business to gain a competitive advantage
  • Both it is easier for larger business to spend on research and development to innovate
  • Both aim to achieve business objectives
46
Q

differences - lower costs

A
  • Attracts price sensitive customers

- Internal focus on how the business can reduce costs

47
Q

differences - differentiation

A
  • Attract brand loyal and quality conscious customers

- External focus on how they can provide unique point of difference compared to rivals

VCE (1 decks)

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