U3 AOS1
A type of business that is run by one individual owner, under their own name or a registered business name.
What is a Sole Trader?
Occurs when a person’s job is no longer required and ceases to exist, usually due to technology changes, a business decision to downsize, or a business merger/acquisition.
What is redundancy
Refer to the end result of a business’ transformation process – the final good or service that is delivered to the consumer.
What are Outputs?
refers to the alteration of behaviours, policies and practises of a business
What is business change?
The ability to influence and motivate individuals to achieve business objectives
What is Leadership?
This management style leaves employees in control of key decisions
What is Lassiez-Faire?
Refers to the effective management of the formal relationship between employers and employees
What is Human Resource Management?
This type of business's products are intangible (cannot be stored), they are reliant on human labour, have a high level of customer involvement, production and consumption are often simultaneous.
What is a service business?
The use of driving and restraining forces to analyse the resistance to business change
What is Lewin's Force Field Analysis Theory?
A management strerategy to seek new business opportunities; new product or service. Often used in Porter's Differentiation strategy
What is Innovation?
The values and beliefs that are actively displayed by the people in the business
e.g clothing, behaviour
What is Real Corporate Culture?
This motivational theory follows intrinsic and extrinsic needs, and is often displayed in a pyramid
What is Maslow's Hierarchy of Needs?
This technology refers to the use of computer programs to prepare product designs, which can then be reviewed, evaluated and modified without the need for a physical prototype being built
What is Computer-aided Design (CAD)?
What is proactive change?
A principle of Senge's Learning Organisation that reflects upon, constantly improves, and challenges deeply ingrained internal assumptions and pictures of the world. Hickey constantly mentioned this principle during Moneyball
What are Mental Models?
Involves the passing of authority down to subordinates to perform tasks or make decisions.
What is delegation?
The four principles of Lawrence and Nohria's Four Drive Theory
What are Acquire, Bond, Comprehend and Defend?
Contains Pull, One-piece flow, TAKT and Zero Defects as principles to reduce waste
What is Lean Management?
Significant changes that are often impact the whole business
Whhat is transformational change?
This step is to allow the business to adapt to change, support employees, and ensure the business does not revert back to old ways.
What is refreeze? (Lewin's Three-Step Change Model)
Sets out the actions that a business takes in order to achieve specific objectives
What is business strategy?
A non-financial motivational strategy that gives opportunities to be promoted to positions that include new (or more) experiences, responsibility or authority within the business
What is career advancement?
A Japanese word used to identify areas of improvement on a continuous basis
What is KAIZEN?
A KPI of how safe the business is for employees, customers and other stakeholders measured by how many OH&S incidents have occurred
What is number of workplace accidents?
Some examples may be hiring select employees from all backgrounds, selection of uniform, and selection of a management style, all of which reflects the business's environment and aims
What are examples of developing real corporate culture?