Syllabus Students Learn To: Study Notes:

Nature of  Features of effective What is management:

management management  Management is the process of working with and through other people to
(POLC) achieve the goals of the business (e.g., growth, market share, profit,
increased share price/valuation, social and environmental)
Features of effective management:
1. Planning: Preparation of a predetermined course of action for the
business. An effective manager needs to make both short- term and
long-term plans. Planning helps businesses to set realistic objectives
and achieve goals
2. Organising: Structuring of the organisation in the most efficient way
to translate plans and goals into action. Often this means the business
will be structured with departments for different functions such as
marketing and finance. Organising helps businesses by allowing better
communication and allocation of resources
3. Leading: The process of leading and motivating staff to work towards
the goals of the business. Leading helps businesses as it motivates
staff to work to the best of their ability. Managers may use monetary
and non-monetary rewards to motivate staff.
4. Controlling: The process of evaluating performance and taking correct
action to achieve goals. Controlling helps businesses as it ensures the
business achieves its goals and objectives
 Skills of  Flexibility/ Adapting to change: Being responsive and able to ease into
management change and embrace it and adapt effectively. A successful manager can
adapt their businesses to multiple circumstances.
 Managers who are flexible can navigate uncertain situations with
greater ease, adjust strategies and tactics as needed to meet evolving
challenges, and to bounce back from setbacks
 Reconciling conflicting interests of stakeholders: Managers must identify
possible conflicts of interest and manage them effectively to avoid
problems or issues amongst stakeholders. Conflicts, if left unresolved, can
lead to decreased productivity as stakeholders may become distracted or
disengaged.
 Vision: Essential contribution of management as without it there is no
sense of cooperation or commitment, making reaching goals impossible. It
is the clear, shared sense of direction that allows people to attain a
common goal.
 Communication: Exchange of information between people, conveying of
knowledge effectively
 Decision making: Identify options available and choosing the best course
of action to situation.
 Interests of stakeholders: Various motivations and concerns individuals
have
 Interpersonal: Ability to develop positive relationships with clear
communication
 Problem solving: Finding and then implementing a course of action to
correct an unworkable situation.
 Strategic thinking: Allows a manager to see the business as a whole and to
take the broad, long-term view.

 Achieving business Goals of the business: PSG MES

goals:  Profit:
 PSG MES  Profit is what remains after all the business expenses are deducted
 Achieving a mix from the sales revenue.
of the above  Size of the profit is the main indicator of success - it shows how
goals productive the enterprise has been
 Staff  The aim is to maximise profits
involvement –  Share price:
innovation,  Share price is found by dividing the Businesses net worth by the
motivation, number of shares.
mentoring,  A business has a goal to maximising the returns to shareholders.
training  Share price should rise and healthy dividends need to be paid (or
capital gain from trading of shares).
 Growth (and diversification):
 Growth is the consideration of how large the business wishes to be
and how to expand.
 Can start small and then use financial resources to expand.
 Growth can be considered based on several aspects (e.g., number of
employees, revenue/profit, number of stores, countries you operate
in, social media)
 Market share:
 Market share is a business’s share of the total industry sales/revenue
for a particular product or industry.
 For SME’s the market share is usually restricted by the size of the
business
 Environmental:
 Businesses must be conscious of their impact on the environment.
 In recent times changes to business practices have occurred which
means that society and business are becoming more environmentally
aware.
 Businesses are now recycling and adopting green attitudes to their
products
 Sustainable development: occurs when the needs of the present
population are met without endangering the ability of future
generations to meet their own needs
 Social:
 Businesses now need to consider what is best for the community and
wider society such as community service, providing employment and
social justice
Achieving a mix of business goals:
 Businesses do not generally have only one specific goal; they have a range
of goals because they have different stakeholders who each have different
needs. Managers therefore have a mix of goals that they try to achieve
simultaneously.
 Most business goals are interdependent, that is, they all help the business
achieve its prime function. Some goals are compatible in the sense that
certain strategies implemented by the business in pursuit of a particular
goal will actually assist in achieving multiple goals
 Sometimes it can be difficult for a business to achieve all of its goals
simultaneously because the links between the goals make some of them
incompatible; that is, they conflict with each other
 Staff involvement:

Management  Classical approach:

approaches  Management as
POC
 Hierarchical
organisational
structure
 Autocratic
leadership style

