3.6

Question 1

internal causes of change

Answer 1

• change in business size, product sales, merges/takeovers, smaller
• poor performance
• new ownership
• transformed leadership
• restructuring

Question 2

external causes of change

Answer 2

-market
- social change, consumption habits
- PESTLE change

Question 3

effects of change

Answer 3

• competitiveness may improve gradually as efforts are coordinated
• productivity reduced at first, then improved
• finance, expensive due to adaptation
• stakeholders

Question 4

change management - organisational culture

Answer 4

• leaders must aalign organisation with desired changes
• willingness to embrace change may be influenced by organisation
• needs effective communication
• strong organisation can support employee engagement and ownership of change

Question 5

change management - size of organisation

Answer 5

• large org have complex structures, change difficult to implement
• communication may be challenging for large org, but they have more resources available

Question 6

change management - pace of change

Answer 6

• if too fast, business may be overhwlemed and underprepared
• if too slow, may lack adaptability and innovation, lesding to a loss in momemntum

Question 7

resistance to change from stakeholders

Answer 7

• employees, may have job security concerns and are used to things
• owners, fear of disruption and having to commit finance and time
• customers, hesistant to try something new and losing something they value
• suppliers, may fear decrease in quality or additional costs

Question 8

managing resisrance to change

Answer 8

• clear communication, reasons for and benefits
• involving stakeholders to gain support and embrace for the change
• providing employee support
• realistic expectations

Question 9

risk assessment

Answer 9

• identifying, evaluating and prioritising risks and precautions required
• natural disasters, IT system failures, loss of key staff - all detrimental to business

Question 10

risk mitigation - business continuity plan

Answer 10

• business continuity plan to assess how a business will operate following a serious incident
• risk assessment, impact analysis, strat development, plan development, testing + training, maintenance and review

Question 11

risk mitigations - succession planning

Answer 11

• succession planning identifies and develops current employees who have potential to move into future key roles
• identify potential successors, develop plan, train and mentor, communicate with stakeholders, review and update plan
• ensures long term viability of business with a smooth plan