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Business Managment 3/4 > U4 AOS2 T1 > Flashcards

U4 AOS2 T1 Flashcards

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1
Q

By leading change, the manager acts as

A

a bridge to support the employees as they cross from existing work practices into new and unfamiliar territory.

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2
Q

leadership qualities (10

A 
Motivation 
Inspiration 
Responding to feedback 
Supporting or organising training 
Coaching, mentoring  
Developing talent  
Being decisive  
Act as a role model for employees 
Maintain relationships with all key stakeholders in the change process – employees, shareholders, suppliers, etc 
Clearly communicate the business intentions
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3
Q

how will the 10 leadership qualities help the manager

A

These personal characteristics will assist him or her to discover and appreciate any points of resistance to change.

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4
Q

adding to the leadership qualities, a successful leader will need to (9

A

market and promote the change in a manner that will achieve cooperation and 
acceptance
resolve conflicts, which often arise when change is implemented
keep an open mind, seek out new ideas and freely share information
cultivate a sense of stability, while at the same time push on with even more change
show confidence in people, share credit and recognition
build and communicate a clear vision.
ensure the KPI’s are reflecting growth
inspire and motivate employees
have clear vision for the future


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5
Q

definition of leadershsip

A

is the process of positively influencing and encouraging individuals to set and achieve objectives.

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6
Q

second dot point =

(11

A 
staff training
staff motivation
change in management styles or skills
increased investment in technology
improved quality in production
cost cutting
lean management
redeployment of recourses
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7
Q

staff training will generally provide: (5

A

Better knowledge in employees
Better skills in employees
Feeling of being valued
Opportunities for employee group to develop together
Career development for employees e.g. Leadership training

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8
Q

if the number of customer complaints are high, what would staff training provide and how will it impact the issue

A

Better knowledge in employees > Improved customer service

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9
Q

if the Productivity rates poor Net profit figures low Level of wastage high what would staff training provide and how will it impact the issue

A

Better skills in employees > Quicker production, better quality of production, less wastage

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10
Q

if the Productivity rates low Rates of staff absenteeism high Rates of staff turnover high what would staff training provide and how will it impact the issue

A

Feeling of being valued > Staff motivation increases

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11
Q

if the Rates of staff absenteeism high Rates of staff turnover high what would staff training provide and how will it impact the issue

A

Opportunities for employee group to develop together > Staff motivation increases

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12
Q

if the Rates of staff absenteeism high Rates of staff turnover high what would staff training provide and how will it impact the issue

A

Career development, leadership training > Staff motivation increases Promotion opportunities develop

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13
Q

what is staff motivation

A

Motivation is concerned with the desire to do things. In a business the manager clearly wants the employees to do the things that will achieve “their” objectives.

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14
Q

motivation theories include ensuring there is: (7

A 
Sufficient pay  
Job security 
Opportunities for social interaction  
Opportunities for developing self esteem  
Opportunities for personal development 
Goals to strive for 
Fulfilment of personal drives
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15
Q

what are the motivation strategies(4

A

performance related pay, career advancement,
investment in training,
support and
sanction

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16
Q

if the Productivity rates are low Percentage of market share falls Number of sales fall Number of customer complaints too high what would staff motivation provide and how will it impact the issue

A

Willingness to work harder on existing tasks = Improved productivity Improved customer service

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17
Q

if the Percentage of market share low- seeking new competitive edge what would staff motivation provide and how will it impact the issue

A

Willingness to contribute additional effort / ideas for the betterment of the business = Improved productivity Generation of new ideas / innovation and business opportunities

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18
Q

if the Net profit figures low Level of wastage high what would staff motivation provide and how will it impact the issue

A

Employees willing to enhance their skills and knowledge = Quicker production, better quality of production, less wastage

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19
Q

if the Rates of staff absenteeism high Rates of staff turnover high what would staff motivation provide and how will it impact the issue