 Classical management approach: Management stresses how best to

manage and organise workers so as to improve productivity (output).
 Classical Scientific: Businesses and society would benefit from the
division of labour. The division of labour was concerned with breaking
the total job into small, narrow, and repetitive tasks.
 Classical Bureaucratic: The organisation needs a strict hierarchical
organisation structure, clear lines of communication, specialisation
and clear rules and procedures.
 Classical Administrative: Manager’s function is to plan lead and
control

Advantages and disadvantages of classical approach:

Advantages Disadvantages
 Shorter time to make decisions  Specialisation and repetitive
  Could lead to improved tasks could lead to employee
efficiency and productivity boredom
 Clear chain of command (shows  Less job satisfaction which could
who is responsible) lead to increased turnover
 Can discourage creativity and
innovation
 Organisation become inflexible
and less able to adapt to change
Planning, Organising & Controlling: (POC)

Leadership style:

 Autocratic leadership: Managers who adopt a strict classical–scientific approach

an autocratic leadership style. A manager using an autocratic leadership
style tends to make all the decisions, dictates work methods, limits
worker knowledge about what needs to be done to the next step to be
performed, frequently checks employee performance, and sometimes
gives punitive feedback.

Advantages and disadvantages of autocratic leadership style:

Advantages Disadvantages
 Directions and procedures are  No employee input allowed, so
clearly defined and there is less ideas are not encouraged or
 chance of uncertainty. shared. This means employees
 Employees’ roles and do not get the chance to
expectations are set out plainly, develop their skills or to feel
so management can monitor valued in the organisation.
their performance.  It ignores the importance of
 A hierarchical structure employee morale and
provides a stable and motivation. When no
consistent environment in responsibility is given to lower-
which the outcomes almost level staff, job satisfaction
always match management decreases, which ultimately
objectives. affects issues such as
 Control is centralised at top- absenteeism and staff turnover.
level management, so time is  Conflict, or potential for
used efficiently, and problems conflict, increases. Often
are dealt with quickly because workers are competing for the
there is no discussion or approval of managers, which
consultation. can lead to tension between
employees.
 An ‘us and them’ mentality may
develop in the workplace as a
result of the lack of employee
input to change
 Behavioural  Behavioural management approach: Management stresses that people
approach: (employees) should be the main focus on the way in which the business is
 Management as organised.
leading, Advantages and disadvantages of behavioural approach:
motivating, and Advantages Disadvantages
communicating  Empowered employees -  Lack of control
 Teams motivation and satisfaction  Communication can be
 Participative/ increased - this can lead to confusing
democratic efficiency/creativity and  Difficult to accurately predict
leadership style reduced employee turnover. employee behaviour
 Worker recognition and  Internal conflict can arise
utilisation of employee skills through conflicting opinions
 Improved relationship:  Some employees may not
employee and employer and the contribute as much as others
development of teams.
 Employees have more chance of
developing new skills.
Leading, Motivating & Communicating; (LCM)
 Leading: Occurs when managers endeavour to influence or motivate
people in the business to work to achieve the business’s objectives.
 Communicating: One of the most difficult challenges for managers is
getting employees to understand and want to achieve the business’s
goals. Effective communication is at the heart of meeting this challenge.
Open communication is used to motivate employees by providing them
with information regarding the business’s goals, plans and overall
financial results.
 Motivating: The individual, internal process that energises, directs and
sustains an individual’s behaviour. It is the personal force that causes a
person to behave in a particular way.
 Democratic leadership style:

