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business revision 2018 > unit 4 AOS 2 sac 2a > Flashcards

unit 4 AOS 2 sac 2a Flashcards

1
Q

Leadership

A
  • The process of positively influencing and encouraging individuals to set and achieve objectives
  • is important when managing a business through periods of change, decline or growth
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2
Q

3 attributes necessary for effective leadership are:

A
  1. Diagnosing
  2. Adapting
  3. Communicating
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3
Q

Diagnosing

A

being able to understand the situation as it is now, and knowing what could be expected in the future

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4
Q

Adapting

A

being able to adapt behaviour and other resources to help close any performance gaps

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5
Q

Communicating

A

even if a leader knows what needs to be done, it is important to communicate this with others

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6
Q

The need to review KPIs

A

Managers and leaders need to determine which KPI’s the business wishes to implement and review of a time.

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7
Q

Staff training and development

A

Focused on an employees current job and is aimed at improving skills, knowledge attitudes and behaviours to allow employees to do their jobs more effectively and efficiently then before

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8
Q

Training

A

Is the process of providing staff with the knowledge or skills required to to a particular job

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9
Q

Development

A

Refers to the preparation of employees, perhaps at management level, for long term career advancement opportunities

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10
Q

Organisational analysis :

A

the entire business is analyses to determine where training and development is required

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11
Q

Task analysis

A

there may be particulate jobs that need to be performed and staff need to be supported by specialists training

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12
Q

Personal analysis :

A

each employees can be assessed to determine what kind of training they need to be effective

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13
Q

Staff motivation

A
  • is an individual factor

- What makes one person motivated is at times not suitable for another

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14
Q

Strategies

Employee recognition and rewards

A
  • financial rewards such as a commission or a bonus

- non financial and can include the provision of awards such as “employee of the month”

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15
Q

Strategies

A formal performance management or appraisal system

A

provides an opportunity for staff to set themselves goals and by reflecting on their performance they are able to be assisted by management to help achieve those objectives.

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16
Q

Strategies

Policies to support a safe workplace will also assist in keeping employees motivated

A

such as OH&S, equal opportunity, anti-discrimination and bullying will also assist employees in knowing that the business takes these concerns seriously

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17
Q

Strategies

Managers in a business should examine employee jobs as well as tasks and skills required for the job

A

Sometimes employees feel unappreciated and bored if jobs are repetitive and do not offer them a chance to learn new skills or experience

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18
Q

Change in management styles or skills

A
  • Managers should adopt the management style that coheres with the situation
  • consultative/participative = decision is shared between management and employees
  • autarchic = business is in a situation where there is a dead line or serious incident.
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19
Q

Increase investment in technology

A

Due to the rapid rate of technology development, businesses need to have strategy that allow them to take advantage of new technologies

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20
Q

Improving quality of production

A
  • Should strive to have better quality products/services than a rival so business has competitive advantage over them
  • less wastage
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21
Q

Cutting costs

A

It’s important that businesses analyse their operations thoroughly in order to discover the best way to reduce costs

  • outsourcing
  • replacing labour with technology
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22
Q

Lean production techniques

A
  • Involves a systematic process of eliminating waste so the customer gets the most value
  • Can be used to reduce costs, increase efficiency and remain competitive
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23
Q

The 10 rules of lean production are

A
  1. Eliminate waste
  2. Minimise inventory
  3. Maximise flow
  4. Pull production from customer demand
  5. Meet customer requirements
  6. Do it right the first time
  7. Empower workers
  8. Design for rapid changeover
  9. Partner with suppliers
  10. Create a culture of continuous improvement
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24
Q

Redevelopment of resources

A
  • Can include moving employees to a different job or sending them to work in a different place or division within a business.
  • helps save the business money by not providing redundancy packages, minimises bad publicity, keep employees who already know the culture
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25
Q

Natural

A

(timber, water, solar) using existing resources of different purpose

26
Q

Labour

A

(employees) moving employees to different department-replacing with robots with dangerous

27
Q

Capital

A

(machinery, buildings) moving production machinery overseas to take advantages of cheaper labour rates

28
Q

Domestic opportunities

A
  • New business opportunities can arise from the existing domestic market
  • managers must seek new business opportunities to increase market share
  • Managers must develop strategies that will allow the business to take advantages of the domestic market movements
29
Q

Global

A
  • Expanding on the global market allows a business to become well known in the international field
  • it provides further opportunities for a business to become more successful and increase market share.
30
Q

Global strategies

Exporting

A

It allows Australian businesses to reach new markets as they can sell their product to new audience

31
Q

Global strategies

Legal structure

A

Business need to decide how to structure offshore operations

32
Q

Global strategies

Taxation

A

A significant consideration for any business expanding overseas

33
Q

Global strategies

Staffing

A
  • Relocating employees as they already have a detailed understanding of the business
  • business may lack local knowledge therefore it will be more expensive to relocate employees instead of hiring locally
34
Q

