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3/4 Business > U4AOS2 > Flashcards

U4AOS2 Flashcards

1
Q

What KPI’s does the strategy staff training relate to?

A
  • Staff absenteeism and staff turnover
  • Rate of productivity growth
  • Number of workplace accidents
  • Number of customer complaints
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2
Q

What KPI’s does the strategy staff motivation relate to?

A
  • Staff absenteeism and staff turnover

- Rate of productivity growth

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3
Q

What KPI’s does the strategy increased investment in technology relate to?

A
  • Rate of productivity growth
  • Number of sales and proportion of market share
  • Level of wastage
  • Number of customer complaints
  • Number of workplace accidents
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4
Q

What KPI’s does the strategy improving quality in production relate to?

A
  • level of wastage
  • number of sales
  • the proportion of market share
  • number of customer complaints
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5
Q

What KPI’s does the strategy cost-cutting relate to?

A
  • net profit figures
  • number of sales
  • the proportion of market share
  • level of wastage
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6
Q

What KPI’s does the strategy initiating lean production techniques relate to?

A
  • number of customer complaints
  • number of sales
  • proportion of market share
  • net profit figures
  • level of wastage
  • rate of productivity growth
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7
Q

What KPI’s does the strategy “redeployment of resources” (natural, labour and capital) relate to?

A
  • level of wastage
  • net profit figures
  • staff turnover
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8
Q

What KPI’s does the strategy “change of management styles or management skills” relate to?

A
  • staff turnover
  • level of staff absenteeism
  • productivity growth
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9
Q

What are the 9 KPI’s?

A
  • Percentage of market share
  • Net profit figures
  • Rate of productivity growth
  • Number of sales
  • Rates of staff absenteeism
  • Level of staff turnover
  • Level of wastage
  • Number of customer complaints
  • Number of workplace accidents
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10
Q

Why is leadership important during times of change?

A

Change can be a difficult process for many stakeholders as they work to move from the current state to the new unfamiliar state. Leadership is important because it can help to overcome the resistance against change

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11
Q

What will a strong leader do during times of change?

A
  • Communicate with a clear vision
  • Listen to employee concerns
  • Resolve conflicts that may arise
  • Motivate stakeholders on the benefit of the change
  • Provide support
  • Focus on the needs of employees as well as the needs of the business
  • Get all the stakeholders on the same page and working towards the achievement of objectives
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12
Q

Why do employees often resist change?

A

Employees often resist change because they feel isolated, fearful, frustrated or uncertain.

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13
Q

Explain manipulation as a high-risk strategy. What are the benefits and negatives of it?

A
  • The use of selective facts and deception to gain support
  • Reduces resistance because employees are likely to support change when they know the benefits, but not the negatives
  • Can harm morale and culture if employees become aware of the information that has been kept from them
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14
Q

Explain threats as a high-risk strategy. What are the benefits and negatives of it?

A
  • Forcing employees to embrace the change or face retribution
  • Employees are more likely to embrace the change quickly
  • If employees see through the threat, they will resist the change more than before
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15
Q

Advantage and disadvantages of high-risk strategies.

A
  • Works quickly
  • High risk of failing to overcome employee resistance
  • May even backfire and increase employee resistance
  • Likely to damage relationships between management and employees
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16
Q

Explain Lewin’s Three-Step Change Model.

A

The Three Step Change Model is a system a business can follow to successfully implement changes. The three steps include unfreezing, changing and refreezing.

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17
Q

What are the three domestic strategies managers use to seek new opportunities?

A
  • multiple branding
  • franchising
  • government programs
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18
Q

What is multiple branding?

A

When a single business produces varied outputs through a series of subsidiary brands. Increase sales by providing different quality and price needs of the consumer

  • allows customers to have a choice in a wide variety of products
  • allows a business to hold more shelf space
  • HOWEVER, businesses often receive backlash from customers (market distrusts monopoly, reacts negatively to perceived greed)
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19
Q

What is franchising?

