VCE Business Management Question Thread!

[lucieeysseric]

Hey, is anyone able to help me out with this question? Would be greatly appreciated
"With reference to a business case study from the past four years, outline the driving and restraining forces for change in that business and explain how the business has used Lewin's Three Step Change Model to plan for new business opportunities in domestic and global markets." (10 marks)

[lucieeysseric]

"With reference to a business case study from the past four years, outline the driving and restraining forces for change in that business and explain how the business has used Lewin's Three Step Change Model to plan for new business opportunities in domestic and global markets." (10 marks)
[/quote]

[reganconnor16]

I would probably make reference to Lewin's three step change model? Explaining how it acts to reduce the influence of restraining forces, whilst maximising the forces driving towards business change. It also allows a business to challenge the status quo and overtime, ingrain changes to be apart of the businesses new status quo. Furthermore, it provides an opportunity for the business to provide continual support for stakeholders (i.e managers/employees) that may be finding the change challenging.

Cheers. It confuses me as the following question regards the three-step change model, and asks to provide an example in the application.

[stunner05]

Last min question haha.. so what is the difference between management by objectives and performance management strategies in terms of definitions.

[Jigsaw]

Last min question haha.. so what is the difference between management by objectives and performance management strategies in terms of definitions.

Performance Management is the heading of which strategies fall below; it focuses on improving both business and employee objectives, by linking business performance objectives with individual employee objectives, generally through assessment.

Management by Objectives is a type of performance management strategy; it refers to employees and management agreeing on a set of goals, with each individual employee goal contributing to the overall business objectives. (Eg- a business of 10 architects might give each architect 10% of a certain task. Each architect has their individual goal, but all the goals are contributing to the 100% completion of the task)

Good luck tomorrow! 

[GuZz]

Hey, is anyone able to help me out with this question? Would be greatly appreciated
"With reference to a business case study from the past four years, outline the driving and restraining forces for change in that business and explain how the business has used Lewin's Three Step Change Model to plan for new business opportunities in domestic and global markets." (10 marks)

Quite a rough answer. I think I nailed the first part of the question (forces) but found it a little tricky to smoothly include and explain the second part. Please provide any feedback

During 2017, Foxtel lowered the price of their Foxtel Now service and closed their streaming service Presto. In order to initiate and implement this change, Foxtel had to combat restraining forces; the people, activities and structures opposed to business change and improvements and maximise their driving forces; the people, activities and structures in support of business change and actively work to make change possible.

One driving force that acted upon Foxtel is managers. The managers of Foxtel were in support of the changes, after monitoring a loss of profit and market share, particularly due to the increased popularity of rival steaming services Netflix and Stan. Therefore, the managers acted as an enabler for change, actively supporting, leading, influencing and directing stakeholders whilst the changes were explored and implemented. Another driving force that acted upon Foxtel was competitors. Foxtel's main competitors were Netflix and Stan, both of which were increasing their market share, reducing Presto's competitiveness and subsequent profitability. Foxtel responded with change, by closing the service and amending their current service Foxtel Now, as they did not believe that their current business model was successful.

One restraining force that acted upon Foxtel is its employees. During times of change, employees whilst critical to the implementation of change, may be confused as to why the change is implemented or feel as if their security is threatened. In the case of Foxtel's closure of Presto, many employees were opposed to the change due to the inevitable restructuring that would occur due to the loss of jobs. Another restraining force that acted upon Foxtel was organisational inertia. This is a businesses failure to respond to the external environment, instead opting to continue in its entrenched way. Due to the fact that Presto had been active for several years and heavily marketed, it was difficult for the managers of Foxtel to scrutinise the product and understand that change was necessary for Foxtel's overall competitiveness and longevity.

By implementing these changes, Foxtel was exploring new business opportunities domestically and globally through research and development. In doing so, Foxtel conducted a through investigation, ensuring that the change would benefit the competitiveness of the business and aid in the achievement of future business objectives. Subsequently, Presto was closed and development ensued to ensure Foxtel Now was at a high standard of quality for consumers. By implementing Lewin's three step change model, Foxtel was able to build momentum towards the change, ensure a smooth transition whilst the change was implemented and ingrain the change in their culture and business model. Firstly, Foxtel had to challenge the status quo. This was achieved by preparing their employees for change, particularly the employees of Presto who were most effected by the proposed changes. Foxtel ensured that its employees were aware of the changes importance and the steps that would be taken to achieve said changes. Secondly, Foxtel began the unfreezing stage. This was evident when Foxtel announced the closure of their Presto service and began implementing amended Foxtel Now packages for consumers. During this stage, support was provided for employees that found the change difficult and needed guidance. Finally, Foxtel began the refreezing stage. This stage saw the total closure of the Presto streaming service and the reduction in price for Foxtel Now. These changes became the norm and were ingrained in Foxtel's culture and business model. Additionally, Foxtel remained open to the possibility for future adjustments if necessary, highlighting an increased focus on proactive change in the future. Foxtel also continued to support its employees, especially those who were retrenched, through the implementation of outplacement services, assisting employees in finding alternative roles outside of Foxtel.

