2. Introduction Change is the key to success. There are many different types of change and different approaches to managing change. Change help to secure the future of a company so that they can remain competitive and continue to grow. Factors that are necessary for change to happen in an organization are identified into people, market, technology, communication and competition.
“Economic Influence on Marketing” claims, “To keep current, your business has to adapt to changes in the industry and must always keep its eye out for innovative, cutting-edge technology and product improvements” (Bradley). With the advancements of technology today, many new products come out on the market and the consumers taste begin to change. For example, with new technology such as laptops coming on the market to ensure that consumers will buy your product you have to have good advertising. The advertising has to relate interest to consumer along with provide valuable information such as cost and quality. Advertisements arouse competition in companies, which provide better quality in goods and services.
In order to overcome this challenge, Alfred P. Sloan CEO of general Motors devised a new strategy to compete with Ford. He focused on reducing the cost to increase the efficiency of the cars produced by them. In addition to this he realized the need of a particular category of car that would bridge the gap between the inexpensive T Model and expensive
Thus, individuals prefer the safe means of transport to avoid various accidents that might occur and as a result increasing the firm 's market share (Winston & Mannering, 2014). Reducing insurance liability The introduction of driverless cars could reduce the insurance liability paid by the individuals hence increased market share of the organization. The financial loss of the society and the economic costs of the insurance industry of road collisions are substantial. The benefits of the driverless cars are significant, and the insurance industry rewards and recognizes innovative technologies that enable vehicles safer (Vecchiato & Roveda, 2010). The automated cars encounter rare collisions since they are programmed to drive more safely than the humans and in the process causing minimal road accidents and therefore, less premium.
By planning forward HR insures that managers have the right amount of people they need, with the right skills and competencies to perform the job timely to achieve organization’s goals. Workforce planning at Asda is important for the company growth and the need to staff more professionally, closing the gap caused by colleague turnover. Workforce planning is essentially about determining the demand and supply of an organisation in reaching its goals and objectives and formulating a strategy to close the gap. This strategy will provide Asda the ability to exploit new markets earlier and respond better to recession as opposed to being on panic mode should a crisis or a new opportunity arise. (https://www.ukessays.com/essays/management/the-human-resource-planning) The main reasons for strategic HR planning are: • Manpower: Enough human resource must be available to carry out present and future organizational activities.
The company could expand even more to increase their market share. They must keep communications open through their relationships to avoid miscommunication and confusion. References Karniel.A and Reich.Y (2011) Managing the Dynamics of New Product Development Processes: A New Product Lifecycle Management Paradigm Hall.K (2013) Making the Matrix Work: How Matrix Managers Engage People and Cut Through Complexity Sutherland.I (1997) Organisation Structures and Processes Appendix
Time after time technology has proven to be the cause for a greater good. Improvements in technology have helped with the development of research, health care and cures, along with automobiles. Technology has been proven to make life easier, however it has been a damper on the pockets of the consumers. It beginning to be perceived that the more technological we get as a society the less wealthy we become. The article I have chosen asked the question, “why aren’t insurance rates dropping as cars get safer?” The article presented many reasons for why insurance rates aren’t dropping in the auto industry.
The value proposition of IT to business organizations are enormous, but to benefits from IT an organization has to succeed in integrating IT with the business strategic objectives. To do this, the organizations have to develop its IT architecture capabilities which will serve as an enhancer in evolving the enterprise IT architecture before the firm can realize this value from IT. Yes, the company should have risk mitigation strategies for the standardized technology architecture stage because while firms move from the application silo stage, they carries along some of the problem that they were facing to the technology standardization stage. The application of specific-data is one problem facing the standardized stage which has to be managed
Create Urgency It helps if the whole company is behind the change. Therefore it is important to develop a sense of urgency around the need for change. How I would do this: • Highlight opportunities that could be exploited. • Start honest discussions. Give convincing reasons for the change to people.
Thus, the firm’s technological lead is sustainable. The technological change shifts costs or uniqueness drivers in favour of a firm. Pioneering the technological change translates into first mover advantages besides those inherent in the technology itself. The technological change leads to improvement in overall industry structure. Sources of Competitive Advantage: There are many sources of competitive advantage that can result from the development and application of new technology.