Summary
Summary Change
- Institution
- WJEC
Summary notes for change.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
ChangeChange is an on-going process.
Change can be anticipated or unanticipated. It can be within the control of the business or outside
the business’s control.
Internal change causes:
Changes in management.
Changes in business ownership.
Changes in business size.
Introduction of new technology.
External change causes:
Introduction of new technology.
Changes in labour market.
Changes in economic conditions.
Changes in competition.
Changes in consumer taste.
Changes in legislation.
Planned change is created internally and is structed and timetabled. Clear objectives for the change
are established, timelines created and resources are applied.
Unplanned change occurs in response to a shock to the business and is often unstructured and
under resourced. A shock could be internal or external.
Effects of change:
Shorter product life cycles – changing fashion and trends, investing in R&D is costly.
Diminished brand loyalty – competitors, technology, price.
New products need to be developed – changing fashion – increased costs.
Production methods needs changing – new technology.
Workforce needs training – new technology.
Flexible workforce may be needed – may cause pressure on staff – changing fashion and
trends.
Need to comply with new legislation – increase costs for business.
Bank loans – new technology, may need to be purchased.
Change management:
Employee commitment – re-assurance, inform them.
Increased R&D expenditure to adapt to new changes.
Increased HRM expenditure – training to adapt to new changes.
Capital investment.
No change could mean:
Staff get bored.
No new products are made.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AdamSidat. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £4.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now