-- Benjamin Disraeli
The world we live in is full of uncertainties, the only certain is change. Change in simple words is to make something different from what it is. The very existence of our society can be attributed to an unwitting caveman who discovered fire and changed the way we ate. The discovery of the wheel changed the way we thought; the invention of electricity changed our lifestyle completely. Throughout the ages we have seen men trying to change things in order to make them better over and over again. We have seen borders change, weather patterns change, governments change, policies change and even constitutions change. Human minds, tastes and preferences, moods and emotions all change almost every other hour. The universal law of the world that we do business in is that change is the only constant, so how can business be above it? When we talk of business’ there are several kinds of changes that we may encounter and have to deal with in order to successfully operate. These changes maybe Internal (example – change in company policy) or external (example change in consumer tastes.) The business will only be successful in its ventures if the management and executive body can respond well to the kind of change that is prevalent in the company. In preparation for this change, you must be able to identify the various kinds of changes that can occur in a business and recognize which one it is that is affecting your business.
Change in Management
A change in manage occurs when existing employees move on to different organizations, leaving a vacancy that needs to be filled before the company can move forward. In some case, the management may come to the decision that a new manager is needed and the firm will make arrangements to replace the existing executive. When a managerial change takes place it changes the whole working environment changes either for the better or the worse, but a change is definite. This happens as there is now a new person with new, different methods taking charge. Even if his methods are the same as his predecessor his performance may vary greatly. A change in management should be treated as an important time within the company, and the right candidate should be put in place to insure that the company can continue successfully. Moreover while the candidate is finalized it should be known exactly what his methods would be, and then thought should be given as to whether these methods fit in to the existing organizational culture or not. Change in the Marketplace
It is possible in the case of business that a company may be left behind as the industry it operates in changes. These kinds of changes are caused mainly by changes in the competing firm’s product, technological advancements by competitor companies, changes in taste in preferences of consumers etc. To tackle changes of this kind managers must always be up to date and aware of any product changes in your marketplace, what the competition is doing and what new problems your customers are facing that require innovation on your part. To be able to remain competitive in the marketplace, you not only have to adapt to the changing needs of you customers but there is also a need to work hard in order to research and develop so that you firm remains ahead of the existing competition even when they release new products. Changes in Marketing
With the advent of newer and unique advertising mediums becoming available the field of marketing has changed significantly. There was a time (early 20th century) when the radio was the most popular form of advertising. Then around the middle of the 20th century came the great television. We see that now in the beginning of the 21st century the internet is a preferred network to reach out to people. With the rising Facebook phenomenon and rise in other social networking site millions of potential customers are available to business’ without any cost, all that...