In order to manage change, we must understand what factors
- In order to manage change, we must understand what factors or forces influence change or bring about change. Your textbook lists some 7 forces that change how businesses operate. Consider the 7 factors or forces listed below. Take each factor and give a "real world" example of how that particular factor has created the need for change in a company or organization or how this factor might create the need for future change. For example, wireless communication is an example of a technological advancement. Wireless makes files and data available to remote workers and to anyone, anywhere, any time.
- Technological Advances
- Global Economics
- Maturation of Existing Markets
- Development of New Markets
- Sociopolitical Developments
- Increasingly Intense Competition
- Increasing Influence of Stakeholders and Customers
- Another factor of change is a shortened business cycle. We are forced to bring products to market faster, to make faster return on investments, and to develop new products more quickly. In one paragraph, explain why a shortened or shrinking business cycle would create problems for many firms.
- Service is the last activity in the "Value Chain." In one or two paragraphs, explain how service adds value to a firm's products and customers. You should use an outside resource to prepare your response.
- "Failure to anticipate and mitigate circumstances that might impede the success of change initiatives is why so many initiatives fail." From a business manager's perspective, what does this mean? In your opinion, how important is communication in a change initiative? Your response should be one or two paragraphs.