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Business Management > AOS4 > Flashcards

AOS4 Flashcards

1
Q

Business Change

A

Business change is the alteration of behaviors, policies and practices of a business

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2
Q

Proactive approach to change

A

a proactive approach is when a business changes to avoid future problems or take advantage of an opportunity to gain a competitive advantage

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3
Q

Reactive approach to change

A

a reactive approach to change involves a business chaning in response to a situation or crisis

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4
Q

Proactive & Reactive Approach Similarity #1

A

Both approaches are utilized by the manager or business to implement change

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5
Q

Proactive & Reactive Approach Similarity #2

A

Both approaches can be used to respond to stakeholder conflicts

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6
Q

Proactive & Reactive Approach Difference #1

A

Proactive change - low risk strategies
Reactive change - high risk strategies

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7
Q

Proactive & Reactive Approach Difference #2

A

Proactive - planned, coordinated and controlled with fewer pressures acting on the business throughout the change
Reactive - spontaneous, urgent and pressured

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8
Q

Key Performance Indicator

A

KPIs are criteria that measure a business’s efficiency and effectiveness in achieving its different objectives

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9
Q

KPI #1

A

Market Share

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10
Q

KPI #2

A

Net Profit Figures

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11
Q

KPI #3

A

Rate of productivity growth

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12
Q

KPI #4

A

Number of sales

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13
Q

KPI #5

A

Number of customer complaints

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14
Q

KPI #6

A

Rates of staff absenteeism

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15
Q

KPI #7

A

Level of staff turnover

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16
Q

KPI #8

A

Number of workplace accidents

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17
Q

KPI #9

A

Level of wastage

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18
Q

KPI #10

A

Number of website hits

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19
Q

Force Field Analysis

A

Force Field Analysis is the theoretical model that determines if a business should process with a proposed change

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20
Q

Driving forces

A

Driving forces are factors affecting the business environment that promote change

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21
Q

Restraining forces

A

Restraining forces are factors that resist a business change or actively try to stop it

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22
Q

Force Field Analysis advantage #1

A

Businesses can examine if a proposed change can be implemented successfully

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23
Q

Force Field Analysis advantage #2

A

Business can save money by only implementing change where success is likely

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24
Q

Force Field Analysis disadvantage #1

A

Can be time consuming if a business is already aware that a change must be implemented

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25
Q

Force Field Analysis disadvantage #2

A

Conducting a force field analysis will require business resources at a cost to the business

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26
Q

Driving force #1

A

Owners: Vested interest in the business achieving its business objectives

27
Q

Driving force #2

A

Managers: If the proposed change enhances a business’s ability to achieve business objectives

28
Q

Driving Force #3

A

Employees: Provides them with work and an income

29
Q

Driving force #4

A

Pursuit of profit: If the change improves the business’s financial performance

30
Q

Driving force #5

A

reduction of costs: If the change reduces the unnecessary costs that may arise in the business process

31
Q

Driving force #6

A

competitors: In order to keep in competition with other businesses in the industry, or gain a competitive advantage

32
Q

Driving force #7

A

Legislation: If the change allows the business to comply with laws and regulations to avoid fines or suspensions

33
Q

Driving force #8

A

Globilisation: if the change gives the business an opportunity to expand their customer base into international markets

34
Q

Driving force #9

A

Technology: if technology improves a business’s efficiency for its production process

35
Q

Driving force #10

A

societal attitudes: If the change allows a business to align with social attitudes and behaviors

36
Q

Restraining force #1

A

Managers: if they don’t believe it will be beneficial for the business’s performance, or if the changes threatens their position

37
Q

Restraining force #2

A

employees: if it threatens their job security, or regresses their work environments or pay

38
Q

Restraining force #3

A

Legislation: Can prevent a business from implementing change if it does not comply with the law

39
Q

Restraining force #4

A

Organizational inertia: when a business has operated in a certain way for such a long time that it can become difficult for change to occur

40
Q

Restraining force #5

A

time: if a business change has to be completed before, after, or within a certain time period

41
Q

Porter’s low cost strategy

A

Porter’s lower cost strategy involves a business offering customers similar, or lower-priced products compared to the industry average, while remaining profitable by achieving the lowest operation costs among competitors

42
Q

Charging similar prices

A

experiences higher profit margins than competitors because the business has the lowest cost of operations

43
Q

Charging slightly lower prices than competitors

A

Maintains a higher profit margin than competitors by having the selling price decrease by a smaller amount than the business’s cost-saving per unit

44
Q

Charging much lower prices than competitors

A

Thin profit margins are outweighed by a high volume of customer sales gained from selling products at significantly lower products

45
Q

Reducing operating cost method #1

A

producing basic, no-frills products

46
Q

Reducing operating cost method #2

A

reducing expenditure on marketing and advertising

47
Q

Reducing operating cost method #3

A

Lowering the costs of labor and operations through overseas manufacturing

48
Q

Reducing cost of supplies #1

A

Securing cheaper supplies from global sourcing of inputs

49
Q

Reducing cost of supplies #2

A

Obtaining discounts from suppliers by purchasing supplies in bulk

50
Q

Porter’s low cost strategy advantage #1

A

Attractive to cost-conscious customers

51
Q

Porter’s low cost strategy advantage #2

A

reduces the expense of operations

52
Q

Porter’s low cost strategy disadvantage #1

A

standardised or basic products may not meet the needs of customers who have specific needs

53
Q

Porter’s low cost strategy disadvantage #2

A

Low prices may result in customer perceptions that the good or service is of lower quality

54
Q

Point of differentiation #1

A

introducing new technology

55
Q

Point of differentiation #2

A

innovating its original good or service

56
Q

Point of differentiation #3

A

Improving durability

57
Q

Point of differentiation #4

A

Niche marketing by meeting the customer needs of a specific market segment

58
Q

Porter’s differentiation advantage #1

A

Customers are often loyal to the business because of unique product features or services not offered by competitors

59
Q

Porter’s differentiation advantage #2

A

can charge premium prices for products as customers cannot purchase the product elsewhere

60
Q

Porter’s differentiation disadvantage #1

A

can be difficult to prevent competitors from replicating points of differentiation

61
Q

Porter’s differentiation disadvantage #2

A

Higher selling prices can deter cost-conscious consumers

62
Q

Porter’s similarity #1

A

They both increase a business’s profitability by providing a competitive advantage

63
Q

Porter’s difference #1

A

Differentiation: Sells at premium prices
Lower cost: Sells at similar or lower prices than competitors

64
Q

Porter’s difference #2

A

Differentiation: Targets customers that are not price-sensitive
Lower cost: Targets cost-conscious customers

Business Management (4 decks)

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