Dealing with Change in a Business Environment: Internal and External Factors

The video tutorial discusses the constant nature of change in business, differentiating between internal and external changes. Internal changes are within a business's control and can be planned, affecting strategy, workforce, and finance. External changes are unpredictable and outside control, such as economic disruptions. The pace of change, whether incremental or rapid, affects how businesses adapt and respond. Understanding these dynamics is crucial for effective management.

What is a key characteristic of internal changes within a business?

• They are always financially motivated.

• They are within the business's control.

• They are driven by external factors.

• They are unpredictable and sudden.

Why are external changes challenging for businesses?

• They are always beneficial.

• They are outside the business's control.

• They are easy to predict.

• They are always related to technology.

Which of the following is an example of an unplanned change?

• Launching a new product.

• Hiring new employees.

• A natural disaster.

• A new marketing strategy.

How does the pace of change affect a business's response?

• The pace of change has no impact.

• Faster changes are easier to manage.

• Rapid changes always lead to success.

• Slower changes give more time to adapt.

What happens when the pace of change is rapid?

• The business has less time to react.

• There is no need to change the business model.

• The consequences are less severe.

• Businesses have more time to react.