Photo AI
a. List and explain two management roles that the executive management of Kay Tee should perform in response to the changes in regulations and supplier - VCE - SSCE Business Management - Question 2 - 2003 - Paper 1
Question 2
a. List and explain two management roles that the executive management of Kay Tee should perform in response to the changes in regulations and supplier. b. Describe... show full transcript
Worked Solution & Example Answer:a. List and explain two management roles that the executive management of Kay Tee should perform in response to the changes in regulations and supplier - VCE - SSCE Business Management - Question 2 - 2003 - Paper 1
Step 1
List and explain two management roles that the executive management of Kay Tee should perform in response to the changes in regulations and supplier.
Answer
-
Planning: This role involves setting objectives and developing methods or strategies to achieve them. The executive management of Kay Tee should conduct strategic planning to align their operations with the new regulations and supplier conditions. This may involve analysing current practices, identifying areas for improvement, and deploying resources effectively to meet compliance requirements.
-
Leading: The executive management must motivate and guide staff to adapt to the changes in regulations and suppliers. This includes creating a clear vision for the business amid the changes, communicating effectively with employees, and modelling behaviours that support the transition. Strong leadership will help Kay Tee manage resistance to change and foster a culture of adaptability.
Step 2
Describe two key performance indicators Kay Tee could use to measure its future performance.
Answer
-
Customer Satisfaction Index: This KPI measures how well Kay Tee meets customer expectations. Surveys and feedback mechanisms can be employed to gather data. A high satisfaction index typically correlates with customer loyalty, repeat business, and market share growth.
-
Operational Efficiency Ratio: This performance indicator assesses the efficiency of Kay Tee’s operations by comparing outputs to inputs. It helps in understanding if resources are being utilized effectively. A favorable ratio indicates that the company is producing goods or services efficiently, which is critical for maintaining profitability in a changing regulatory environment.