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VCE Business Management 3/4 2017 > Implementing Change > Flashcards

Flashcards in Implementing Change Deck (64)
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(Def) Leadership

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


(Def) Key Performance Indicators

Key Performance indicators are a specific criteria used to measure the efficiency and effectiveness of a businesses performance


(Def) Market Leader

A market leader is a business that has a reputation for being the best in a market, or leading the market in terms of innovation, sales, profit or marketshare.

eg Apple in Technology


(Def) Learning organisation

A Learning organisation is the business term given to a company that facilitates the learning members ad continuously transforms itself.


(Def) Systems Thinking

Systems thinking is the ability to see the big picture to look beyond what is occurring just within a business

according to Senge systems thinking is the "corner-stone of the learning organisation"


(Def) Mental Models

according to Senge Mental Models are "Deeply ingrained assumptions, generalisations, or even pictures and images that influence how we understand the world and how we take action"

for things to change individuals and the business must look inside themselves and scrutinise what they do, their systems and processes and then act upon what they learn


(Def) Net Profit Figures

What can a manager do?

Net Profit Figures is what remains when expenses are deducted from the revenue earned

To improve the net profit of a business a manager can increase revenue or decrease expenses of the business


(Def) Percentage of Marketshare

What can a Manager do?

The percentage of marketshare refers to a business portion of total industry sales for a particular good or service, expressed as a percentage.

- A Strong Advertising Campaign

- Developing new lines of stock

research and development is able to allow a business to gain a reputation for quality or as a market leader


(Def) Rate Productivity Growth

What can a Manager do?

Rate of Productivity growth measures the change in output in one year compared to a previous year.

- A cut cutting method- eg outsourcing

- Improving production methods- eg- increase speed of production through an automated production line,

-Minimisation of Wastage- Lean Production strategies eg recycling

- Staff Training-


(Def) Number of Sales

What can a Manager do?

Number of Sales is a measure of the number of goods or services purchased

- Change Suppliers- reduces transport costs, may be cheaper product making it more approachable to the consumer. but this may decrease the quality of the product - may reduce the amount of sales?

- Staff Training

- Sales and Promotions


(Def) Rate of Absenteeism

What can a Manager do?

Rate of Absenteeism Measures the number of workers who neglected to turn up to work when scheduled to do so

- Changing Management Style: eg autocratic to Participative. - increases staff morale.

- Introducing Workplace uniform

- Developing a new vision statement

- Holding staff events


(Def) Level of Staff Turnover

What can a Manager do?

Level of Staff Turnover measures the amount of employees leaving the business

- Conducting performance appraisal interviews

- Staff Satisfaction Survey

- Exit Interviews

- Opening a suggestion box


(Def) Level of Wastage

What can a Manager do?

Level of wastage measures the amount of rubbish produced by a business by the production process

- Introduce Material management system such as Just In Time

- Introduce Quality Management System such as Quality Control

- Implement Lean Production


(Def) Number of Customer Complaints

Number of Customer Complaints indicates whether or not the people who buy the product are satisfied with the businesses performance

- enrol staff in Training Programs

- Improve the quality of the products being produced or provided.

- reduce price of the product or service.


(Def) Number of Workplace Accidents

Number of Workplace accidents indicate how safe the work environment is for employees

- ensure it is complying with all workplace laws and requirements

- consulting staff about improvements to facilities

- scheduling regular maintenance of equipment

- conducting audits of the workplace


(Def) Manipulation (High Risk)

Manipulation is the skilful or devious exertion of influence over someone to get them to do what you want


(Def) Communication

Communication is the transfer of information from a sender to a receiver, and to listen to feedback


(Def) Lewin's Three Step Model

Lewin's Three Step Model is the process that identifies the best approach for a business to manage change.


(Def) Change Agent

A Change Agent is a person or group of people who act as a catalyst, assuming responsibility for managing the change process.


unfreeze- Lewin 3 Step

When a structure has been in a place for a while, habits and routines have naturally settled in.


Change - Lewin 3 Step

Once Team members have opened up their minds , change can start.


Refreeze- Lewin 3 Step

Change will only reach its full effect if it is permanent.


(Def) Training

Training Generally refers to the process of teaching staff how to do their job more efficiently and effectively by boosting their knowledge and skills.


(Def) Motivation

Motivation refers to the individual, internal process that directs, energises and sustains a persons behaviour


(Def) Management Style

Management Style refers to the behaviour and attitude of the manager when making decisions, directing and motivating staff and when implementing plans to achieve business objectives.


(Def) Management Skills

Management Skills are the abilities or competencies that managers use to achieve business objectives


(Def) Quality

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


(Def) Lean Management

Lean Management is an approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality.


(Def) Strategies

Strategies are the actions or activities that a business takes in order to achieve specific objectives.


(Def) Multiple branding

Multiple Branding is a strategy where a business sells multiple brands in the same market.