Business Change Flashcards
1
Q
Define business change
A
is the adoption of a new idea or behaviour. Businesses change due to pressures received from the businesses stakeholders.
2
Q
Define incremental changes
A
small continuous changes that occur regularly in the business.
Eg- new processes to improve efficiency
3
Q
Define transformational changes
A
Significant changes that often impact the whole business.
Eg- a company restructure or a merger
4
Q
Define proactive
A
Taking advantage of the changing environments of the business (customer trends/fashions).
E- Apple
5
Q
Define reactive
A
Letting the business environments impact the business before making changes.
6
Q
What happens when a business fails to adapt to change?
A
- High staff turnover
- Low productivity
- Customer disinterest
