The Concept of Business Change

Question 1

Business change

Answer 1

The alteration of behaviours, policies and practises of a business. Changes in a business can impact every area or just one part of the business.

Question 2

Proactive approach to change

Answer 2

A proactive approach to change will foresee and take advantage of the business environment in many ways,

Question 3

Reactive approach to change

Answer 3

A reactive approach to change involves decisions or changes that are made as a result of a given situation occurring.

Question 4

Key Performance Indicators

Answer 4

a source of data to analyse and evaluate the performance of businesses. Used to measure the efficiency and effectiveness of a business’ performance.

Question 5

Percentage of market share

Answer 5

The proportion of sales for one business compared to total industry sales expressed as a percentage. A business aims to increase market share as it will reflect more customer sales and greater success than its rivals in the same industry.