 Contingency  Contingency management approach: Stresses the need for flexibility and
approach: adaptation of management practices and ideas to suit changing
 Adapting to circumstances.
changing  Due to the unstable business environment, managers need to be flexible
circumstances and borrow and blend from a wide range of management approaches.
 The contingency approach, therefore, advocates that managers extract
the most useful ideas and practices from a wide range to best suit their
business’s present requirements. It stresses that an appropriate
management response to one set of circumstances may be quite
inappropriate to another.
Advantages and disadvantages of contingency approach:
Advantages Disadvantages
 Enables business to be more  Can be challenging for
flexible and react to change management to constantly
 Recognises different situations adapt
demand different approaches  Can be costly in terms of time
and money
Management  Coordinating key  Interdependence: The two way dependence between two key business
process business functions functions of a business where each can only achieve their strategic role by
and resources depending upon actions from another key business function
 Division: The separation of the key business functions in order to manage
most effectively. These often have their own departments, employees and
budgets allocated.
  Example structure – “Explain interdependence of marketing and finance”
1. Define interdependence
2. Finance is dependent on marketing…
2a. This results in…
3. Marketing is dependent on finance…
3a. This results in…
 Operations  Operations: Refers to the business processes that involve transformation
 G&S or, more generally, ‘production’
 Production  Operations management: Consists of all the activities in which managers
process engage to produce a G&S
 Quality  The nature and type of operations vary considerably from one type of
management G&S to another
Operations impact on business:
 How the operations management function is carried out will directly
affect a business’s competitive position because it will:
 Establish the level of quality of the G&S
 Influence the overall cost of production, given that the operations
function is responsible for the largest part of a business’s capital and
human expenses
 Determine whether sufficient products are available to satisfy
consumer demand.
Goods and Services:
 The characteristics of operations management differ according to whether
the business is a manufacturer of goods or a provider of services.
Manufacturers produce tangible products while service organisations
produce intangible products
Input:
 Inputs: The resources used in the transformation (production) process
 Transformed resources: Those inputs that are changed or converted in the
operations process (Materials, Information, customers)
 Transforming resources: Those inputs that carry out the transformation
process (Human resources, Facilities)
Transformation Process:
 Transformation: The conversion of inputs (resources) into outputs (G&S)
 Sony, for example, takes plastic, metal, glass and electronic parts, and
transforms them into numerous electronic products using an
innovative approach and processes of design, manufacturing and
assembly
 The term ‘transformation’ implies physical changes, but today it also
includes the conversion of resources into services
 Your school takes its main inputs — the students, the syllabus, the staff,
and the buildings and other capital — and produces educated,
employable graduates