A

Allows an independent operator to use the trading name of an established brand for a fee. Enables business to expand operations and increase market share.
Enables to expand while using other people’s money
HOWEVER, there is some loss of control and profits are shared

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20
Q

What is a stakeholder?

A

Stakeholders are those who have a vested interest in the business.

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21
Q

Explain the first step of Lewin’s Three-Step Change Model.

A

The first step is unfreezing.
Unfreezing is about preparing the business for change, and helping people ‘unlearn’ their current behaviours, to pave the way for the adoption of change.
The unfreezing stage may be the most difficult and time consuming for the business to implement.

22
Q

Explain the second step of Lewin’s Three-Step Change Model.

A

The second step is implementing the change.
With the business ‘unfrozen’, they can move towards the new desired state for the business by using open communication and support to help the employees feel empowered to change their behaviours to adopt the change.

23
Q

Explain the third step of Lewin’s Three-Step Change Model.

A

The third step is refreezing.
This involves reinforcing the change within the business’s culture so that it can remain stable for the long term and making any necessary adjustments.
Continuous support and training is needed to help reinforce the new state.

24
Q

What are the three global strategies managers use to seek new opportunities?

A
  • Expand operations overseas
  • Exporting (can also be domestic)
  • Develop an online store
25
Q

Explain expanding operations overseas:

A

Open new stores and/or expand operations

26
Q

Explain exporting:

A

Can open up new markets and greatly increase sales

There can be extra red tape or taxes involved

27
Q

Explain the reasons to and not to develop an online store:

A

E-commerce through a website or social media
Can open up new markets
-HOWEVER, Without red tape, can be costly to set-up and maintain
-Distribution costs can be exorbitant (postage costs)

28
Q

What is the effect of change on managers?

A
  • Change of management style
  • Change of processes that management need to carry out
  • Increase/decrease roles
  • Loss of employment
29
Q

What are the CSR considerations a business should consider when making technological changes?

A
  • Impact on employees;
    • Support and training should be considered to ensure employees feel confident and comfortable using the technology
    • Considering employment levels
  • Impact of technology on the environment (waste generation, amount and use of resource)
30
Q

Describe the concept of the learning organisation:

A

Peter Senge developed the concept of the learning organisation. It defines a learning organisation as businesses that are flexible, adaptive and productive. These will excel during times of rapid change (while those without these qualities with struggle). There are 5 principles that assist a business in these changes; systems thinking, personal mastery, mental models, shared vision, and team learning.

31
Q

What is systems thinking?

A

Systems thinking

The ability to see the big picture rather than in isolation (the cornerstone of learning organisation).

32
Q

What is personal mastery?

A

The people in the business (employees) undertake continual learning. Business needs to provide an environment that allows individuals to learn and follow their passions. If individuals learn, the business will benefit as engaged and motivated employees are more productive and efficient.

Organisations need to foster a climate where challenging the status quo is expected and where employees are encouraged to create and pursue their own visions.

33
Q

What is the shared vision?

A

Being able to develop a vision that the people within a business believe in. Develops commitment rather than compliance. Having all people on the same page can develop long term drive towards transformation. (When there is a genuine vision people excel and learn, not because they are told to, but because they want to)

34
Q

What are mental models?

A

The deeply ingrained assumptions, generalisations and images of how people understand the world. These beliefs and values direct how we behave. During transformation, the business and its people need to look at themselves and scrutinise what they do and why.

35
Q

What is team learning?

A

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

*Senge states that a learning organisation requires a more contemporary form of leadership. Leaders in the learning organisation are:
Designers: being able to design purpose, vision and core values
Stewards: look after and protect the vision rather than own it
Teachers: being able to foster an environment where learning is for everyone.

36
Q

What is the effect of change on customers?

A
  • Improved quality
  • Lower price
  • Discontinuing a product
  • Changed the product (eg. recipe)
  • Changed how the product can be accessed (eg. closing stores)
37
Q

What is the effect of change on suppliers?

