11181446
Description
Flashcards by Katelyn Gorman, updated more than 1 year ago
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Created by Katelyn Gorman
over 6 years ago
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| Question | Answer |
| Change | any alteration in the internal or external environments. |
| Business change | the adoption of a new idea or behaviour by a business. |
| Proactive | to initiate change rather than simply to react to events. |
| Reactive | to wait for a change to occur and then respond to it. |
| Effectiveness | the degree to which a business has achieved its stated objectives. |
| Efficiency | refers to how well a business uses resources to achieve objectives. |
| Key performance indicators | specific criteria used to measure the efficiency and effectiveness of the business’s performance. |
| Percentage of market share | refers to the business’s share of the total industry sales for a particular good or service, expressed as a percentage. |
| Net profit | what remains when expenses are deducted from the revenue earned. |
| Productivity | a measure of performance that indicates how many inputs (resources) it takes to produce an output (goods or services). |
| The rate of productivity growth | measures the change in productivity in one year compared to the previous year. |
| Number of sales | a measure of the number of goods or services (products) sold. |
| Rate of staff absenteeism | measures the number of workers who neglect to turn up for work when they are scheduled to do so. |
| Staff turnover | measures the number of staff leaving the business. |
| Level of wastage | measures the amount of waste created by the production process. |
| Customer complaints | indicate whether or not customers are satisfied with the performance of the business. |
| Number of workplace accidents | indicates how safe the workplace is for employees. |
| Benchmarking | occurs when a business measures its performance against that of other leading businesses known for their excellence. |
| Force Field Analysis | outlines the process of determining which forces drive and which resist a proposed change. |
| Driving forces | are those forces that support the change. |
| Restraining forces | are those forces that work against the change. |
| internal environment | refers to the factors inside the business. |
| External environment | includes those things over which the business has little control. It may be divided into an operating environment and a macro environment. |
| Operating environment | refers to the outside factors with which the business directly interacts in the course of conducting its business. |
| Macro environment | is made up of the broad factors in the economy and society within which the business operates. |
| Globalisation | is the movement across nations of trade, investment, technology, finance and labour brought about by the removal of trade barriers. |
| Innovation | a process that occurs when something already established is improved upon. |
| Niche market | a narrowly selected market segment within a larger market. |
| Restraining forces | those forces that work against the change. |
| Organisational inertia | refers to an unenthusiastic response from management to proposed change. |
| Competitive advantage | occurs when a firm, industry or economy has a lower cost price structure than its rivals. In this situation, goods and services can be sold more cheaply, undercutting competitors, and expanding domestic and foreign sales. The concept can also be extended to product quality range and flexibility in adapting to new trends in the market. |
| Product differentiation | refers to the use of brand names and advertising to establish differences between substitutable products. |
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