Output:
 Outputs: Refer to the end result of a business’s efforts — the G&S that is
delivered or provided to the consumer
 In many cases businesses carry out both types of operation
 Output must always be responsive to customer demands. Issues of
quality, efficiency and flexibility must be balanced against the resources
and strategic plan of the business
 Quality management:
 Quality management: The strategy which a business uses to make sure
that its products meet customer expectations
 Benefits of Quality management:
 reduced waste and defects
 reduced variance in final output
 strengthened competitive position
 improved reputation and customer satisfaction
 reduced costs
 increased productivity and profits
1. Quality Control:
 Quality control: Involves the use of inspections at various points in the
production process to check for problems and defects
 Quality control reduces problems and defects in the product using
inspections at various points in the production process
2. Quality Assurance:
 Quality assurance: Involves the use of a system so that a business
achieves set standards in production
 This is a proactive approach to quality management that aims to prevent
defects or problems from occurring
3. Total quality management:
Total quality management (TQM): A commitment to excellence that
emphasises continuous improvement in all aspects of a business’s operation
by sharing responsibility among all the members of the business
 Quality becomes both a commitment and the responsibility of every
employee in the business
 The adoption of TQM can improve the price competitiveness of a
business, but can also improve product quality, allowing the business to
attain competitive advantage
 Employee empowerment
 Continuous improvement
 Customer focus
 Marketing What is marketing:
 Identification of  Marketing is the process of planning and executing the conception,
the target pricing, promotion and distribution of ideas, G&S to create exchanges that
market satisfy individual and organisational objectives
 Marketing mix  A more simplified definition is that marketing is a total system of
interacting activities designed to plan, price, promote and distribute
products to present and potential customers.
 Businesses should continuously strive to exceed customer expectations.
Identification of target market:
 Target market: A group of customers with similar characteristics who
presently, or may in the future, purchase the product
 There are three major ways that businesses can market their product:
1. Mass marketing:
 Mass markets: The seller mass produces, mass-distributes and mass-
promotes one product to all buyers
 The approach aims on appealing to a large range of customers with little
variation in the marketing strategies. This means that there is one.
 As a result of greater choice, higher personal incomes and customers
seeking individuality there are few items today that are mass marketed.
2. Market Segmentation:
 Market segmentation: Occurs when the total market is subdivided into
groups of people who share one or more common characteristics.
 Segments can be broken down using demographic (basic information:
e.g., age, gender etc.), geographic [where people live], psychographic
[personality characteristics], behavioural [loyalty to a product]
 Benefit: because a business is focusing on a more specific market
segment, they are able to better understand and satisfy the customers
 The main target market in known as a Primary market. Businesses
however often have a smaller less important segment known as the
secondary market
3. Niche Markets:
 Niche Market: A narrowly selected target market segment
 These products are usually higher in price and less readily available e.g.
specialty gaming computer
Marketing Mix
 Marketing Strategies: Actions undertaken to achieve the business’
marketing goals
 Marketing Mix: Refers to the combination of the four elements of
marketing (Product, Price, Place and Promotion) that make up the
marketing strategy.
1. Product:
 The business needs to determine a products quality, design, name,
warranty, packaging, labelling, and excessive features
 Packaging: Involves the development of a container and the graphic
design for a product
 Branding: The process involved in creating a unique name and image for a
product in the consumers' mind, mainly through advertising campaigns
with a consistent theme. E.G. Coke
 Brand: The name, term, symbol or design that identifies a specific product
and distinguishes it from its competitors
 Brand Logo: Graphic representation that identifies a business or product.
2. Price:
 Many business owners have difficulty selecting the ‘correct’ price for their
business. There is a delicate balance between charging too much or too
little for your product. The methods and strategies of pricing include:
Pricing methods:
 Cost-Based: A pricing method derived from calculating the total cost of
producing or purchasing a product and adding a mark-up for profit
 Competition-based: Choosing a price that is either below, equal to or
above that of the competitors
 Market-based: A method of setting prices according to the interaction
between the levels of supply and demand — whatever the market is
prepared to pay
Pricing strategies:
 Price skimming: A business charges the highest price at the release of a
product. The business will usually reduce price overtime
 Price penetration: Pricing products lower than competition to obtain
market share. The business will usually increase price once product has
established itself in the market
 Loss leader: A business will sell a price at or below cost in hope to attract
 customers to sell other profitable items
 Price Points: A business will target different customers by pricing products
at different points for given features e.g., internet/phone plans
3. Promotion:
 Promotion: Refers to the methods used by a business to inform,
persuade, and remind customers about its product
 Sales promotion: Refers to activities or materials used by the business to
attract interest and support for the good or service. E.g., include free
samples, coupons
 Publicity: Publicity refers to any free news story about a business’s
products
 Advertising: Print or electronic mass media are used to communicate a
message about the product. Advertising is used to attract potential
customers, create a demand for the product and communicate essential
information
4. Place:
 Place / distribution: Activities that make the products available to
customers when and where they want to purchase
 Distribution channels: Ways of getting the product to the customer.
 Producer to customer
 Producer to retailer to customer
 Producer to wholesaler to retailer to customer
 Human resources Human resources:
 Recruitment  HRM is the effective management of the formal relationship between the
 Training employer and the employees
 Employment  Successful HRM recognise that they rely on the quality of their employees
contracts to achieve their goals of improved profit growth and increased market
 Separation – share
voluntary/  For a business to make best use of its employees, it should:
involuntary  Take care to hire the best people
 Develop cooperative and effective working relationships
 Motivate staff to do their best in the workplace
 Provide employees with opportunities for training and development
Human resource cycle:

1. Acquisition, recruitment, and

selection:
 Acquisition: The process of attracting and recruiting the right staff for
roles in a business
 Recruitment: The process of finding and attracting the right quality and
quantity of staff to apply for actual or future employment vacancies.
 Employment selection: Involves gathering information about each
applicant for a position, then using that information to choose the most
appropriate applicant.
 Job Analysis: A systematic study of each employee’s duties, task, and work
environment
 Job description: A written statement describing the employee’s duties
tasks and responsibilities
 Job Specification: A list of key qualifications needed to perform a
particular job in terms of education, skills, and experience
Internal vs External recruitment:
 Internal recruitment: Involves filling job vacancies with present employees
rather than looking outside the business
 External recruitment: Involves filling job vacancies with people from
outside the business.

2. Development and training:

 Training: Refers to the process of teaching staff how to perform their job
more effectively by boosting their knowledge and skills
 Development: Refers to activities that prepare staff to take greater
responsibility in the future
 Many employees expect businesses to provide them with opportunities to
develop and improve their employability
 The aim of training and development is to seek long term change in
employees’ skills, knowledge, attitudes and behaviour in order to improve
work performances
 Rapid technological change and globalisation creates need for ongoing
training
3.

