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Business studies > Unit 10 > Flashcards

Unit 10 Flashcards

1
Q

What are the causes of change?

A

-Meet objectives (gain market share, increase shareholder worth)
-Respond to external forces (Technological advancement, consumer demand, political and legal change)
-Respond to internal forces (Employee pressures, owner’s power, Experience curve)
-Gain competitive advantage (economies of scale, market development)

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2
Q

What are the types of change?

A

-Internal change
-External change
-Incremental change
-Disruptive change

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3
Q

What techniques can a business use to manage change?

A
  • Project champion
  • Project group
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4
Q

What is Lewin’s force field analysis?

A
  • Driving forces who in favour of the change
  • Resisting forces who are against the change
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5
Q

Value of change to maintain competitive advantage?

A
  • Engage employees as a result of responding to their changing needs
  • Flexibility
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6
Q

What does organisational culture affect?

A
  • Staff motivation
  • Decision making
  • Competitiveness of the business
  • Brand image
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7
Q

What are the four cultures in Handy’s task culture?

A
  • Task
  • Role
  • Power
  • Entrepreneurial
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8
Q

How can flexibility of an organisation be improved

A

-Restructuring
-Delayering
-Flexible employee contracts

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9
Q

What are the 4 reasons for resistance to change according to Kotter and Schlesinger?

A

-Parochial self interest-stakeholders fear that the change will lead to them being worse off
-Prefer status quo-like things the way they are
-Different assessment of the situation-stakeholders believe that the proposed change isn’t correct course of action
-Misunderstanding/misinformation

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10
Q

what are the 6 ways to overcome resistance to change according to Kotter and Schlesinger?

A

-Education and communication
-Participant and involvement=ensuring stakeholders feel apart of the change process
-Facilitation and support=providing necessary skills and support to help stakeholders feel more comfortable with the change
-Negotiation and agreement=increase two way communication by bargaining with stakeholders and making compromises when required
-Manipulation and cooption=using project champions who receive incentives and are tasked with winning around others
-Explicit and implicit coercion=pushing change through despite resistance

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11
Q

How can culture affect how a business operates?

A

-Decision making
-Organisational structure
-Communication
-Leadership styles
-Attitude towards work
-Workforce performance

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12
Q

Why is organisational culture important?

A

-Impact on staff motivation
-Effects decision making
-Competitiveness of the business
-Brand image

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13
Q

What are the 6 parts of Hoftstedes cultural dimension?

A

-Individualism & Collectivism
-Masculinity & Femininity
-Long term & Short term orientation
-High power & Low power distance index
-Avoiding & Embracing uncertainty
-Indulgence & restraint

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14
Q

What are the influences on organisational structure

A

Mission statement and corporate beliefs
Personal attitudes
Norms in society
Ownership and organisation

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15
Q

What are the influences on organisational structure?

A
  • Mission statement and corporate beliefs
  • Personal attitudes
  • Norms in society
  • Ownership and size of the organisation
  • Geographical scope
  • Competitive environment
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16
Q

What are the reasons for changing organisational structure?

A
  • Change in owners or leaders
  • Change in corporate objectives
  • Change in size
  • Responding to market conditions (competition, economic climate)
17
Q

What are the problems with changing organisational structure

A

-Resistance to change
-Lack of trust
-Period of adjustment
-Alienation of suppliers, customers or other stakeholders

18
Q

What are leaders responsible for?

A

-Defining strategic direction
-Setting, sharing clear policies and procedures
-Communicating strategy to everyone to provide a clear vision
-Overcome resistance to change
-Allocating resources
-Monitoring Progress against targets
-Taking action when necessary

19
Q

Factors that affect the ability to implement a new strategy?

A

-Span of control
-Chain of command
-Decentralised or centralised decision making
-Allocation of roles during implementation
-Power distance index

20
Q

What’s network analysis?

A

Technique used to identify the order in which all activities need to be completed when planning a complex project

21
Q

what’s the critical path in a network analysis?

A

Activities that will lengthen duration of whole project if they’re delayed.

22
Q

how is earliest start time (EST) calculated?

A

Adding duration to the previous EST

23
Q

How to calculate the latest finish time (LFT)?

A

Calculate right to left
Previous LFT minus duration of activity.

24
Q

How to identify the critical path in a network diagram?

A

Earliest start time=Latest finish time

25
Q

What are the advantages of a network analysis?

A

-Identifies critical activities
-Shortens overall time of a project
-Improve focus on project
-Greater productive efficiency
-Allows for just in time

26
Q

What are the disadvantages of network analysis

A

-Only a starting point for a successful
-Relies on estimations
-Doesn’t take into external influences
-Large projects can be too complex for CPA

27
Q

What are the difficulties of strategic decision making?

A

-Unforeseen circumstances
-Changing external environment
-Hard to predict competitors actions
-Changing nature of the global market
-Lack of knowledge or expertise
-Poor leadership
-Poor management of resources
-Resistance to change by the workforce
-Brand dilution

28
Q

Features of a planned strategy

A

-Introduced with foresight
-Strategy is one the manager wanted to implement
-Provides a clear sense of direction
-Easily communicated
-May lack flexibility

29
Q

Features of an emergent strategy

A

-Developed over time
-Responds to changes in the internal/external environment
-Greater flexibility
-May create a feeling of mistrust amongst stakeholders dues to frequent revisions leading to a lack of confidence

30
Q

What’s strategic drift?

A

When a strategy is no longer fit for purpose due to changes in external/internal environment

31
Q

Reasons for strategic drift

A

Internal environment
-change of leadership
-change in size
-updated corporate objectives

External environment
-technological advancements
-changing priorities in society
-competitive nature of market
-globalisation

32
Q

What does ‘divorce between ownership and control’ refer to?

A

When one group of people owning a business but a different group make the day to day decisions

33
Q

What’s corporate governance?

A

The formal policies/procedures that are important for running a business

34
Q

Benefits of strategic planning

A

-Clear sense of direction
-Consideration of SWOT
-Logical process
-Allows for progress to be reviewed
-Identifies and gives consideration to a range of strategic options

35
Q

Cons of strategic planning

A

-May be too constraining
-Needs to be monitored and reviewed
-Requires resources
-Can’t predict the future
-Can’t deter the unexpected

36
Q

What’s contingency planning?

A

Where organisations try to prepare for unexpected events that may harm the business

37
Q

What’s the value of contingency planning?

A

-Sense of security
-Limits damage
-Speeds up recovery process
-Informs staff training
-Preventative measures can be part of CSR

38
Q

What are limitations of contingency planning?

A

-Costly and time consuming
-Needs reviewing
-Lack of predictability

Business studies (11 decks)

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