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BUSINESS MANAGEMENT > transforming a business > Flashcards

transforming a business Flashcards

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1
Q

define leadership

A

the ability to influence and and motivate individuals to achieve business objectives

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2
Q

why is leadership important ?

A
  • helps to build momentum towards successful change

- reduces resistance

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3
Q

what are the 8 management strategies

A 
staff training
staff motivation
change in management style/skills
increased investment in technology
improved quality in production
cost cutting
initiating lean production techniques 
redeployment of resources
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4
Q

define staff training & which KPI’s it applies to

A

aimed at improving employee skills, knowledge and attitudes allowing employees to perform more efficiently
-applies to number of sales, workplace accidents

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5
Q

advantage and disadvantage of staff training

A
  • decreased customer complaints

- cost of training

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6
Q

define staff motivation & which KPI’s it applies to

A

concerned with the desire to do things

-applies to staff turnover and customer complaints

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7
Q

advantage and disadvantage of staff motivation

A
  • employees more motivated

- may take time and cost

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8
Q

define change in management & which KPI’s it applies to

A

influences the performance of a business and culture

-applies to productivity, customer complaints

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9
Q

advantage and disadvantage of change in management

A
  • employees feel more included

- some may not agree

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10
Q

define increased investment in technology & which KPI’s it applies to

A

technology to can be used to improve business in all forms

-applies to productivity, level of wastage

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11
Q

advantage and disadvantage of increased investment in technology

A
  • less wastage

- cost and new technology

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12
Q

define improved quality in production & which KPI’s it applies to

A

improving the quality of the end good or service

-applies to customer complaints, no. of sales

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13
Q

advantage and disadvantage of improved quality in production

A
  • better product

- may not please lower price customers

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14
Q

define cost cutting & which KPI’s it applies to

A

businesses look to reduce costs without decreasing quality

-applies to net profit, productivity

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15
Q

advantage and disadvantage of cost cutting

A
  • increased net profit

- quality may decline

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16
Q

define initiating lean production techniques & which KPI’s it applies to

A

minimising waste produced in a business

-applies to level of wastage, productivity growth

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17
Q

advantage and disadvantage of lean production techniques

A
  • reduced wastage

- may be hard to find ways to reduce it

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18
Q

define redeployment of resources & which KPI’s it applies to

A

transfer of resources from one place in a business to another for better use of resources
-applies to productivity, staff turnover

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19
Q

advantage and disadvantage of redeployment pf resources

A
  • save costs, less wastage

- major restructure may cost money

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20
Q

define domestic opportunities

A

business looks to gain more business within their current country of operating

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21
Q

what are three domestic strategies/overview

A
  • multiple branding; business sells multiple brands in same market
  • franchising; allowing someone to set up the same business as yours
  • government programs; some provide programs for growing your business
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22
Q

define global opportunities

A

where the business is looking to gain more business outside their current country of trade

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23
Q

what are two global strategies/overview

Study These Flashcards
A
  • exporting; sending goods to another country

- austrade; government body who help increase Australias trade and education

24
Q

what is a strategy that helps domestically and globally

Study These Flashcards
A

developing on online presence; putting business online attracts many new customers but can be costly

25
define low risk strategies
strategies that help to reduce resistance to change that maintain strong relationships between employee and employer
26
what are the 4 low risk strategies/overview
- communication; open and honest about the change - empowerment; involving employees in decision making - support; supporting employees through the change - incentives; providing a reward encouraging employees to embrace the change
27
define high risk strategies
strategies that allow businesses to overcome resistance quickly but could more likely result in negative consequences
28
what are the 2 high risk strategies/overview
- manipulation; SELECTIVE use of facts or information to make them support the change - threat; forcing employees to embrace the change or receive retribution
29
define learning organisation
a business that is flexible, adaptive, productive and aims to have a culture where people work together at their best
30
what did Peter senge find
that businesses that are more flexible, adaptive and productive excel during times of change
31
what are the 5 key principles of senge
- systems thinking - personal mastery - mental models - shared vision - team learning
32
define systems thinking
ability to see the bigger picture, meaning all principles need to be implanted for one to work. business can evaluate performance overall
33
define personal mastery
people within the business undertake continual learning working towards self improvement and this increases their skills
34
define mental models
the existing assumptions held by individuals as to how a business should act, behave and response
35
define shared vision
being able to develop a vision that the people within the business believe in and all agree with to develop commitment
36
define team learning
process of aligning and developing capacities of a team to create results the members desire. individuals that learn together will grow more rapidly
37
advantage and disadvantage of senge
- everyone may already be used to shared vision so would understand benefits better - time allocated to team learning etc may be expensive and everything must be right for one to work
38
what is the effect of change on managers
change of management style, loss of employment
39
what is the effect of change on employees
may alter an employees job, cause them to resist or require training
40
what is the effect of change on customers
could be positive - improved quality/lowered price or negative - discontinued product
41
what is the effect of change suppliers
businesses may need to change their suppliers, or suppliers may need to provide them with different materials
42
what is the effect of change on the general community
if they go to a new location, the are stimulating the local economy
43
what are the 4 csr affects of changes
- restructure/downsizing; could cause job losses - suppliers; supporting suppliers and using local suppliers - changes in technology; consider technology impact on employees - impact on the environment; changes could increase pollution or harm wildlife
44
what is Lewins change model used for
change model that businesses can use to implement effective change
45
what are the three steps in the change model
- unfreeze - change - refreeze
46
describe unfreeze
- identifying what needs to change - demonstrating a need for change - challenge current beliefs that resist change
47
describe change
take out the change, it is important that open communication and support is used to help those that are finding change difficult
48
describe refreeze
- reinforce the change - embed into the culture - evaluate results/make adjustments
49
how can kpis be used to evaluate changes
they can evaluate their performance, and implement changes to suit it
50
how do businesses measure their performance
companies can look at the impact of the changes on number of sales, market share and net profit
51
what were the 4 changes made to Bega cheese
2017-purchased Mondelez grocery brand who own Kraft and Vegemite for $460 million in Port Melbourne 2018-purchase peanut company of Aus in queensland 2018-purchase koroit factory (milk powder) for 250 million in west victoria 2019-close Coburg warehouse because of it being too small for future demand
52
what KPI's affect Bega cheese
- percentage market share; expanding into new markets | - net profit; increases due to new sales
53
what is a driving force and restraining force at Bega of the changes
driving; pursuit of profit / competitors | restraining; financial considerations / employees
54
what are the domestic and global opportunities of Bega
- domestic; Bega expanded into other food areas and expanded across the country - global; bega export sales rose 29% and have developed a clear stratergy
55
what are management strategies that apply to Bega
staff training; due to new methods/business | redeployment of resources; Labour and equipment moved around
56
what is the effect of change on Bega stake holders
employees; existing employees under new management | suppliers; business requires new materials

BUSINESS MANAGEMENT (6 decks)

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