Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management > Unit 4; Outcome 1- Reviewing Performance > Flashcards

Unit 4; Outcome 1- Reviewing Performance Flashcards

1
Q

Business Change

A

The process of making alterations by adopting a new idea or behaviour.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Proactive Change

A

1) Conducting regular market research
2) Encouraging innovation
3) Strategic planning
4) Identifying potential issues early

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Reactive Change

A

1) Crisis management
2) Being flexible
3) Reacting to competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Key Performance Indicators (KPI’s)

A

The criteria used to measure the success of a business’s ability to achieve business objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

KPI- Percentage of Market Share

A

The business’s share of the total industry sales for a particular good or service expressed as a percentage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

KPI- Net Profit

A

The measurement of a company’s profit once operating costs, taxes, interest and depreciation have all been subtracted from its total revenues.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

KPI- Rate of Productivity Growth

A

The amount of outputs produced compared to the amount of inputs used and the rate in which it increases over time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

KPI- Number of Sales

A

The amount of goods or services sold in a specified period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

KPI- Rates of Staff Absenteeism

A

The number of workers who do not turn up for work when they are scheduled to do so.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

KPI- Level of Staff Turnover

A

The rate in which people leave the business and need to be replaced.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

KPI- Level of Wastage

A

The amount of unwanted or unusable material created by the production process of a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

KPI- Number of Customer Complaints

A

The number of customers expressing their dissatisfaction with the business, in either spoken or written form.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

KPI- Number of Workplace Accidents

A

The amount of unplanned or uncontrolled events that result in personal injury or property damage at a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

KPI- Number of Website Hits

A

Website hits monitor website activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Driving Forces (DF)

A

Forces that encourage and support a proposed change, push the business towards a new desired state.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

DF- Owners

A

Looking for a return on investment. As they pursue profits, they can be initiating changes within the business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

DF- Managers

A

May review KPI’s and initiate changes to improve.

18
Q

DF- Employees

A

Can place demand on owners to improve conditions.

19
Q

DF- Competitors

A

Rival businesses that are competing for market share.

20
Q

DF- Legislation

A

Laws can be brought in that can force businesses to implement change.

21
Q

DF- Pursuit of Profit

A

Changes with the aim of improving profits.

22
Q

DF- Reduction of Costs

A

Businesses look to implement changes in order to reduce costs.

23
Q

DF- Globalisation

A

The process where economic boundaries are removed and businesses begin operating on an international scale.

24
Q

DF- Technology

A

Technological advancements can drive change as it can improve processes and efficiency.

25
Q

DF- Innovation

A

Adopting something new or improving on what already exists.

26
Q

DF- Social Attitudes

A

Values, ideas, beliefs and expectations of members of society. Can change over time.

27
Q

Restraining Forces

A

Those that work against the change, creating resistance.

28
Q

RF- Managers

A

May make poorly timed and unclear decisions, or put off making decisions creating uncertainty. Also act as a restraining force if they lack capacity to deal with change, through lack of experience or skills to oversee transformation.

29
Q

RF- Employees

A

All changes will eventually impact employees. Changes can bring on fear and anxiety amongst employees around corporate culture changing or loss of job security

30
Q

RF- Time

A

Not having sufficient time can make implementation challenging. In some cases there may not be enough time allowed for people to think about change, accept it and implement it.

31
Q

RF- Organisational Inertia

A

The organizations inability to make internal changes or lack of response when faced with significant external changes.

32
Q

RF- Legislation

A

Legislation or changes in legislation can prevent or make it difficult for businesses to implement desired changes

33
Q

RF- Financial Considerations

A

Managers need to consider the short term and long term costs of implementing a proposed change

34
Q

Force Field Analysis

A

A model that outlines the process of determining which forces drive and which forces resist a proposed change.

35
Q

Force Field Analysis- Steps

A

1) Identify; the DF and RF of a proposed change
2) Weighting; allocated a score to each force to represent its strength
3) Rank; the top 3-5 D/RF
4) Response; develop an action plan to reduce strength of RF and increase DF
5) Evaluate; the response to determine its effectiveness.

36
Q

Force Field Analysis- Pros

A

+ Provides clear indication of forces for and against change.
+ Help determine if change is worth pursuing.
+ Allows a timeline to be developed and additional resource requirements be identified.

37
Q

Porter’s Generic Strategies

A

Businesses choose to pursue one of two types of competitive advantage; lower cost or differentiation.

38
Q

Lower-Cost Strategy

A

Where a business gains a competitive advantage by being the low cost producer.

39
Q

Lower-Cost Strategy- Pros/Cons

A

+ Can withstand price wars longer than competitors, potential for improved profitability.
- May cause reduced quality perception in the market, sales volume needs to increase to make substantial profits.

40
Q

Differentiation Strategy

A

Where a business gains a competitive advantage by being unique in some way that is valued by customers.

41
Q

Differentiation Strategy- Pros/Cons

A

+ May be able to increase profit margin with the premium price, can develop brand loyalty.
- Possibility of being replicated by competitors, premium price may narrow customer base.

Business Management (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions