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business managment > unit 4 sac 1 > Flashcards

unit 4 sac 1 Flashcards

1
Q

what is the number of workplace accidents

A

the number of unplanned events interrupting the work flow that may or may not include injury or property

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2
Q

what is the number of customer complaints

A

the number of written or verbal expressions of dissatisfaction from customers about an organizations products or service.

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3
Q

what is the level of wastage

A

in a production process will give an indication of business efficiency and is a measure of resources that have not been converted into outputs.

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4
Q

what is the percentage of market share

A

the portion of sales/unit or revenues of a product a company achieved in relation to the sales of the same product that other companies achieve

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5
Q

what is net profit figures

A

the amount left after all expense have been paid. it is the difference between revenue and expenses.

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6
Q

what is the rate of productivity growth

A

an increase or decrease in a business’ ability to convert inputs into outputs

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7
Q

what is the number of sales

A

the total quantity of sales of a particular product or services

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8
Q

what is the rate of staff abseentism

A

a percentage indicating the number of workdays lost due to unscheduled staff absence from work, especially without a good reason.

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9
Q

what is the level of staff turnover

A

measures the number of employees who had to be replaced within a given period

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10
Q

what is business change

A

business change is any alteration to a business and for its work environment.
change is the process of taking the existing business, altering it and establishing a new modified form.

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11
Q

what is the kurt lewin theory

A

a theory which identified a number of forces for change, pushing the change to occur or stooping or hindering the change process

driving and restraining

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12
Q

what are the 4 steps pf the implementation of lewins

A
  1. define the target of change
  2. identifying the driving and restraining forces
  3. determine which forces can be changed
  4. develop an action plan and what can be changed.
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13
Q

what is the driving force of management

A

if there is a positive relationship between employees and managment, it is more likely to allow change to be discussed and successfully implemented.

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14
Q

what is the driving force of employees

A

if employees support the change and are happy to implement it, then it is more likely to be successful

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15
Q

what is the driving force of competitors

A

competition between companies may mean that an organization is always aware of what its competitors are doing and is able to respond to challenges quickly

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16
Q

what is the driving force of legislation

A

new laws can force an organization to change if a new initiative is introduced and organizations need to change in response.

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17
Q

what is the driving force of pursuit of profit

A

change is implemented and improvements made in effort to increase sales, market share and profit

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18
Q

what is the driving force of reduction in costs

A

a business may implement change in an effort to decrease expense in order to maximize the number of sales.

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19
Q

what is the driving force of globalization

A

gaining access to overseas markets can drive a business to change in order to improve profit.

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20
Q

what is the driving force of technology

A

it is essential that businesses remain up to date with developments in order to remain competitive and to take advantage of the latest technological advancements

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21
Q

what is the driving force of innovation

A

being able to develop new wats of thinking to improve processes and practices as well as adapting to changes in the environment to deliver better products and services.

22
Q

what is the driving force of societal attitudes

A

modifications in opinions, values and attitudes that a business must be aware of to remain competitive.

23
Q

what is the restraining force of managers

A

a lack of consultation and a negative relationship between managment and employees may mean the change is not accepted

24
Q

what is the restraining force of employees

A

employees who do not feel part of the organization or who do not feel appreciated will usually make change difficult to introduce, as they they will be resistant to the change.

25
Q

what is the restraining force of time

A

organizations that have not planned or have not foreseen change in their industry, or in conditions, may find that they are unable to respond to change quickly.

26
Q

what is the restraining force of organizational inertia

A

organizations that stable with little change over time are less likely to respond to changes quickly or in a positive way. an established organization with a long history and tradition may find it more difficult.

27
Q

what is the restraining force of legislation

A

if an organization finds that it has to manage and adjust to a change ion the law that is unexpected or difficult to implement, it will be harder for that organization to respond positively.