Maintenance and employment contracts:

 Maintenance: The provision of working conditions to encourage
employees to remain within the business
 Employment Contract: A legally binding, formal agreement between an
 employer and employee
 Common Law: Law developed by courts and tribunals
 Minimum employment standards: Comprise of 11 minimum standards of
employment that apply all employers and employees in the national
workplace system

 Award: A legally binding agreement that sets out the minimum wages and
conditions for a group of employees.
 While it covers all employees in a similar job and sets a standard
minimum it can be inflexible and partially prevents recognition of
individual initiative

 Enterprise agreement: Negotiated arrangement between an employer

and a union or group of employees
 Deals with pay and working conditions, so long as the total rights and
benefits are greater than the applicable award
 Common law contract: Cover those employees not covered under and
award or enterprise agreement
4. Separation:
 Separation: The ending of an employment agreement
 There are many reasons why an employee will leave a business; whether
that be on their own decision or the decision of the business they work
for.
 Voluntary separation: Employee chooses to leave the business willingly,
generally either for retirement or resignation
 Involuntary separation: Employee is asked to leave business against their
will, generally either due to retrenchment or dismissal
 Redundancy: Occurs when a person’s job no longer exists, usually due to
technological changes, an organisational restructure or a merger or
acquisition.
 Finance  Finance: Refers to how businesses fund their activities
 Cash flow  Accounting: Refers to a managerial and administrative tool for recording
statement financial transactions, so that a summary of what has happened to
 Income business can clearly be traced. This is done using financial statements
 statement Cash flow  Closing cash = Inflow-outflow + opening cash
 Balance sheet statement
Income  The Income Statement is a summary of income earned
statement and the expenses incurred over a period of time
 Helps the user of information see exactly how much
money has come into the business as revenue, how much
has gone out as expenditure and how much has been
derived as profit.
 Revenue: The money a business receives as payment for
their G&S. Generally, in the form of income from sales or
other income
 Expenses: Costs incurred in the process of acquiring or
manufacturing a G&S to sell and the cost associated with
managing all aspects of sales of that G&S
Types of expenses:
Type of expense Definition Examples
Selling Expenses Relates to the Commissions,
process of selling salaries, wages,
the G&S and can be advertising,
directly traced to delivery expenses
sales
Administration Costs directly Utilities, office
Expenses associated with the salaries, rent
general running of
the business
Finance Costs associated Interest
Expenses with borrowing payments,
money from insurance
outside people or payments,
organisations and dividends
to minimise
business risk
 COGS Cost of goods sold [COGS] = Opening Stock +
Purchases – Closing Stock (OPP- C)
 Opening stock: The value of inventory that a business
has at the start of a financial year
 Closing stock: The value of stock at the end.
 Purchases: The amount of stock bought during a
period
 Gross Profit = Revenue – COGS
 Net Profit = Gross profit – expenses
 Net sales = Sales – discounts – returns of sold items
Balance  A balance sheet represents a business’s assets and
sheet liabilities at a particular point in time, expressed in money
terms, and represents the net worth of the business
 The balance sheet adheres to the following accounting
equation, where assets on one side, and liabilities plus
shareholders' equity on the other, balance out:
 ASSETS = LIABILITIES + OWNERS EQUITY (A = L + OE)
  This formula is intuitive: a company has to pay for all the
things it owns (assets) by either borrowing money (taking
on liabilities) or taking it from investors (issuing
shareholders' equity)

 Current assets: Includes cash, inventory and acc receivable

 Non-current assets: Includes machines, buildings, and cars
 Current liabilities: Includes short-term loan and acc
payable
 Non-current liabilities: Includes mortgage and debenture
 Equity: Includes share capital and retained earnings
 Ethical business  Business ethics: The application of moral standards to business behaviour
behaviour  Triple bottom line: Refers to the economic, environmental and social
performance of a business
 The ‘profit’ bottom line, which is a measure of the traditional ‘profit
and loss’ financial bottom line
 The ‘people’ bottom line, which is a measure of how socially
responsible a business has been
 The ‘planet’ bottom line, which is a measure of how sustainable and
environmentally responsible the business has been.
 Considerations for ethical business practice: Fairness and honesty, respect
for people, conflict of interest, financial management, and truthful
communication
Encouraging ethical business behaviour:
 It is not always easy to maintain a consistently high degree of ethical
behaviour in the real world
 Employees who want to act ethically sometimes find it difficult to do so,
especially if unethical practices are ingrained into the workplace culture.
 Corporate Code of Conduct is a set of ethical standards for managers and
employees to abide by.
Corporate social responsibility:
 Corporate social responsibility (CSR) is a self-regulating business model
that helps a company be socially accountable —to itself, its stakeholders,
and the public
 By practicing corporate social responsibility companies can be conscious
of the kind of impact they are having on all aspects of society, including
economic, social, and environmental.
Management  What is business What is business change:
and change change  Change: Any alteration in the external and internal environment of a
 Responding to business.
internal and  Proactive: Is to initiate change rather than simply react to events
external influences  Reactive: Is to wait for a change to occur and then respond to it.
 The ability to embrace, manage and adapt to change will determine a
business’ competitive advantage.
 Poorly managed changes normally result in employee resistance, tension,
anxiety, lost productivity and ultimately, decreased profits
Internal and external influences:

