1
Q
leadership in change management
A
the ability to positively influence 7 motivate employees toward achieving business objectives during transformation
2
Q
implementing leadership in change management
A
- build a shared vision - (informing benefits & reasons for change)
- provide ongoing communication - (clear instructions)
- provide ongoing support - (including employee training & consultation)
3
Q
staff training
A
staff training is a business equipping employees with the knowledge & skills required to perform work tasks
4
Q
KPI - effect of staff training
A
- high number of customer complaints = improves the quality of a product or service leading to more satisfied customers
- low number of sales - equips employees with the skills needed to communicate the value of products to customers & close sales
5
Q
staff motivation
A
is managers implementing strategies that seek to drive employees to work towards the achievement of business objectives
6
Q
KPI - effect of staff motivation(ST)(SA
A
- high level of staff turnover = provides staff with a sense of achievement & commitment in fulfilling tasks as efforts are considered meaningful by the manager
- high rate of staff absenteeism - improves employee willingness to show up to work & complete tasks as they’re given more support, specific goals & rewards
7
Q
change in management styles or skills
A
managers altering their way of directing & interacting with staff
8
Q
KPI - effect of change in management styles or skills
A
- low rate of productivity growth - more restrictive styles encourage employees to stay on a task which improves business productivity
- high rate of staff turnover - less restrictive styles promote employee involvement in decision making, and employees feel more valued & considered in the workplace
9
Q
increased investment in technology
A
the implementation of automated & computerized processes for production & operations
10
Q
KPI - increased investment in tech(p.g)(MS)
A
- the low percentage of market share - CAD can improve customer willingness to purchase goods due to their involvement in the process
- low rate of productivity growth - APL, CAM improves business efficiency & effectiveness in production
11
Q
improving quality in production
A
the implementation of processes that increase the perceived value of a product or service
12
Q
KPI - improving quality in production(NP),(CC)
A
- low net profit figures - increased customer satisfaction improves sales, reduced expenses due to lower wastage from defective products
- high number of customer complaints - higher quality goods or services increase customer satisfaction
13
Q
initiating lean production techniques
A
adopting approaches that reduce waste in production while increasing the value of goods and services to the customer
14
Q
KPI - initiating lean production techniques(W)(PG)
A
- high level of wastage - no idle stock as goods are only produced when customer orders are received
- low rate of productivity growth - improves the efficient use of input by producing outputs greater than resources needed
15
Q
cost cutting
A
the process of reducing business expenses
16
Q
KPI - cost-cutting(w)(pg)
A
- high levels of wastage - reallocating resources for more productive use reduces the amount of time, labour & goods wasted during production
- low rate of productivity growth - reallocating resources such as labour & capital will lead to more productive use of resources
17
Q
redeployment of resources
A
the reallocation of natural, labour & capital materials to different areas of the business to improve productivity & effectiveness
18
Q
KPI - redeployment of resources(NP)(W)
A
- low net profit figures - redeploying reduces inefficiencies in the production process, increasing net profit margin
- high levels of wastage - reallocating resources for more productive use reduces the amount of time, labour & goods wasted during production
19
Q
new locations
A
a business can build new business opportunities by opening new branches or outlets in new locations.
20
Q
new locations - advantages
A
- creates a physical presence in new geographical locations which can improve the business’s reputation
- can be more effective to operate in certain countries because of cheaper, labour & rent
21
Q
new locations. -disadvantages
A
- can be difficult to understand & cater to a new market
- may encounter legal requirements & costs when exporting products to other countries
22
Q
online sales
A
a business can potentially increase its domestic & global sales by selling its products online.
23
Q
online sales - advantages
A
- access the entire global market without the need for physical expansion
- access a large number of customers in a very short amount of time
24
Q
online sales - disadvantages
A
- will have to be trained to operate an online sales platform
- can be costly implementing a new distribution network for online sales
25
differentiation
the strategy of offering unique products or services that meet the needs of customers that are currently unmet or undermet
26
differentiation - advantages
- customers are often loyal to the business brand because of unique features or service not offered by competitors
- employees may feel increased sense of pride working for a differentiated business
27
differentiation - disadvantages
- can be difficult to prevent competitors from replicating point of differentiation
- new employees may require additional raining to adapt their skills to math business's point of differentiation
28
exporting
a specific method a business can use to grow globally, instead of opening new overseas locations the goods or services can be sold through local distributors & retailers
29
exporting - advantages
- creates a brand presence in new geographical which can improve the business's reputation & broad image
- increased sales & profits from new markets
30
exporting - disadvantages
- products or services may need to modify to suit overseas cultural preferences or legal requirements
- may be hidden costs in meeting export regulations such as tariffs or quotas
31
senges learning organisation
a learning organisation is a business that facilitates the growth of its members & continuously transforms itself to adapt to changing environments
32
systems thinking
the ability to understand the interrelationships between different areas of a business
- manager analsyes a business as a whole rather than separate parts, and understand how a change in one area may affect other areas
33
mental models
challenging the pre-existing assumptions & beliefs that people have about a business & its practices
- Businesses which aim to be a learning organisation should attempt to continuously challenge their employees beliefs & break down existing mindsets
34
shared vision
an aspirational description of what a business & its members would like to achieve
