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business revision 2018 > sac 2b > Flashcards

sac 2b Flashcards

1
Q

kurt Lewin believed..

A
  • that change takes place at many levels within a business. He has suggested that change should take place at a structural or systemic level
  • In order for change to take place it has to go through these three steps
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2
Q

kurt Lewin 3 step change model

A
  1. unfreeze
  2. change
  3. refreeze
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3
Q

Step 1. Unfreeze

A
  • in order to identify what needs to change, a business needs to identify what types of things need to change and more so employees need to know that support from management is always readily available.
  • involves removing resistance to change and motivating and preparing stakeholders to embark on the change
  • strong support from upper management
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4
Q

Step 2. Change

A
  • Lewin was aware that change is not an event, but rather a process, and he called that process a “transition”
  • lines of communication are open so that employees are able to seek guidance on what is taking place as they may be fearful of the change
  • Some support, counselling and training systems may need to be implemented to assist with the smooth transition.
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5
Q

Step 3. Refreeze

A
  • is about returning the business to a new sense of stability
  • It is important that the business consolidates the changes into the culture of the business.
  • can be done by rewriting policies, celebrating achievements and more importantly maintaining support and encouragement for all staff as this will eliminate all possible resistance to change.
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6
Q

The effect of change on stakeholders

A
  • Stakeholders have an interest in the activities in the business.
  • If the activities in the business change then the interest of those stakeholders also change
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7
Q
  1. Mangers
    Effects
    Change of management style
A
  • A change may require managers to change their management style
  • If redundancy results from the change, managers may need to be more consultative in dealing with employees who are facing redundancy
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8
Q
  1. Mangers
    Effects
    Change of processes
A
  • Change may stem from new technology being introduced into the industry/business
  • require managers to alter their recruitment and selection processes
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9
Q
  1. Mangers
    Effects
    Change of structure
A
  • may necessitate a change in the management structure of the business
  • New divisions or departments may open up opportunities for a new manager and new teams
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10
Q
  1. Mangers
    Effects
    Change of employment
A
  • may result in the downsizing of the business or outsourcing
  • result : managers being made redundant as well as employees
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11
Q
  1. Employees
A

Often the ones most affected by change

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12
Q
  1. Employees
    Effects
    Introduction of new technology
A

Employees will need to undergo retraining or redeployment into other areas of the business

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13
Q
  1. Employees
    Effects
    Business is taken over by or merges with another business
A
  • The culture and structure of - The business may change
    New uniform, new vision statements, new values, new employees/team members may all come into play as the new entry develops its own identity
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14
Q
  1. Customers
    Effects
    Customers on board with change
A
  • Customers may not like the change, hoping that the business will revert back to what it was
  • Others will embrace the change and may even promote the change to others
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15
Q
  1. Customers
    Effects
    Backlash from customers
A

It sometimes takes time for customers to accept the change and recognise there is no doing back

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16
Q
  1. Suppliers
A
  • Change can bring new methods of production new training programs for employees and hence new suppliers for a business
  • this creates opportunities as they gain additional customers for their product/service
  • other hand outsourcing may decrease the need for local suppliers
17
Q
  1. General community
A
  • businesses are either down sizing or moving overseas

- this is effecting the local community as employees are losing income, reducing their spending

18
Q
  1. Shareholders
    Effects
    Effect on Share price
A
  • If a business is affected in a negative manner then the shareholder dividends will go down and they may decide not to invest in the businesses anymore
  • however if a business makes positive changes such as reducing expenses and increasing profit the shareholders may benefit from it.
19
Q

CSR Definition:

A

Involves managing business processes in order to produce an overall positive impact on the community

  • offering back to the community
  • Should be considered in all policies and procedures
20
Q

Corporate Social Responsibility considerations

Change of supplier

A
  • If supplies are sourced overseas, ensure workers are not exploited, are paid fairly and have decent working conditions
  • Ensure suppliers uphold the same social responsibility standards
21
Q

Corporate Social Responsibility considerations

Introducing new technology

A
  • Ensure technology does not add to pollution or create additional waste
  • Ensure workers are given the opportunity to retrain and operate technology
22
Q

Corporate Social Responsibility considerations

Downsizing

A

Employees are kept informed of changes and processes for redundancies (if needed)

23
Q

Corporate Social Responsibility considerations

Merger or takeover

A

Existing employees are treated appropriately by the new management team and all legal obligations are honoured

24
Q

The impact of CSR on stakeholders

Employees and mangers

A
  • May find that the task and jobs are modified.
  • Need to up skill qualifications
  • Managers may need to make long and short term decisions
25
Q

The impact of CSR on stakeholders

Shareholders and owners

A
  • Development of policies that are socially responsible

- Financial support through initiatives to improve the community

26
Q

The impact of CSR on stakeholders

Customers

A
  • May find that they prefer purchasing goods and services from a business that have a CSR outlook
  • Customer may purchase products where profits are passed on to charities
27
Q

The impact of CSR on stakeholders

Suppliers

A
  • Some suppliers may have to change their policies and processes to ensure they can meet the demands of the business
  • May have to source from elsewhere so that they can meet the businesses CSR priorities
28
Q

The impact of CSR on stakeholders

Community

A
  • If the business have a poor record in terms of impact on the environment and do not contribute beyond their core business will find that their reputation will decline and communities won’t support them
  • business will have to work hard to ensure community is aware of the businesses positive doings
29
Q

Advantages and disadvantages of CSR

A

Advantages

  • Better business reputation
  • Benefits society health & welfare
  • Impact on sustainable future

Disadvantages

  • Financial cost
  • Diverted time away from core business
30
Q

By reviewing our initial KPIs a business can

A
  • Analyse the size and extent of any transformation
  • can identify the areas they had the most success in and the ones which require additional effort or time to be achieved
  • Consider an alternative management strategy if they didn’t achieve the results they were looking for
31
Q

All aspects and functions of a business can be evaluated. These include:

Operations management

A
  • If the business has made changes, then it can evaluate these using KPIs such as the rate of productivity growth, level of wastage and efficiency
  • Reducing waste within a business is also important and can be measured to judge whether a program or initiative has been successful
32
Q

All aspects and functions of a business can be evaluated. These include:

Employees

A

improve the performance of employees, can be measured and assess using KPIs
- the number of training days per employee
- the level of staff turnover
- the rate of absenteeism
which will give an indication of the level of staff commitment and motivation to the business

33
Q

All aspects and functions of a business can be evaluated. These include:

Financial performance

A
  • Financial KPIs include profit, sales or revenue, and the percentage of market share.
  • All businesses need to monitor these and for many small businesses the lack of review of financial information is a major problem

business revision 2018 (10 decks)

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