A

Employees feeling valued = Employees highly engaged and wanting to be at work

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20
Q

what are the 5 management styles

A

Autocratic, persuasive, consultative, participative, laissez faire

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21
Q

what are the 6 management skills

A 
Communicating 
Delegating 
Planning 
Leading 
Decision-making 
interpersonal
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22
Q

if the Rates of staff absenteeism high Rates of staff turnover high what would Change in mgmt. style from autocratic to consultative e.g provide and how will it impact the issue

A

Employees feeling valued and can voice their opinions = Employees engaged and wanting to be at work

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23
Q

if the Productivity rates low what would Change in mgmt. style from autocratic to consultative e.g provide and how will it impact the issue

A

Change in staff motivation = Respect for manager changes and willingness to strive for business objectives changes

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24
Q

if the Number of customer complaints high what would Change to delegation skill e.g. provide and how will it impact the issue

A

Delegate task to customer service employees to resolve = Quicker resolution of problem Staff motivation and skill development Manager time allocated to other tasks

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25
increase investment in technology means an introduction to (4
Automated production lines Computer-aided design (CAD) Computer aided manufacture (CAM) Website development
26
if the Productivity rates low what would Increased investment in technology provide and how will it impact the issue
Increased speed of production – lower costs per unit = Greater volumes of production Lower costs per unit
27
if the Percentage of market share low what would Increased investment in technology provide and how will it impact the issue
Increased productivity leading to lower costs per unit = Lower prices and greater price competitiveness leading to more sales
28
if the Number of sales low what would Increased investment in technology provide and how will it impact the issue
24/7 customer access via website development = Higher sales
29
if the Number of customer complaints high what would Increased investment in technology provide and how will it impact the issue
Higher quality and accuracy = Better quality output, less errors and less wastage
30
if the Level of wastage high what would Increased investment in technology provide and how will it impact the issue
Less product wastage via CAD/CAM = Lower wastage, less environmental damage and cost savings
31
if the Number of workplace accidents high what would Increased investment in technology provide and how will it impact the issue
Replace dangerous tasks with robots = Reduced injuries and reallocation of employees to other tasks or potentially redundancy
32
benefits of improving quality in production
Quality relates to goods or services that fully meet customer expectations. Therefore if your product or service has better quality than a rival then you will have a competitive advantage over them.
33
examples of improving quality in production 3
Quality Control • Quality Assurance • Total Quality Management
34
if the Percentage of market share low Number of sales low what would Improved quality in production provide and how will it impact the issue
Better customer reputation for goods / services Can market the Quality assurance tag = Customer reputation, sales increase
35
what if Number of customer complaints high what would Improved quality in production provide and how will it impact the issue
Quality control measures to “check and reject” - Higher quality and accuracy, = Lower levels of customer returns
36
if the Level of wastage high what would Improved quality in production provide and how will it impact the issue
h Less product wastage via TQM principles – customer focus, continuous improvement, employee participation = Lower wastage, less environmental damage and cost savings Employees proud of the business they work for – creates Employer of Choice
37
cost cutting involves cutting/lowering/reducing: 4
Lowering salary costs, through redundancy programs, outsourcing, overseas manufacture, replacing labour with technology Reducing wastage Looking for lower cost suppliers of inputs Lower travel expenses, lower energy costs
38
if the Net profit figures low Number of sales low Percentage of market share low what would Cost cutting measure provide and how will it impact the issue
Lowering salary costs, through redundancy programs, outsourcing, overseas manufacture, replacing labour with technology = Reduction in costs which can lead to reduction in prices and be more business competitive Can lead to negative employee morale
39
if the Level of wastage high what would Cost cutting measure provide and how will it impact the issue
Reducing wastage = Lower costs on inputs, and also lower costs on environmental clean up
40
if the Net profit figures low what would Cost cutting measure provide and how will it impact the issue
Looking for lower cost suppliers of inputs = New arrangements with suppliers, maybe global suppliers and may lead to negative reaction from environmental and Australian employment perspective
