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Business aos 1
| Question | Answer |
|---|---|
| What is Lewin's Force Field Analysis? | Work focused on identifying driving forces which drive people toward a goal and restraining forces which block movement toward a goal. |
| Percentage market share (KPI) | the proportion of the total market that a business has, expressed as a percentage |
| Net Profit Figures (KPI) | What remains when expenses are deducted from the revenue earned |
| Rate of productivity growth | the amount of outputs produced compared to the amount of inputs used and the rate in which it increases over time |
| Number of sales (KPI) | The amount of goods or services sold in a specified period of time |
| Rate of staff absenteeism | the number of workers who neglect to turn up for work when they are scheduled to do so |
| Level of waste (KPI) | the amount of waste that a business release |
| Customer Complaints | the amount of customers that are not satisfied with the performance of the organisation |
| Number of workplace accidents (KPI) | indicates how safe the workplace is for employees |
| what does KPI linked to? | Efficiency and Effectiveness |
| Why are we using KPI? | - To measure a business performance - To attract investment into the business -To report to stakeholders -To make decisions about future business directions |
| What is Lewin's Force Field Analysis? | Work focused on identifying driving forces which drive people toward a goal and restraining forces which block movement toward a goal. |
| Implementing FFA | 1. Define the target change 2. Identify driving forces 3. Identify restraining forces 4. Analyse the forces that can be changed 5. Develop an action/ plans or what can be changes |
| Managers as a driving force (Internal) | They are incentive to push for change that will help the business better fulfil its objectives. |
| Employees as a driving force (internal) | Employees will drive change when there is an opportunity to improve their employment conditions. |
| Pursuit of profit as a driving force (internal) | Opportunities to improve financial performance will often encourage a business to change. |
| Reduction of costs as a driving force (internal) | The ability to reduce costs similarly promotes change as it can help businesses improve their profit. |
| Competitors as a driving force (external) | Competitors changing prices, using new technology or running advertising campaigns can affect the performance of other businesses in the market. This makes competitors a driving force for change as a business must always adapt to remain competitive. |
| Technology as a driving force (external) | Using technology, businesses can increase the efficiency of their operations and improve overall productivity. |
| Social attitudes as a driving force (external) | The business need to be able to adapt with the social beliefs, values and views in order to increase profit |
| Legislation as a driving force (external) | All businesses are required to comply with laws and regulations to avoid fines, suspensions or even closure. A business may be forced to change if new legislation is introduced. |
| Globalisation as a driving force | The trend of globalisation means that more businesses are operating on a global scale due to trade barriers being removed. |
| Innovation as a driving force (External) | Improving services and products or introducing new products in order to maintain sales and market share. |
| Managers as a restraining force | Managers are the owners, leaders or upper management that often introduce change within a business. |
| Employees as a restraining force | Employees may resist a business change if the outcome is uncertain, it affects their job security or they fail to see a reason for the change. |
| Legislation as a restraining force | Legislation are the laws and regulations businesses have to follow and can be a restraining force for business to change if the change does not to comply with relevant laws or regulations. |
| Financial Considerations | The costs associated with the change which may place financial burden and/or pressure on a business |
| Time as a restraining force | Business changes have to be completed before, after or within a certain time period and can be a restraining force if the business cannot implement the change within the time frame. |
| Porter's Generic Strategies | A business strategy that formed the basis of business activity and growth. |
| Differentiation | Offers customers unique services or products compare to other competitors which can be sold at a higher price. |
| Advantages of Differentiation | - allows a company to charge a premium price - more loyal customers as the product is more unique |
| Disadvantages of Differentiation | - Expensive: Customers may prefer cheaper copies - can be difficult to prevent competitors from replicating point of differentiation |
| Advantages of Lower Cost | - Reduces the expense of operations - Attractive to cost-conscious customers |
| Disadvantages of Lower Cost | - basic products may not meet the needs of customers who have specific needs - Customers are not loyal |
| How can a business reduce its costs? | -use lean management strategies - economies of scale -use off share advantages of lower manufacturing costs -local outsourcing of paint of the production process |
| business change | when a business adopt new ideas or behaviour |
Created by:
tiffany0105
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