Key Concepts in VCE Business Management Units 3&4 5E eBookPLUS & Print + StudyOn VCE Business Management Units 3&4 3E (Book Code) Image

Key Concepts in VCE Business Management Units 3&4 5E eBookPLUS & Print + StudyOn VCE Business Management Units 3&4 3E (Book Code)

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ISBN:9780730365655
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Jacaranda Key Concepts in VCE Business Management Units 3 & 4 5e Print & eBookPLUS + studyON
This combined print and digital title is the trusted market leader and has been updated with new content and contemporary case studies to engage students of all abilities and help them achieve exam success.

The latest editions from the Jacaranda Key Concepts in VCE Business Management series include these key updates:
• Brand-new contemporary case studies, alongside updates to existing data, statistics and references to ensure currency and relevance
• More Apply your skills subtopics in each topic which allow students to practice key Business Management skills
• More Extend your knowledge subtopics in each topic providing more opportunities to explore key knowledge in greater depth
• New exam practice questions in every topic and subtopic, with exemplary responses and mark allocations available in the teacher resource
• Jacaranda’s unique exam preparation tool, studyON, is now included free and fully integrated to help prepare students for their exams

An access code for the eBookPLUS comes free on the inside cover of your printed text, so you can make the most of both the print and digital formats.

How to use this resource viii

About eBookPLUS and studyON x

About the authors xi

Acknowledgements xiii

Unit 3 Managing a Business 1

1 The nature of business 3

1.1 Overview 3

1.2 Background Knowledge Introduction to business 5

1.3 Types of businesses: sole traders and partnerships 10

1.4 Types of businesses: private limited companies and public listed companies 14

1.5 Types of businesses: social enterprises and government business enterprises 16

1.6 Extend Your Knowledge Changing the type of business through privatisation 20

1.7 APPLY YOUR SKILLS Analysing and discussing social enterprises 23

1.8 Business objectives 26

1.9 APPLY YOUR SKILLS Business objectives and KPIs 31

1.10 Business stakeholders in the internal environment 34

1.11 Business stakeholders in the external environment 38

1.12 Potential conflicts between stakeholders and corporate social responsibility considerations 43

1.13 EXTEND YOUR KNOWLEDGE Stakeholders and corporate social responsibility 47

1.14 Review 51

2 The nature of management 57

2.1 Overview 57

2.2 Areas of management responsibility 58

2.3 EXTEND YOUR KNOWLEDGE The contribution of areas of management responsibility to the achievement of business objectives 64

2.4 Management styles: autocratic and persuasive 67

2.5 Management styles: consultative and participative 70

2.6 The laissez-faire management style and the appropriateness of management styles 73

2.7 APPLY YOUR SKILLS Management styles 76

2.8 Management skills: communicating, delegating and planning 78

2.9 Management skills: leading, decision-making and interpersonal 87

2.10 Corporate culture and its development 91

2.11 APPLY YOUR SKILLS Styles, skills and corporate culture 94

2.12 EXTEND YOUR KNOWLEDGE The relationship between corporate culture, management styles and management skills 99

2.13 Review 102

3 Human resource management — motivating employees 108

3.1 Overview 108

3.2 The relationship between managing employees and business objectives 110

3.3 An introduction to motivation and Maslow’s Hierarchy of Needs 113

3.4 Motivational theories: Goal Setting Theory (Locke and Latham) 117

3.5 Motivation theories: Four Drive Theory (Lawrence and Nohria) 121

3.6 EXTEND YOUR KNOWLEDGE Comparing theories of motivation 125

3.7 APPLY YOUR SKILLS Motivation theories — do they work? 129

3.8 Motivation strategies: financial 131

3.9 Motivation strategies: non-financial 135

3.10 EXTEND YOUR KNOWLEDGE Financial and non-financial motivation 139

3.11 APPLY YOUR SKILLS Evaluating motivation strategies 142

3.12 Review 145

4 Human resource management — managing employees and workplace relations 150

4.1 Overview 150

4.2 BACKGROUND KNOWLEDGE Overview of the employment cycle 152

4.3 Training options 155

4.4 APPLY YOUR SKILLS Comparing and evaluating training strategies 159

4.5 Performance management strategies 162

4.6 EXTEND YOUR KNOWLEDGE Getting value from performance management 167

4.7 Termination management: retirement, resignation and redundancy 169

4.8 Termination management: dismissal, entitlement and transition issues 172

4.9 Workplace relations: participants in the internal environment 175

4.10 Workplace relations: participants in the external environment 179

4.11 Awards and agreements 184

4.12 BACKGROUND KNOWLEDGE Disputes in workplace relations 188

4.13 Dispute resolution 192

4.14 APPLY YOUR SKILLS Dispute resolution and methods of determining wages and conditions of work 195

4.15 EXTEND YOUR KNOWLEDGE Dispute resolution and enterprise agreements 199

4.16 Review 201

5 Operations management 208

5.1 Overview 208

5.2 The relationship between operations management and business objectives 210

5.3 EXTEND YOUR KNOWLEDGE Efficiency and effectiveness of operations 216

5.4 Key elements of an operations system 219

5.5 Technological developments 224

5.6 Materials management 230

5.7 The management of quality 237

5.8 Waste minimisation 243

5.9 APPLY YOUR SKILLS Managing technological developments, materials, quality and waste minimisation 250

5.10 Corporate social responsibility considerations in an operations system 255

5.11 EXTEND YOUR KNOWLEDGE Socially responsible operations management 259

5.12 Global considerations in operations management 262

5.13 APPLY YOUR SKILLS Comparing, evaluating, proposing and justifying operations management strategies 266

5.14 Review 270

Unit 4 Transforming a Business 277

6 Reviewing performance — the need for change 279

6.1 Overview 279

6.2 The concept of business change 281

6.3 Analysis of business performance 284

6.4 Key principles of the Force Field Analysis theory (Lewin) 290

6.5 Driving forces for change in business 294

6.6 Restraining forces in business 300

6.7 APPLY YOUR SKILLS Forces affecting change 304

6.8 APPLY YOUR SKILLS Driving and restraining forces 306

6.9 Strategic management by Porter’s Generic Strategies (1985) 307

6.10 APPLY YOUR SKILLS Lower cost and differentiation 314

6.11 EXTEND YOUR KNOWLEDGE Data-driven change 316

6.12 EXTEND YOUR KNOWLEDGE The concept of business change 318

6.13 Review 321

7 Implementing change 327

7.1 Overview 327

7.2 The importance of leadership in change management 329

7.3 Management strategies to respond to key performance indicators 331

7.4 Seeking new business opportunities domestically and globally 337

7.5 APPLY YOUR SKILLS Sources of change 341

7.6 APPLY YOUR SKILLS Seeking new business opportunities 342

7.7 The principles of the Learning Organisation (Senge) 344

7.8 Low-risk strategies to overcome employee resistance 347

7.9 High-risk strategies to overcome employee resistance 351

7.10 Key principles of the Three Step Change Model (Lewin) 353

7.11 The effect of change on stakeholders 356

7.12 Corporate social responsibility considerations when implementing change 359

7.13 EXTEND YOUR KNOWLEDGE The impact of change on stakeholders and social responsibility 362

7.14 Reviewing key performance indicators to evaluate transformation 363

7.15 EXTEND YOUR KNOWLEDGE The importance of reviewing key performance indicators to evaluate the effectiveness of business transformation 366

7.16 Review 368

Glossary 373

Index 379