Business Changes Flashcards
1
Q
What is a business change?
A
change is altering any aspect of the businesses internal and external environments
2
Q
How does a business manage change?
A
properly managing change can increase competitive advantage
by looking ahead managers can predict challenges and change them to give the businesses the upper hand
if change is managed badly the business can be caught unprepared, and problems will arise
3
Q
What is a proactive change?
A
initiating change ahead of time
4
Q
What is a reactive change?
A
reacting and changing when needed, not ahead of time
5
Q
What is a competitive advantage?
A
when a business has:
cheaper products and production
better quality
adapting to market trends
they will be ahead of their competitors and be more effective
