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business 3/4 > business unit 4 aos 2 definitions + key knowledge > Flashcards

business unit 4 aos 2 definitions + key knowledge Flashcards

(64 cards)

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1
Q

leadership

A

the process of positively influencing and encouraging individuals to set and achieve business objectives

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2
Q

by leading change, the manager

A

supports employees as they cross from existing work territories into new territory

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3
Q

how a manager treats his/her employees will determine

A

their acceptance or resistance to change

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4
Q

strategies to respond to kpis

A

staff motivation, training, change in management styles or skills, investment in tech, improved quality, cost cutting, lean production techniques, redeployment

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5
Q

staff training

A

training refers to the process of teaching staff how to do their job efficiently and effectively, boosting their knowledge and skills

managing employees related kpis, low productivity, low morale

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6
Q

staff motivation

A

what drives employees to apply effort over a sustained period of time

productivity, absenteeism, turnover kpis

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7
Q

management styles

A

managers behaviour and attitude when making decisions, directing and motivating staff, and implementing plans to achieve business objectives

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8
Q

management skills

A

abilities or competencies that a manager uses to complete a business objective

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9
Q

investment in technology

A

applications of knowledge that change people’s lives and the way in which a business operates

productivity, growth, quality, complaints workplace accidents, cost cutting

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10
Q

quality

A

the degree of excellence of goods or services and their fitness for a stated purpose

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11
Q

redeployment

A

the assignment of resources to another area of the business

improves efficiency, wastage, productivity, turnover, redeploying employees saves money

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12
Q

cost cutting

A

can be done through low cost approach, controlling the supply game, using assets more efficiently, redundancy, outsourcing

money kpis, productivity, wastage

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13
Q

lean production

A

a business wide approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality

strategies such as JIT and continuous improvement
market share, money kpis, productivity, waste, competitive

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14
Q

domestic opportunities

A

multiple branding, diversification, redeployment, franchising, mergers and acquisitions, product differentiation, joint ventures

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15
Q

multiple branding

A

a strategy where one business sells multiple brands in the same market

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16
Q

advantages of multiple branding

A

less space for competitors, saturates a market, fills gaps to provide more, caters to brand-switchers

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17
Q

disadvantages of multiple branding

A

public may think business is more profit oriented than customer-oriented, customers may become confused and switch, expensive, less profit per unit

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18
Q

diversification

A

the process of a business emerging or varying its range of products/field of operations
eg. cocacola making more drinks after not being able to buy red bull

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19
Q

advantages of diversification

A

opens a new market, attracts new customers

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20
Q

disadvantages of diversification

A

expensive, entering a market with well established competitors

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21
Q

merger

A

when two business make an agreement to unify

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22
Q

acquisition

A

when a business buys another business

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23
Q

advantages of mergers and acquisitions

A

cheaper way of entering the market because partner is alr established, new market, both can occur domestically and globally

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24
Q

disadvantages of mergers and acquisitions

A

expensive, loss of identity, risky to undertake

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25
franchising
a person buys the rights to use the name and distribute the products of an existing business
26
advantages of franchising
expands market share without needing large capital, potential losses are minimised if not successful
27
disadvantages of franchising
loss of control, losses from reps of other stores
28
global opportunities
exporting, online store, partnering with an overseas business, opening a branch overseas
29
product differentiation
a strategy that involves a business attempting to increase sales and market share through the use of brand names and advertising.
30
advantages and disadvantages of global opportunities
adv - more opportunities, increase market share | disadv - domestic is cheaper and easier, fewer international laws
31
advantages and disadvantages of online stores
adv - increases customer base, opens the world as a potential market disadv - more competition, time consuming
32
opening a branch
overseas
33
advantages and disadvantages of exporting
adv - larger market, increase sales and profit, spreads risk of business, increases customer base disadv - competing against established businesses, businesses may not be aware of local laws or customs
34
quality assurance
the use of an external system so that a business achieves set standards in production
35
quality control
the use of inspections at various points in the production process to check for problems and defects
36
total quality management
an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation
37
advantages of differentiation
allows products to stand out, increases sales
38
disadvantages of differentiation
competitors copy strategy and steal market share, expensive, time consuming
39
joint ventures
a business arrangement where two or more parties agree to pool resources to accomplish a task
40
advantages of joint ventures
pool expertise, costs are shared, gain access to existing customer base
41
disadvantages of joint ventures
profits are shared, loss of control
42
learning organisation
a business where managers and staff continually seek to expand their capacity to achieve the results they desire
43
five principles of senge
systems thinking, mental models, personal mastery, shared vision, team learning
44
systems thinking
ability to look beyond whats occuring in the business and understand the interrelationships between different areas of the business implement long term solutions, external changes influence internal environment
45
personal mastery
involves the people in a business developing proficiency through business activities business improves as individuals improve
46
mental models
pre existing assumptions that influence the way we think open cultures that question operations are more successful at implementing change
47
shared vision
aspirational description of what a business and its members would like to achieve motivates employees and reduces resistance
48
team learning
encourages individuals to combine strengths and abilities to continuously grow together communication and teamwork support change
49
low risk strategies
strategies whose use is likely to generate positive outcomes in the long and short terms ICES
50
communication
increases trust and reduces resistance
51
empowerment
encouraging negotiation and communication helps make way for change
52
support
maintains staff morale and reduces resistance
53
incentives
reduces resistance because business shows they want employees
54
manipulation
skilful or devious exertion of influence over someone to get them to do what you want
55
threat
using force to get employees to conform
56
unfreeze
identify what needs to change and create the need for change
56
change
moving business into new position and empower action. empower staff to reduce resistance
57
refreeze
consolidate changes into business culture
58
benefits of lewin's theory
structured approach to change, provides clear steps, reduces resistance
59
CSR and change
the desire to be seen as socially responsible drives a business to change to increase profit without damaging the environment
60
ecological sustainability
occurs when economic growth meets the needs of the present population without negatively affecting the environment for the next generation
61
business ethics
application of moral standards to business behaviour
62
sustainability report
comprehensive report of what a business is doing and has done in related to social issues
63
reviewing kpis is important because
it helps the business determine if the transformation was successful or not

business 3/4 (8 decks)

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