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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
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Planning: The executive management of Kay Tee should engage in planning by setting clear objectives and developing strategies to achieve these goals. This involves identifying new regulatory requirements and adapting their operational processes accordingly.
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Leading: Another critical role is leading, where the management motivates and guides staff to adopt the new regulations effectively. This may include communicating a clear vision for compliance and creating a positive culture around adherence to the new standards.
Step 2
Describe two key performance indicators Kay Tee could use to measure its future performance.
Answer
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Revenue Growth Rate: This KPI measures the company's ability to increase sales over a specified period. It provides insights into how well Kay Tee is performing financially and whether it is effectively responding to market changes.
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Customer Satisfaction Score: Tracking customer satisfaction through surveys or feedback forms can help Kay Tee understand how well it meets customer expectations and adapts to changes in supplier conditions and regulations.