[anon_1]

Hi I was wondering if we have to use Australian businesses in our examples?, or can we refer to others like McDonald's and Cadbury, that are sold in Australia, but not an Australian brand? Thank you!!

[31415926535]

Quite a rough answer. I think I nailed the first part of the question (forces) but found it a little tricky to smoothly include and explain the second part. Please provide any feedback

During 2017, Foxtel lowered the price of their Foxtel Now service and closed their streaming service Presto. In order to initiate and implement this change, Foxtel had to combat restraining forces; the people, activities and structures opposed to business change and improvements and maximise their restraining forces; the people, activities and structures in support of business change and actively work to make change possible.

One driving force that acted upon Foxtel is managers. The managers of Foxtel were in support of the changes, after monitoring a loss of profit and market share, particularly due to the increased popularity of rival steaming services Netflix and Stan. Therefore, the managers acted as an enabler for change, actively supporting, leading, influencing and directing stakeholders whilst the changes were explored and implemented. Another driving force that acted upon Foxtel was competitors. Foxtel's main competitors were Netflix and Stan, both of which were increasing their market share, reducing Presto's competitiveness and subsequent profitability. Foxtel responded with change, by closing the service and amending their current service Foxtel Now, as they did not believe that their current business model was successful.

One restraining force that acted upon Foxtel is its employees. During times of change, employees whilst critical to the implementation of change, may be confused as to why the change is implemented or feel as if their security is threatened. In the case of Foxtel's closure of Presto, many employees were opposed to the change due to the inevitable restructuring that would occur due to the loss of jobs. Another restraining force that acted upon Foxtel was organisational inertia. This is a businesses failure to respond to the external environment, instead opting to continue in its entrenched way. Due to the fact that Presto had been active for several years and heavily marketed, it was difficult for the managers of Foxtel to scrutinise the product and understand that change was necessary for Foxtel's overall competitiveness and longevity.

By implementing these changes, Foxtel was exploring new business opportunities domestically and globally through research and development. In doing so, Foxtel conducted a through investigation, ensuring that the change would benefit the competitiveness of the business and aid in the achievement of future business objectives. Subsequently, Presto was closed and development ensued to ensure Foxtel Now was at a high standard of quality for consumers. By implementing Lewin's three step change model, Foxtel was able to build momentum towards the change, ensure a smooth transition whilst the change was implemented and ingrain the change in their culture and business model. Firstly, Foxtel had to challenge the status quo. This was achieved by preparing their employees for change, particularly the employees of Presto who were most effected by the proposed changes. Foxtel ensured that its employees were aware of the changes importance and the steps that would be taken to achieve said changes. Secondly, Foxtel began the unfreezing stage. This was evident when Foxtel announced the closure of their Presto service and began implementing amended Foxtel Now packages for consumers. During this stage, support was provided for employees that found the change difficult and needed guidance. Finally, Foxtel began the refreezing stage. This stage saw the total closure of the Presto streaming service and the reduction in price for Foxtel Now. These changes became the norm and were ingrained in Foxtel's culture and business model. Additionally, Foxtel remained open to the possibility for future adjustments if necessary, highlighting an increased focus on proactive change in the future. Foxtel also continued to support its employees, especially those who were retrenched, through the implementation of outplacement services, assisting employees in finding alternative roles outside of Foxtel.

ace answer. how long did it take you to write?

[31415926535]

Hi I was wondering if we have to use Australian businesses in our examples?, or can we refer to others like McDonald's and Cadbury, that are sold in Australia, but not an Australian brand? Thank you!!

yes I'm 90% sure you can

[GuZz]

ace answer. how long did it take you to write?

I would say about 15-20 min. I didn't proof read it like I would with time left over in exam.

[GuZz]

yes I'm 90% sure you can

The study design does not specify if examples have to be Australian or not.

[31415926535]

I would say about 15-20 min. I didn't proof read it like I would with time left over in exam.

did you type it though?

[GuZz]

did you type it though?

Yes, so that obviously sped up the process. As a guide 90sec should be dedicated to each mark. This would mean about 15 min should be spent completing the 10 mark question. Personally, I would recommend spending 5 minutes of reading time planning your answer and getting straight into it if confident.

[31415926535]

Yes, so that obviously sped up the process. As a guide 90sec should be dedicated to each mark. This would mean about 15 min should be spent completing the 10 mark question. Personally, I would recommend spending 5 minutes of reading time planning your answer and getting straight into it if confident.

Thank you. I was thinking about doing the exam in the order it's set out, but I think I might change my mind and do the 10 marker first.

[GuZz]

Thank you. I was thinking about doing the exam in the order it's set out, but I think I might change my mind and do the 10 marker first.

Good idea. I'd recommend 10 mark, 8 mark, then any case study questions. Don't worry too much about the 1 mark defines or even any 2 markers until the end. By then, you'll be more then confident to smash them out. Good luck!