Responding to internal and external influences:

 Transformational change: Often results in a complete restructure
throughout the whole organisation
 Incremental change: Results in minor changes, usually involving only a few
employees.
1. Structural response to change:
 Structural change: Refers to changes in the business’s structure – that is,
the organisation chart
 Outsourcing
 Work teams
 Flatter structure
2. Impact of change on business culture:
 For businesses to properly survive in the long term, changes within the
external or internal environments should be reflected in the business
culture
 Business/ organisational culture: Encompasses values and behaviours that
contribute to the unique social and psychological environment of a
business
 Example: Medibank changed from the government sector to the private
sector. This process is known as Privatisation. The business would have to
ensure that the external influence of deregulation (the change) was well
managed.

3. Impact of change on human resource management:

 Changes impact the employees of a business. As such, changes can
dramatically impact human resource management

4. Impact of change on operation management:

  Businesses are constantly seeking ways of improving the speed and
efficiency of operations.
 Some main operation management changes include:
 Businesses reorganise factories to take advantage of improvements in
technology
 Flexible manufacturing: Production by computer-controlled machines
that can adapt to various versions of the same operations
 Many external and internal changes can be managed using quality
management procedures.
 Managing change Managing change effectively:
effectively 1. Identifying the need for change:
 Identifying the  An effective manager should always be scanning the environment,
need for change attempting to understand factors that will have an impact on the business
 Setting  Achieving such a vision requires a holistic view of the outside world and
achievable goals awareness of the potential impact on the business of a variety of factors.
 Resistance to  Much of a business’s success or failure to accurately identify what needs
change to be changed depends on its ability to collect, organise, process and
 Management retrieve information quickly
consultants  A business information system (BIS), also referred to as a management
information system (MIS), gathers data, organises and summarises them,
and then converts them into practical information.
2. Setting achievable goals:
 A business must understand what goals they wish to achieve
 Often a vision statement is a guide for a businesses ultimate goals. A
vision statement states the purpose of the business. It indicates what the
firm does and states its key goals
 Businesses must set goals to achieve especially in light of changes. The
use of the SMART goal technique may help businesses set relevant goals.

3. Resistance to change:
a. Driving and resisting forces:
 There is one constant of change; that is that there is a delicate balance
between those forces that support change and those that work against
the changes
b. Reasons for resistance:
 Financial Costs of implementation
 Purchasing new Equipment – need for cost vs benefit
 Redundancy Payments – financial costs of redundancy
 Retraining - on the job or off the job training
 Reorganising Plant Layout – usually involves high costs
 Inertia – unenthusiastic response to change
c. Strategies for reducing resistance to change:
d. Creating a culture of change:
 Adopting changes to work procedures or organisational structures
requires a degree of risk taking by the participants
 Businesses need to identify those people that can facilitate a culture of
change:
 A change agent is a person or group of people who act as catalysts,
assuming responsibility for managing the change process.
 Effective teams have open communication channels that assist in the
transfer of information; they also develop a strong sense of identity
between team members and offer a supportive environment that reduces
fear of change
e. Positive leadership:
 A manager who acts as a leader and has high expectations of employees’
abilities to initiate and implement a change process will generally be
rewarded with people who are willing to embrace the change
 There may still be some points of resistance, but this resistance can be
productively dealt with because the employees believe they have the
support and trust of their manager.

4. Management consultants:
 Businesses also seek advice from management consultants who specialise
in a diverse range of business-related areas
 e.g., risk management, brand protection, executive recruitment
 The main role of management consultants is to help businesses improve
their performance by investigating existing business problems and
developing plans for improvement
 Consultants can be especially helpful in providing change management
advice: A methodical approach to dealing with change, both from the
perspective of a business and on the individual level