Business 3/4 exam revision (unit 4 notes) 5b, 5c, 4d, 4e, 4f not incl Latest Update 2022

Business 3/4 exam revision (unit 4 notes) 5b, 5c, 4d, 4e, 4f not incl Latest Update 2022 What are key performance indicators - ANS-KPIs is a critria that measures how efficient and effective a business is at achieving different objectives What is percenatage of market share - ANS-measures a businesses proportion of total sales in a speicifc industry expressed as a percentage (higher is better) What are net profit figures - ANS-they are calculated by deducting total expenses from total revenues earnt over a period of time. assesses whether expenses are too high or revenue is too low. Whta is level of staff turnover - ANS-the percentage of employees that leave a business in a year and have to be replaced (higher level may mean dissatisfied with management styles, pay or conditions) What is rate of productivity growth - ANS-the increase in outputs produced from a given level of inputs over time What is force field analysis - ANS-A model that determines if business should proceed with a proposed change. Helps businesses identify factors which influence change. there are 2 key principles driving forces and restraining forces. What are driving forces - ANS-Factors within or outside the business's environment which promote change what are restraining forces - ANS-factors within or outside the business's environment which resist change What are the 5 key principles in Lewins force field analysis process - ANS-1. identify need for change 2. identify driving forces 3. identify restraiing forces 4. assign scores 5. analyse and apply What is leadership in change management? - ANS-the ability to positively influence and motivate employees towards achieving business objectives during transformation. managers need to: - build a shared vision - provide ongoing support and communication CONTINUES...