unit 10 Flashcards

1
Q

flexible organisation

A

one that is able to adapt and respond relatively quickly to changes in external environment I order to gain and sustain its competitive position

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2
Q

benefits of flexible organisation

A

likely tom be efficient and responsive
-more likely ti respond to and meet changing customer needs and wants
-improved decision making
-more attractive place to work for the best people.

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2
Q

restructuring

A
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3
Q

flexible working

A

involves arrangements where there are a variety of options offered to employees in terms of working time, working location and pattern of working

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4
Q

positives of flexible working

A

saving on costs
-aids recruitment and staff retention
-take advantage of developments in technology
-meet employee legislation.

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5
Q

negatives of flexible working

A

loss of customer is key employees reduce their hours
- inability to substitute for certain skills of certain employees absent
-lower employee productivity.

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6
Q

zero hours contracts

A

allows employees to hire stand with no guarantee if work.

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7
Q

organic v mechanistic structures

A

organic- more flexible
mechanistic- traditional;

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8
Q

who is Kurt Lewin

A
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9
Q

what is Lewin’s force field analysis

A

there are forces driving change and forces restraining it.
for change to occur the driving force must exceed the restraint force.

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10
Q

internal forces that drive change

A

need for higher profits
-poor productivity
-lack of innovation
-need to change culture
-change of leadership

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11
Q

external forces that drive change

A

customer demand
-competition
-legaslation and taxes
-political environment
-economic conditions
-ethics and social value
-technological change

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12
Q

resistance to change

A

self-interest
-low tolerance for change and
-different assessment of the situation
-misinformation and misunderstanding

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13
Q

what is self interest in resistance to change

A

-is a powerful motivators, perceived threat of job security, status and financial position

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14
Q

Mnemonic for resistance to change

A

self interest
assessment issues
low
tolerance
misunderstanding
misinformation.

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15
Q

what are the big ways of overcoming resistance to change

A

education and communication
-participation and involvement
-facilitation and support
-manipulation and co-operation
-negation and bargaining
explicit and implicit coercion.

16
Q

what is a strategy

A

is a crucial aspect of running a successful business. A defined plan of action that outlines the direction a business wants to take and defines how the plan will cascade through the organisation by allocation of resources.

17
Q

what is an MVP

A

minimal viable product- least expensive product

18
Q

Tesla case study

A

did not have an MVP, understand they need to succeed in lower economic bands.

first car $200,000- did not make profit
slowly dropping prices- $60,000

2022 most valuable brand value 75.94 billion

took control of supply chain, biggest barrier to entry- battery technology
invested in battery manufacturers

19
Q

case study McDonald’s

A

increasing pressure from governments and other companies.
-2005 them introduced their healthy salad range.
Made up 2% of all McDonalds revenue.
had to innovate. the flavours of salads went to 3%.
-became unhealthy
-maybe they should have stuck with the healthy salads.- side salad

20
Q

difficulties of strategic decisions

A

can be problems, data might be insufficient, inaccurate or invalid. Underlying patterns may not be obvious or may be missed

21
Q

what is an emergent strategy

A

a strategy or pattern that develops over time in an organisation in the absence of a specific mission and goal

emerge over time as intentions collide with a and accommodate a changing reality

21
Q

strategic drift

A

when a strategy of a business is no longer relevant to the external environment facing it

22
Q

four stages of strategic drift

A
  1. incremental change,
  2. strategic drift,
  3. flux,
  4. transformational change or death
23
Q

examples of strategic drift

A

VAT on private schools- schools put in place cost minimisation strategies

24
Q

why does strategic drift take place

A

fails to adapt to a changing external environment
-what worked before does not work now
-complacency has set in -often built on previous success
-senior management deny there is a problem.

25
Q

examples of businesses that suffered strategic drift

A

Kodak: failed to respond to rapid development and take up of digital photography- despite having created such technology
Nokia: Last dominant global market leadership in mobile phones by failing to respond to smartphone tech
My space- At one stage, failed to respond to changing social trends and lost leadership to Facebook.

26
Q

why are contingency plans needed

A

always expect the unexpected

27
Q

what is the risk in business

A

the possibility of loss or business damage
-a threat that many prevent or hinder the ability too achieves business objectives

28
Q

types of ways of managing risk

A

risk management
contingency planning
crisis planning

29
Q

examples of common day-to day risk management

A

marketing- over reliance on customers
-develop multiple distribution channels
-test marketing for new products

operations: hold spare capacity
quality assurance and control

Finance: insurance against debts
investment appraisal techniques

people: key man insurance- protect against loss of key staff.
Rigorous recruitment

30
Q

what does contingency planning involve

A

preparing for predictable and quantifiable problems
-preparing for unexpected and unwelcome events.

31
Q

examples of when they were needed

A

Toyota reached settlement of £1.2 billion settlement to end probe of accelerator problems.

32
Q

evaluation of contingency plan

A

-not needed for everything
- Varys in terms of significance

33
Q

how a business sets its strategic direction

A

vision
mission statement
objectives
goals

34
Q

types of plans in business

A

strategic plan- overall direction os the business
business plan
operational plan

35
Q

benefits of effective strategic marketing

A

clarify direction
ensure efficient use of business resources
-provide a way of measuring progress
-support effective decision making
-co-ordinate activities
-allocate responsibility
-motivate/guide people