41
what is lean management
Lean Management involves a systematic process for eliminating waste so the end customer gets the most value from their perspective with fewer resources.
42
lean management aims to 3
Increase efficiency, effectiveness and quality of processes Lower costs of production Improve customer satisfaction Improve employee satisfaction
43
The key principles of lean production are: 5
``` Pull - be led by customer demand Focus on effectively delivering value to your customer Improve the value stream by eliminating all types of waste Maintain Flow (Takt)- synchronise all steps, “continuous flow” Strive for Perfection – continuously improve and aim for zero defects ```
44
if the Number of customer complaints Number of sales low Percentage market share low what would Lean production principles provide and how will it impact the issue
Pull - be led by customer demand Focus on effectively delivering value to your Customer = Increase efficiency, effectiveness and quality of processes Improve customer satisfaction and sales rise
45
if the Net profit figures low – expenses high Waste levels high what would Lean production principles provide and how will it impact the issue
Improve the Value Stream by eliminating all types of waste Maintain Flow (Takt)- synchronise all steps, “continuous flow” = Lower costs of production Lower levels of waste
46
if the Number of customer complaints high Number of sales low what would Lean production principles provide and how will it impact the issue
Strive for Perfection – continuously improve and aim for zero defects = Improve customer satisfaction Improve employee morale
47
three types of redeployment of recourses
Natural- (timber, water, solar etc) Labour (employees) Capital (machinery, buildings)
48
what may Natural- (timber, water, solar etc) involve
this may involve using existing resources for different purposes e.g. recycling water at Carlton United brewery or moving away from some natural resources e.g. coal or gas heating to solar power to use more sustainable forms of energy
49
what may Labour (employees) involve
this may involve moving employees off a dangerous production line to be replaced by robots and then moving the employee into a product design department – may occur as a better alternative to redundancies as it retains staff morale, business knowledge
50
what may Capital (machinery, buildings) involve
may involve moving production machinery overseas to take advantage of cheaper labour rates
51
if the Levels of wastage too high what would Redeployment of recourses provide and how will it impact the issue
natural- (timber, water, solar etc.) this may involve using existing resources for different purposes e.g. recycling water at Carlton United brewery = Save costs, wastage and environmental damage reduced
52
if the Number of accidents Level of staff turnover what would Redeployment of recourses provide and how will it impact the issue
Labour (employees) this may involve employees replaced by robots and then moving the employee = Better safety, staff morale may be improved or damaged depending on nature of redeployment Customer reputation retained
53
if the Net profit figures – high expenses what would Redeployment of recourses provide and how will it impact the issue
Capital (machinery, buildings) – may involve moving production machinery overseas to take advantage of cheaper labour rates = Major business restructure, initial high expense but over time may generate better efficiency
54
define market leader
a business that has a reputation for being the best in a market, or leading the market in terms of innovation, sales, pro ts or market share.
55
Why should businesses seek new opportunities? | 4
Desire to expand profits Move out of a market in decline Move out of a market with overly strong competition Get into a new market just as it begins to expand
56
how can a business take action in new opportunities 7
``` Developing new products through investment in research and development Finding a new market or niche Innovation Taking advantage of new technology Exporting goods or services overseas Having goods produced overseas product differentiation ```
57
advantages of Investment in research and development | 3
Can stay at the front of the market with new releases and capture new sales May be the first to patent / copyright the “next big thing” Can lead to spin off other innovations / products services
58
disadvantages of Investment in research and development 3
Time consuming Financially expensive Risk : No Guarantees that the investment will pay off
59
advantages of Finding a new market or niche 3
Uses a “differentiation” strategy which builds brand and customer loyalty Can allow you to charge a price premium and gain higher profits Allows the business to market on its uniqueness
60
disadvantages of Finding a new market or niche 2
Can be exposed if this niche market declines – i.e. “all the eggs in one small basket” If becomes successful major players may try to move into your niche
61
advantages of innovation 3
Creates a new market and / or product to expand sales Generates a consumer “buzz” around a new idea / concept Can extend the product life cycle
62
disadvantages of innovation 2