A
  • A business may decide to operate in a more socially responsible manner, impacting the types of suppliers they deal with
  • A business may decide to outsource their operations overseas, and use a different suppliers
38
Q

What is the effect of change on the general community?

A
  • A business may decide to offshore part of their business to reduce costs, which could result in increased unemployment in the local community
  • A business could expand into a new location or market, stimulating the local economy in that region
39
Q

Outline Corporate Social Responsibility.

A

A business’s ongoing commitment to operate in an economically, socially and environmentally sustainable manner whilst considering the interests of diverse stakeholders.

40
Q

What are the CSR considerations a business should consider when restructuring/downsizing?

A
  • Consider taking steps to reduce the number of job losses, although it may not be financially sensible
  • Implement strategies to help find new employment for staff made redundant, although it may not be financially or timely sensible
41
Q

What are the CSR considerations a business should consider when choosing suppliers/purchasing supplies?

A
  • Purchasing supplies from local suppliers; may not be financially sensible
  • Consider the working conditions in overseas suppliers (ethical supple chain management)
  • Look to support their suppliers to ensure both business’ ongoing success
42
Q

What are the CSR considerations a business should consider when thinking about their impact on the environment?

A
  • Changes that could increase pollution or can harm wildlife habitats should be considered
    • To demonstrate CSR, these should be avoided
  • Businesses should implement changes that improve the impact on the environment
43
Q

Explain communication as a low-risk strategy. What are the benefits and negatives of it?

A

Being open and honest about the charge, so that employees fully understand. Allows employees to voice their concerns and have questions answered. This helps build trust and gain the support of employees. (not a quick solution, it is a long term solution)

44
Q

Explain empowerment as a low-risk strategy. What are the benefits and negatives of it?

A

Involves getting employees involved in the change process themselves by giving them positions of responsibility. Employees are also less likely to resist a decision they have been involved in making. (this does not work for every employee and it takes time)

45
Q

Explain support as a low-risk strategy. What are the benefits and negatives of it? VERY BROAD AND GENERAL

A

Those affected by the change need to be supported through the process. Could be done through training, counselling, consultation or helping to find new employment. If you have a supportive culture, the stakeholders within that culture will be less likely to resist future changes. (this does not work for every employee and it takes time)

46
Q

Explain incentives as a low-risk strategy. What are the benefits and negatives of it?

A

Providing something that encourages employees to embrace change. This may include promotions or bonuses. Benefits: extrinsic, empowering (short term, this does not work for every employee and it takes time)

47
Q

Compare low and high-risk strategies

A
  • Low-risk strategies (low risk of not working)

- High-risk strategies- carry a higher risk of not working if they are not used properly. Very fast results.

48
Q

Why is it important for a business to review their KPI data after implementing a change?

A

A business uses a range of different KPIs to evaluate their performance, which can drive a business to implement change.
If a change is implemented, it is important for the business to asses if it was successful. This can be done by comparing the previous KPI data to the current KPI data to see what impact the change has had.
If the data is positive, the change was successful, allowing the business to continue on the same path. However, if the data is genitive, the change was unsuccessful, which advises the business to make adjustments/corrections.

49
Q

Advantages and disadvantages of low-risk strategies.

A
  • work over a longer time
  • low risk of failing to overcome employee resistance
  • maintains good relationships between management and employees
  • will take up a lot of time
  • may not work with every employee
50
Q

How might you apply the reviewing of KPIs to Lewin’s Three-Step Model?

A
  • KPI data might inform a manager of a problem
  • In step 3 of Lewin’s model, the manager can, and should, evaluate the same KPIs to determine if the change was a success for the business
    THIS IS NOT PART OF THE 3 STEP MODEL, but can be applied to it
51
Q

Define leadership

A

Leadership is the use of a leader’s skills to engage and motivate employees to become more productive and efficient.

3/4 Business (5 decks)

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