Managing Change Flashcards
1
Q
Internal factors likely to cause change
A
- Growth or decline of business
- Technology changes
- Demand for skills
- Poor leadership/ management
- Industrial action
- Cash flow management
2
Q
External factors likely to cause change
A
- Competition and demand
- Failure of a market
- Internet rate changes
- Currency exchange rate changes
- Inflation/ deflation
- Labour market conditions
- Industrial action
- Economic conditions and standard of living, E.g. recession, unemployment
- Globalisation
- Changes in legislation
- Availability of raw materials
- Action from pressure groups and media interest
3
Q
Stakeholders and change
A
- Owners and managers
- Employees
- Financial institutions
- Government
- Regulators
- Customers
4
Q
Owners and managers
Stakeholders and change
A
Small business - a sole trader/ owner will influence the objectives and direction
Larger business with shareholders - may be influenced by the board of directors
Senior managers plan business strategy while middle/ junior managers are responsible for the day to day running of the business and employee supervision
5
Q
Employees
Stakeholders and change
A
6
Q
Financial institutions
Stakeholders and change
A
7
Q
Government
Stakeholders and change
A
8
Q
Regulators
Stakeholders and change
A
9
Q
Customers
Stakeholders and change
A