Global strategies

Innovation

A
  • gap in the market
  • encouraging and supporting new ideas
  • importing or investing in something new and different
35
Q

Global and domestic strategie

Research and development

A
  • A way of creating new products and services, or improving existing ones
  • can be expensive larger businesses better investment
36
Q

Global strategies

New and emerging technologies

A
  • Businesses should keep eye on technological development to ensure they are not left behind
  • the way consumers shop constantly change
37
Q

Senge’s learning organisation

A
  • In situations of rapid change only those businesses that are flexible, adaptive and productive will be successful
  • organisations where people continually expand their capacity to create the results they truly desire and where people are continually learning to see the whole together.
38
Q

Personal mastery

A
  • The ongoing commitment of an individual to undertake continuous learning and development
  • can be achieved through training and development, performance appraisal and career advancement
  • if employees are able to continuously improve the business will to and will also be less resistant to change and may initiate the change
39
Q

Mental models

A
  • creating a business culture of openness, inquiry and trust
  • employees are encouraged to challenge old assumptions and mindsets in order to feel empowered to create something new and better than before
  • are assumptions, generalisations and images of how people understand the world
  • building from your own life experiences as well as learning from the business allows both employee and business to move forward in the right direction
40
Q

Building a shared vision

A

People who work within the business and adopt the shared vision will be able to see the long term picture of the business and will make a commitment to the business so it can develop even further.

41
Q

Team learning

A
  • Is about bringing people together in a group to work at their best and continually find ways to create good results
  • if teams and groups within a business are able to have open communication then greater learning will take place thus business will achieve better results
42
Q

Systems Thinking

A
  • Learning organisation’s use this method of thinking to evaluate the performance of the business as a whole, rather than separate units
  • the ability to see the big picture and to look beyond what is happening, not just within the business
43
Q

Advantages and disadvantages

Senge’s learning organisation

A

advantages

  1. Boosts levels of creativity, thinking, innovation and business competitiveness
  2. Continuously striving to improve staff motivation, corporate image and skills

disadvantages

  1. Requires cultural change which can take time
  2. Large businesses can struggle to share ideas and knowledge between all the members
44
Q

Low risk strategies

definiton

A

They are strategies that don’t put the employees at any risk but try to encourage the employees to accept the change

  • employee doesn’t feel left out
  • no risk of loosing motivation
  • is a participative approach to implementing change
45
Q

two -way communication

A
  • Being open and honest about change so that employees fully understand the direction of the business and its impact
  • usually between mangement and employees
  • employees can voice their concerns
46
Q

Support

A

Sometimes employees may need support to manage the change as it can have a negative impact on employees and their health and wellbeing

47
Q

Incentives

A

Giving something with the aim of persuading or mentoring people to accept the change

example : training or a different job

48
Q 
low risk
Possible drawbacks (2)
A
  • time consuming

- costly (training)

49
Q

High-risk strategies

Definition

A
  • Autocratic approach to implementing change, involving use of force threats and manipulation of situation
  • mangers are able to over come change resistance quickly
50
Q

Threats

A
  • Forcing employees to embrace the change
  • may include threatening them with a loss of job or demotion
  • employees will therefore embrace the change quickly as their job s in jeopardy
51
Q

Manipulation

A
  • Gaining support from employees by the selective use of facts
  • High risk strategy that tends to push the employee into a situation that they do not want to be in.
52
Q 
high risk 
Possible drawbacks (3)
A
  • harm the relationship within the business/culture
  • employees may resit mangers
  • cause resistance
53
Q

Global strategies

Online shopping

A

many businesses offer customers the ability to browse available goods and services via the internet, order goods, pay online and organise shipment of goods

54
Q

Domestic strategies

Multiple Branding Strategy

A
  • a business sells multiple brands in the same market

- customers have a variety or choice if they like the brand

55
Q

advantages of Multiple Branding Strategy (2)

A
  • One business holds more shelf space, leaving less space for competitors products
  • Provide cheaper options
56
Q

Domestic strategies

Product differentiation

A

A business will use brand names and advertising to establish key differences between their product and suitable products

57
Q

advantages of Product differentiation

A

The ability to come up with a unique product that will stand out in the market and will be able to give the business an opportunity to create a niche in the market

58
Q

Domestic strategies

Franchising

A

Allows one business to operate under the trading name of another established brand and sell its products or services for a period of time

59
Q

advantages of Franchising

A

Allows business to expand its operations and market share without the need to borrow large amounts of

  • capital
  • manage new stores
  • hire new staff
60
Q

Developing a market niche: (Both domestic and global)

A
  • When businesses are able to offer something that not every business is able to offer.
  • This allows for the businesses to stand out.
61
Q

senges management roles

Leading the learning organisations (summary)

A
  • He sees leaders as designers, and teachers.
  • These people are responsible for building businesses where people are able to expand their knowledge, to understand complex issues and are responsible for learning within the business.
  • designer = what change should be about, gives it form
  • teachers = guide people, teach/support them new things

business revision 2018 (10 decks)

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