Need to constantly innovate to stay in front of the next idea Often requires heavy marketing to get the idea out to consumers
63
advantages of Taking advantages of technology | 3
Can create new markets to expand into Can lead to greater accuracy, quality and improved customer products / service Can lead to efficiency, higher productivity and lower costs per unit which leads to “low cost” strategic advantage
64
disadvantages of Taking advantages of technology | 2
Can be expensive to invest in new technology | Can require investment in staff training
65
advantages of Export goods and services overseas3
Much bigger markets to tap into – sales numbers can massively increase By targeting areas of free trade agreements to avoid tariffs and quotas Can use Austrade support programs
66
disadvantages of Export goods and services overseas | 5
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
67
advantages of producing goods overseas 3
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
68
disadvantage of producing goods overseas 1
• May prove harder to manage operations from Australia
69
define tariff
a tax on imports to help local production be cost effective
70
define quota
a limit on the quantities of goods that can be imported into a country
71
what is the theory of ‘The Fifth Discipline: The Art and Practice of The Learning Organisation’ in 1990.
This theory is associated with businesses that continuously transform themselves by allowing the members of that business to continuously learn from their experiences.
72
what are the five principles of a learning organisation
``` Mental models Building a shared vision Personal mastery Team learning Systematic thinking ```
73
define mental models
This is about creating a business culture of openness, inquiry and trust where employees are encouraged to challenge old assumptions and mindsets in order to feel empowered to create something new and better than before.
74
for mental models to be implemented what is needed to be done
For this to occur it will be necessary for people to learn new skills and develop new orientations, and for there to be institutional changes that foster such change.
75
why is building a shared vision beneficial 2
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.
76
People who work within the business, who adopt this shared vision:
, will understand the long-term objectives of the business and so a commitment to the business and to learning will further develop.
77
what is personal mastery
This is where an individual is committed to self improvement and becomes a life-long learner. Individual learning is acquired through staff training, development and continuous self reflection.
78
why is team learning important
This is an important because it places emphasis on the team rather than 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.
79
When teams learn together:
then the business will achieve improved results, but importantly, members will grow more rapidly than could have occurred otherwise.
80
what is systems thinking
Systems thinking is the ability to see the big piture, to look beyond what is occurring just within a business. This creates a structure for an organisation as a whole to help work towards change
81
why do learning organisations use systems thinking
Learning organisation’s use this method of thinking to evaluate the performance of the business as a whole, rather than separate units.
82
Without a systemic orientation, there is no:
motivation to look at how the disciplines interrelate. By enhancing each of the other disciplines, it continually reminds us that the whole can exceed the sum of its parts.” Peter Senge
83
6 advantages of a Learning Organisation
Boosts levels of creativity, thinking, innovation and business competitiveness Continuously striving to improve Adaptable, flexible, the business responds quicker to issues in the future Staff motivation should increase, boosts skills and empowerment Improving quality of outputs at all levels Improving corporate image by becoming more people oriented – employer of choice
84
2 disadvantages of a learning organisation
Requires cultural change which can take time | Large businesses can struggle to share ideas and knowledge between all the members
85
what is product differentiation
a strategy where a business will use brand names and advertising to establish some key differences between their product and substitutable products.
86
benefits of product differentiation 1
Product differentiation can allow businesses to make their product stand out as the product is designed or marketed in a manner that involves a brand name that makes it appear different to the existing products on the market.
87
what is total quality management
is an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation.
88
what is quality control
involves the use of inspections at various points in the production process to check for problems and defects.
89
what is quality assurance
involves the use of a system so that a business achieves set standards in production.
90
what is lean management
is an approach | that improves the efficiency and effectiveness of operations by eliminating waste and improving quality.

Business Managment 3/4 (9 decks)

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