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Buss4 A2 Key Terms

Managing Change

QuestionAnswer
Expansion of a business by means of opening new branches, shops or factories (also known as organic growth). Internal growth
Business expansion achieved by means of merging with or taking over another business, from either the same or a different industry. External growth
An agreement by shareholders and managers of two businesses to bring both firms together under a common board of directors with shareholders in both businesses owning shares in the newly merged business. Merger
When a company buys over 50 per cent of the shares of another company and becomes the controlling owner of it. It is often referred to as ‘acquisition’. Takeover
Merging with or taking over another business in the same industry at the same stage of production. Horizontal integration
Merging with or taking over another business in the same industry but at a different stage of production. Vertical integration
Merger with a supplier business. Backward vertical integration
Merger with a customer business. Forward vertical integration
Merging with or taking over another business in a different industry. Conglomerate integration
Literally means that ‘the whole is greater than the sum of parts’, so in integration it is often assumed that the new, larger business will be more successful than the two, formerly separate, businesses were. Synergy
The reduction of business costs in order to become more financially stable, increase profits and to move out of loss-making areas of operation. Retrenchment
A form of ownership change where a company’s existing managers acquire a significant part or all of the business. Management buy-out (MB-O)
When wealthy investors buy out a business which is usually underperforming and take it over with the intention of transforming its management and performance. Private equity ownership
A methodical plan containing details of the organisations’ central objectives and how it intends to achieve them. Corporate Plan
Preparing an organisation’s resources for unlikely events. Contingency Planning
Influencing and directing the performance of group members towards achieving the goals of the organisation. Leadership
The process of setting objectives and taking decisions to make the most efficient use of an organisation’s resources. Management
Leaders take decisions on their own with no discussion. Autocratic leadership
Leaders discuss with workers before making decisions. Democratic leadership
Leaders will listen, explain issues and consult with the workforce but will not allow then to take the final decision. Paternalistic leadership
Leaders use rigid and complex rules and procedures to direct and lead the organisation. Bureaucratic leadership
Leaders leave their colleagues to get on with their work so there is no supervision or control. Laissez-faire leadership
The values, attitudes and beliefs of the people working in an organisation that control the way they interact with each other and with external stakeholder groups. Organisational culture
Concentrating power among just a few people. Power culture
Each member of staff has a clearly defined job title and role. Role culture
Based on cooperation and teamwork. Task culture
When individuals are given the freedom to express themselves fully and make decisions for themselves. Person culture
Encourages staff to take risks, to come up with new ideas and test out new business ventures. Entrepreneurial culture
A long term plan of action to achieve the objectives of the business. Business strategy
Result in changes to long-term plans, involve many resources and are difficult to reverse. Strategic decisions
Involve meeting short-term targets, require fewer resources to implement and may be easy to reverse. Tactical decisions
The collection and assessment of information from one or more sources and the distribution of that information to the appropriate managers. Information management
A computer system designed to help managers plan, take decisions and control business operations. Management information system (MIS)
The assessment of the external political, economic, social and technological factors that may present constraints on strategic decisions made by a business. PEST analysis
An attempt to make logical business decisions on the basis of data that is analysed and tested. Scientific decision-making
Planning, implementing, controlling and reviewing the movement of an organisation from its current state to a new one. Change management
Fundamentally rethinking and redesigning the processes of a business to achieve a dramatic improvement in performance. Business process re-engineering
An analytical process used to map the opposing forces within an environment (such as business) where change is taking place. Force field analysis
A person assigned to support and drive a project forward who explains the benefits of change and assists and supports the team putting change into practice. Project champion
These are created by an organisation to address a problem that requires input from different specialists. Project groups
Created by: carole appleton