5J effects of change to stakeholders

Question 1

all stakeholders

Answer 1

1. owners
2. managers
3. employees
4. customers
5. suppliers
6. general community

Question 2

1. POSITIVE EFFECTS OF CHANGE TO OWNER

Answer 2

• Provide business owner with increased return on their investment & greater financial security.
• Provide opportunities for business owners to use leadership skills connecting with employees & develop stronger interpersonal relationships
• Owner may be perceived more positively by employees if change is successful

Question 3

1. NEGATIVE EFFECTS OF CHANGE TO OWNER

Answer 3

• Unsuccessful change causes owner to experience personal / financial implications
• B/owner may be overhwhelmed / stressed by increased workload / responsibilities associated with change
• Owner may be resented if employee role made redundant / significantly changed / negatively impact business corporate culture

Question 4

4. POSITIVE EFFECTS OF CHANGE TO CUSTOMERS

Answer 4

• Change improves quality of b/ g/s … customer may experience increase satisfaction
• Customer satisfaction may increase if change allows business to offer lower prices for g/s

Question 5

4. NEGATIVE EFFECTS OF CHANGE TO CUSTOMERS

Answer 5

• Change causing sourcing of cheaper inputs to reduce b/costs may compromise quality of product … decrease of customer satisfaction and increased frustration
• Customers may be dissatisfied if b/change increases price of product