- applied when a manager develops & promotes a mission that all employees can believe in
35
personal mastery
encouraging individual development & learning through business activities
- individuals with high levels of personal mastery take more initiative & have more responsibility over their work
36
team learning
encourages individuals to combine their strengths & abilities to continuously grow together '
- collaborating allows employees to combine their skills & knowledge to make more effective decisions when aiming to achieve business objectives
37
low risk strategies
gradual management approaches that encourage employees to accept & participate in business change
38
communication - low risk
managers initiate open & honest two-way communication with employees so they're fully aware of the reasons, impacts & roles in the upcoming change
39
empowerment - low risk
managers providing employees with increased responsibility & authority during times of change
40
support - low risk
providing employees with assistance as they move from current to new practices
- reduce employees' stress & fear about change
41
incentives - low risk
managers providing financial or nonfinancial rewards to encourage employees to support change
42
high-risk strategies
autocratic management approaches used to influence employees to quickly accept & follow a business change
43
manipulation - high risk
influencing employees to follow a proposed change by providing incomplete & deceptive information about the proposed change
44
threat - high risk
forcing employees to follow a proposed change by stating that they may or will cause harm to them if they fail to follow the change
45
unfreeze step 1
moves a business to a state where stakeholders are prepared to undergo change
-challenging beliefs, behaviours & values that currently define business
- should identify why change is necessary & what needs to be changed and clearly communicate to stakeholders
46
change step 2
moves the business towards the desired state
- transforms business practices to meet new objectives
- managers should provide ongoing support & training to employees to reduce stress & allow smooth transition
47
refreeze step 3
ensures the change is sustained within the business for the long term
- embedding change into business everyday operations
- should introduce new policies & job descriptions to establish the new culture which aligns with the change
48
effect of change on managers
P
- opportunities to develop new skills or advance careers may be created
- financial or non financial rewards provided if bus change success
N
- increased workloads can lead to stress impacting wellbeing
- loss of job & financial security if change unsuccess
49
effect of change on employees
P
- new opportunities & responsibilities can improve employees job satisfaction
- may build long term job security if change successful
N
- may need to develop new complex skills & knowledge to keep their job, increase stress
- may lose their jobs & financial security if unsuccessful
50
effect of change on customers
P
- better product or service quality can increase customer satisfaction
- reduction in price of good or services can increase customer satisfactions
N
- lowering quality to save costs of production may frustrate customers
- increasing price of goods & services can frustrate customers
51
effect of change on suppliers
P
- may increase amount of resources demanded by businesses which can increase sales for suppliers
N
- may decrease sales of the business decide to switch supplier
- may require adjustments in process & supplies offered to meet requirements of business change
52
effect of change on the general community
P
- creation of more jobs can increase employment rates
- greater ability to make donation to charity & contribute to social causes if change successful
N
- loss of jobs may increase unemployment rates & decrease society's wellbeing
- decrease customer traffic & sales of surrounding business if change involves a shut down or relocation
53
considering employees
downsizing - offering outplacement services to help employees find new employment
intro of new tech - providing extra training & support
54
considering general community
change in suppliers - choosing local suppliers to create employment opportunities & improve local economy
into of new tech which replaces human labour - redeploying employees to other areas of the business to reduce unemployment rates
55
considering the envrioment
intro of new tech - purchasing accurate tech which reduces the number of errors that occur during production minimising waste
building a new facility - creates min pollution during construction
56
csr considerations - advantages
- help develop good brand rep
- may attract highly skilled employees
- customers willing to pay more for ethical
57
csr considerations - disadvantages
- constant focus on CSR may decrease productivity
- can b time consuming
- may be expensive
58
business example - new locations
Cotton on is an Australian fashion chain
Opened the first store in Geelong in 1991, first international stores opening in New Zealand and Singapore in 2006, in 2019 had over 1500 stores in 19 countries
59
business example - differentiation
Original Tim tam was created in 1963
To increase sales double choc, hazelnut & mocha introduced
To further in 2014 partnership with Adriana Zumbo offered new range including salted caramel, red velvet & raspberry white choc
60
business example - shared vision
Over the past decade, Qantas CEO Alan Joyce developed a shared vision of Qantas commitment to safety
All Qantas employees are required to complete training programs to ensure that safety is maximized in the business’s operations
These programs motivate and inspire employees to commit to the business-wide objective of safety
61
business example - personal mastery
Employees at Qantas are provided with opportunities to create and shape their careers
These opportunities include employees being supported to take on challenging projects & further develop themselves in their area of choice
Creates an open environment that constantly facilitates employee development
62
empowerment - a & d
- allows for new fresh ideas on the change
- conflict may result when differing ideas
63
communication - a & d
- employees become informed and can have their q's answered
- may be time consuming
64
support - a & d
- employees given time to adapt to the change
- can be time consuming or costly
65
incentives - a & d
- employees feel as though valued
- costly & only supporting change because rewarded
66
manipluation - a & d
- gaining support quick & inexpensive
- cause conflict if feel as if manipulated
67
threat - a & d
- very quick to over power resistance
- can harm relationships
Business Management
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