Gleneagles Secondary College Units 3 & 4 Business Management Trial Exam Review

Vocabulary flashcards covering key Business Management concepts, examination guidance, and common student errors from the 2025 Gleneagles Secondary College trial exam review.

Global outsourcing

A business strategy where non-core activities (such as customer call centres) are sent overseas to be handled by an external business, rather than having an external business carry out the manufacturing process.

Evaluation step (Lewin's Force Field Analysis Theory)

A stage occurring before change is implemented that assesses whether the situation is conducive to beginning the change process, rather than assessing whether the change was successful.

Lewin's three step change model

A change management framework distinct from Lewin's Force Field Analysis Theory that describes the process of unfreezing, changing, and refreezing.

Driving force

A factor or pressure that initiates, encourages, and leads to change within a business, requiring an explanation of how it resulted in that change.

CSR considerations when implementing change

Corporate social responsibility practices and obligations specifically relevant to managing the transition of change, distinct from CSR considerations linked to general operations.

Total Quality Management (TQM)

A quality management approach that requires the application of at least two distinct principles to specifically explain how quality is achieved.

Level of wastage

A key performance indicator (KPI) that measures the amount of unused, excess, or discarded materials and scrap generated during the production process.

Dispute resolution process

Formal mechanisms such as mediation or arbitration used to manage and resolve conflicts between employers and employees.

Processes (manufacturing vs. service)

The specific transformation steps undertaken to convert inputs into outputs, which must be distinguished from the inputs and outputs themselves when comparing business types.

Consultative management style

A management style where the manager seeks employee input before making decisions, whose strengths and weaknesses relate to key features and suitability for specific tasks.

Performance related pay

A financial motivation strategy where compensation is linked to meeting performance targets, evaluated by analyzing how and why specific strengths and weaknesses occur.

Locke and Latham Goal Setting Theory

A motivation theory centered on setting specific and challenging goals, distinct from the four drive theory.

Senges Learning Organisation Theory

A theory outlining specific principles that organisations must develop to continuously transform and manage change effectively in business scenarios.

Reactive change

Business change that is implemented in direct response to events or pressures after they have already occurred.

Retirement and redundancy

Two distinct ways an employee exits a business, where retirement involves voluntarily leaving the workforce permanently and redundancy occurs when an employee's role no longer exists.