LO1 - UNDERSTAND THE DRIVERS OF CHANGE Flashcards

1
Q

what are the 6 drivers of change

A
  • development in technology
  • market changes
  • changes in legislation
  • internal changes
  • changes in the workforce
  • changes in the economy
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2
Q

what are market changes?

A

changes in the market can include changes in lifestyle, for example; healthy eating, changes in spending habits and awareness of sustainability

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3
Q

what are internal changes?

A
  • a change in mission, business aims and objectives will result in a change in the way that the business will operate
  • a business may change the way in which they distribute their products, this will result in a change in the way that the business operates
  • restructuring the business, for example, bringing more departments into the business
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4
Q

what are changes in the workforce?

A
  • adapting the working conditions for employees
  • demographic issues
  • workers have the right to request flexible working for example, if they are a working mum
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5
Q

what are changes in the economy?

A
  • inflation and deflation of products
  • unemployment will affect consumer spending habits
  • if the economy is in a recession then businesses’ will need to adapt to what consumers can afford
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