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Summary Overall Organisation Performance Business Studies Grade 12 IEB Notes
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Full In-depth Notes and Summary for Overall Organisation Performance Business Studies Grade 12 IEB
[Meer zien]Voorbeeld 2 van de 5 pagina's
Voorbeeld 2 van de 5 pagina's
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Voorbeeld van de inhoud
OVERALL ORGANISATION PERFORMANCE1. The importance of creative thinking and problem-solving
techniques to identify strategies
Creative thinking is identifying a problem the consumer is not even aware of yet and finding a way to solve that
problem.
What are possible steps that could followed during a problem-solving process?
Identify the
resource gap and
obtain these
resources
Explain the
impact on the
business and
consider different
solutions
Choose the best
solutions(s) and
explain it in
breadth AND
depth
2. The importance of creative thinking and problem-solving
techniques to identify strategies
2.1 Pro and Cons Chart
This technique helps make a decision based on the advantages and disadvantages of a specific option.
2.2 Decision Tree
A decision tree is a visual representation of different outcomes to a single event. It helps the decision maker to
look at the different options and the consequence of each.
Will it distract
Ignore till done
me longer than
studying
my break
Yes
Is it a quick
Getting an Respond
Is it time for a yes/no answer
message while
studying break?
Ignore till next
No
break
, 2.3 Value Chain Analysis
Already outlined
2.4 PE2STLE in Chapter 1
2.5 SWOT analysis
2.6 The Delphi technique
This technique gathers expert opinions anonymously to prevent bias and encourage honest feedback.
For instance, a retailer could consult a panel of housewives about a new washing powder. In the first round,
feedback is collected and analysed. In subsequent rounds, panellists adjust their views based on shared
feedback, with all contributions remaining anonymous.
2.7 Resource-Based Approach
This approach focuses on identifying resources critical to gaining a competitive advantage. When a problem
arises, the business assesses resources needed, and their availability and cost.
If a scarce resource is owned, it can provide a strategic advantage. For example, a Nando’s franchise has brand
support and expertise that give it an edge over independent competitors in the same area
2.8 Balanced Score Card (BSC)
The Balanced Scorecard (BSC), created by Kaplan and Norton, helps businesses track and improve key
outcomes that drive value. By focusing on essential issues, management can develop strategies to sustain or
enhance competitive advantage. The four BSC perspectives are:
1. Financial Perspective: Maximises asset utilisation and minimises costs to enhance shareholder value.
2. Customer Perspective: Measures customer perceptions and expectations of the business.
3. Internal Business Perspective: Focuses on operational innovation, product/service management, and
social responsibility.
4. Learning and Growth Perspective: Promotes continuous employee development through intangible
assets like intellectual property, and emphasises leadership, accountability, and teamwork to foster
lifelong learning.
3. Strategies to create a competitive advantage in the business
3.1 Generic Strategies:
3.1.1 Low-cost strategy
The competitive advantage created by a low-cost strategy is having the lowest cost. This can be achieved if:
• Low input costs - The business has access to cheap raw materials.
• Low-cost manufacturing – Costs can be reduced through efficiency, using mass production, technology
and re-engineering activities.
Activities that don’t offer cost benefits must be stopped or outsourced to save costs. This strategy works
best if there is a big market share which results in high turnover volumes and therefore high revenue.
3.1.2 Focus (niche market)
All efforts are focused at a specific market segment based on geography, culture, age, etc. This market segment
has different needs compared to the rest of the target market. The business caters for the distinct preferences of
these customers. This niche market must be big enough or have growth potential to make it valuable. This
provides the business with opportunities as this niche market is often overlooked by competitors or viewed as
not being “worthwhile”.
3.1.3 Differentiation
All efforts are focused on providing a unique product/service which will ensure customer loyalty, as this allows
the business to charge a premium price. The uniqueness can be based on factors like:
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