2023-08-01T03:36:01+03:00[Europe/Moscow] en true business change, key performance indicators (KPIs), Effectiveness, percentage of market share, net profit, rate of productivity growth, number of sales, rate of staff absenteeism, staff turnover, benchmark, level of wastage, number of customer complaints, Number of website hits, number of workplace accidents, Managers, organisational inertia, <p>There are three steps to determine which generic strategy to focus on.</p>, <p>Cost leadership, focus strategy</p>, <p>Differentiation, focus</p>, <p><strong>Force Field Analysis</strong></p>, <p>ffa steps </p>, <p><strong>Porter’s Generic Strategies approach</strong></p> flashcards
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  • business change
    any alteration to a business and/or its work environment
  • key performance indicators (KPIs)

    measures or a set of data that allows a business to determine whether it is meeting its business objectives

  • Effectiveness
    the degree to which a process or system is successful in achievement of business objectives
  • percentage of market share
    the portion of sales (units or revenue) of a product that a company achieved in relation to the sales of the same product that other companies achieved
  • net profit
    the amount left after all expenses (e.g. costs, taxes) have been paid; also referred to as the bottom line
  • rate of productivity growth
    productivity measures the business’s ability to transform inputs into outputs. The ability of a business to increase output or production from a given amount of inputs measures the rate of productivity growth.
  • number of sales
    the total quantity of sales of a particular product or service
  • rate of staff absenteeism
    a percentage indicating the number of workdays lost due to unscheduled staff absence from work, especially without a good reason. Choose good managers, clearity with business culture and support.
  • staff turnover
    measures the number of employees who had to be replaced within a given period
  • benchmark
    a level of quality or achievement used as a standard of comparison for others; it is a point of comparison used to evaluate success levels
  • level of wastage
    in a production process will give an indication of business efficiency and is a measure of resources that have not been converted to outputs
  • number of customer complaints
    the number of written or verbal expressions of dissatisfaction from customers about an organisation’s products or services. Sympathise, record, fix it maybe, gain feedback
  • Number of website hits
    amount of traffic of people who access a business' website. See visitors, new sessions, time spent.
  • number of workplace accidents
    the number of unplanned events interrupting the workflow that may or may not include injury or property damage
  • Managers
    may actively refuse to implement change, because it may threaten there position/ power.
  • organisational inertia
    the lack of ability of a business to react to internal and external pressures for change, as it tends to continue on its well- entrenched way

  • There are three steps to determine which generic strategy to focus on.

    SWOT analysis, five force analysis: supplier power, buyer power, competitive, then compare

  • Cost leadership, focus strategy

    is a course of action that allows a business to achieve a corporate edge by decreasing production or delivery costs, thereby increasing its profits. cost sensitive in niche

  • Differentiation, focus

    unique and delivering a product to satisfy consumers, is able to charge a higher price. niche, focus on features than cost.

  • Force Field Analysis

    looks at forces that are either driving movement towards a goal or change (driving forces) or blocking movement towards a goal or change (restraining forces)

  • ffa steps

    define, assign numeric value, identify forces, and evaluate

  • Porter’s Generic Strategies approach

    a framework used to outline the three major strategic options open to businesses that wish to achieve a sustainable competitive advantage