U12 LA_E1-Managing Change in Business

What is a reason businesses need to manage change?

• To maintain the status quo

• For business survival and success

• To avoid any form of restructuring

• To increase employee workload

Which of the following is an internal factor influencing change?

• Changes to legislation

• Technological changes

• Media influence

• Economic instability

What is an example of an external factor influencing change?

• Demand for skills

• Economic instability

• Poor leadership

• Cash flow management

Who are considered stakeholders that influence change?

• Owners, managers, customers, regulators, financial institutions, the government, and employees

• Only financial institutions and the government

• Only customers and regulators

• Only managers and employees

How do owners influence change in smaller businesses?

• They follow the decisions of regulators

• They have a say over the change

• They rely solely on customer feedback

• They have no say over the change

What role do managers play in influencing change?

• They have no influence on the future of the business

• They are not involved in planning business strategy

• They only report to customers

• They are involved in planning the business strategy

How can customers influence change?

• By not participating in campaigns

• By avoiding social media

• By testing products and giving feedback

• By ignoring product quality

What is the role of regulators in influencing change?

• They manage employee relations

• They have no impact on businesses

• They only focus on financial audits

• They inspect businesses and report evaluations

How do financial institutions influence change?

• By managing employee salaries

• By creating marketing strategies

• By determining the official bank rate

• By setting product prices

What is the government's role in influencing change?

• They have no influence over business activity

• They only focus on international trade

• They manage internal business operations

• They impose rules and regulations on industries