Unit 4 AOS 1 - The need for change Flashcards
(5 cards)
1
Q
Change
A
refers to any alterations in the internal or external business environment.
2
Q
Business Change
A
Is the alteration of behaviours, policies, and practices of a business.
3
Q
Competitive advantage
A
Occurs when a firm, industry or economy has a lower cost price structure than its rivals.
4
Q
Proactive approach to change
A
Is when a business changes to avoid future problems or take advantage of an opportunity to gain a competitive advantage.
5
Q
Reactive approach to change
A
Is when a business undertakes change in response to a situation ro crisis.
