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
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
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
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
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