28
Q

what is the restraining force of financial considerations

A

if businesses don’t have the financial funds to implement the change then it may prevent the change from occurring

29
Q

what are Michael porters generic strategies

A

he developed a framework for businesses who wish to achieve a sustainable competitive advantage.

he claimed that business must focus in cost leadership or differentiation

30
Q

what is porters 5 force analysis

A

a tool that focuses on 5 important determinant’s of competitive power - supplier power, buyer power, competitive rivalry, threat of substitution and threat of new entry.

used to identify whether products or services have the potential to be profitable

31
Q

what is cost leadership

A

strategy that allows a business to achieve a competitive edge by reducing production or delivery cost.

in cost leadership a business sets out to become the lost cost producer.

32
Q

what are the ways to be a lost cost producer

A
  1. increasing profits by reducing costs and at the same time charging the came prices as competitors
  2. increasing market share through charging lower prices but still making a profit due to savings made in reducing costs and other expenses
33
Q

what are the ways to achieve cost leadership

A

asset utilization - using assets more productively to produce more goods and services which will lower the unit price

lower direct or indirect operating cost - this is achieved by offering high volumes of standardized products by limiting personalisation of services

control over all departments - checking and reviewing all areas of the business to identify potential cost saving measures

34
Q

what is the differentiation strategy

A

emphasizes the difference between a particular product/service and those that are similar by developing attributes that customers find appealing

35
Q

what is the reactive approach to change

A

is initiated by the business because of external forces. the change usually happens after an event, threat or opportunity occurred.

36
Q

what is the proactive approach to change

A

makes changes to the structures, processes and workplace in order to avoid a potential future threat or problem, or to take advantage of future opportunity

37
Q

how can the differentiation approach be used

A
  • product durability
  • support and after sale service
  • brand image
38
Q

what should a business ensure to implement differentiation

A
  • developed effective marketing and promotion strategies to define and emphasize the benefits of a product
  • delivers high quality products
  • ensures there is a focus on ongoing research, development and innovation
39
Q

when is differentiation appropriate

A
  • when the target customer is not price sensitive, where the market is competitive and customers have specific needs not being addressed
40
Q

what is the driving force of owners

A

owners have a vested interest in the success and performance of a business. many businesses are owned and run by their owners. they need to ensure that they have anticipated and acted upon any trends or developments that could directly impact on the business.

41
Q

what are the advantages of cost leadership

A
  • Appealing to price sensitive customers who want the lower cost option, therefore increasing sales and profit
  • Costs savings due to efficiency may produce less waste, therefore less environmental impact.
42
Q

what are the disadvantages of cost leadership

A
  • Quality may be lower due to an emphasis on reducing production costs, therefore reducing sales and net profit.
  • More difficult for newer companies to compete on price due to start up costs.
43
Q

what are the advantages of differentiation

A
  • Businesses that focus on quality as their point of difference may have higher customer satisfaction
  • Businesses that focus on environmentally friendly processes may produce less waste, therefore less disposal costs
  • Might appeal to customer that have a higher disposable income who can afford to pay a higher price for a premium product, therefore increasing sales and profit.
44
Q

what are the disadvantages of differentiation

A
  • Other businesses may copy your point of difference, therefore decreasing your market share.
  • Does not appeal to “price sensitive” customers, therefore decreasing sales and profit.
  • To develop and maintain a point of difference may be expensive.
45
Q

what are the three steps to determine which generic strategy to use

A
  1. swot analysis
  2. 5 force analysis
  3. compare the two
46
Q

what is the threat of substitution

A

the extent to which different products and services can be used in place of your own.
the likelihood for your customers to switch brands

47
Q

what is the threat of new entry

A

the ease with which new competitors can enter the market

48
Q

what is buyer power

A

a customer’s ability to reduce prices, improve quality, or “generally play industry participants off one another.”

49
Q

what is supplier power

A

the ability of suppliers to drive up the prices of your inputs and raw materials.

50
Q

what is competitive rivalry

A

a measure of the extent of competition among existing firms

business managment (6 decks)

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