means that there is a way to ensure that the said effects are reduced or augmented when the changes are positive. However
and talent producer to individuals who were not directly employed by the company
and satisfaction of employees and other major stakeholders. The role of the leader/manager is to guide his/her organization to choose the best path in line with the goals and objectives of a project or the corporation. Although McFarland is very good at inspiring confidence and instilling a sense of success
despite the knowledge of his many flaws and incapability. One of the main strengths of a leader is to acknowledge what is a challenge to them and opening up avenues for others in their team to help in the weak areas. McFarland lacked the experience to plan an entire project from start to finish and all the relevant in between events. His last major venture
simple tools of internal and external environment analysis such as SWOT (strength
was a young company headed by an equally young entrepreneur
drawing implications about the issues addressed
Individual Reflection on Understanding of Change Management
Australia has gone through high levels of change due to a variety of issues and factors. Consequently, businesses have had to go through transformations and shifts in the way they operate and in compliance with new social and legal changes in policy. Change management on organizations has been a critical component of progress, requiring firms to adapt and adopt new ways of thinking or risk failure (Mento, Jones, & Dirndorfer, 2002). In this presentation, I reflect on how the last 6 months has been in terms of learning and adapting to new changes and management of change. I offer three things I have learnt that have led to an improvement of understanding of change management and 2 ways I think this new perspective has made me more capable of dealing with change.
The first major element I have learnt in relation to change is that management of change is a systematic approach that deals with transformations and transition of the goals, technologies, and process of an organization. Allen, Cruz, & Warburton (2017) terms change management as a systematic approach. By understanding that change management is a systematic approach, I realized that its purpose is to craft strategies to effect change, control it, and help stakeholders adapt to it. By seeing change as a systematic approach, strategies can be devised including structured procedures and mechanisms for response to different change requirements.
The second element I learnt that has led to a better understanding of change management is knowing how to determine successful implementation and measure its effects. To be more effective, Kang et al. (2020) uses Kotter’s change perspective to announce the management of change and all processes including a consideration of how a replacement or adjustment impacts stakeholders such as employees, the systems, and processes within an organization. As a result, every change management process is required to have a way to measure success as well as the effect on vital organizational organs such as the customers and the employees. The overall aim is to improve processes and systems through better strategies, and therefore, a way to measure effects and successful ventures is necessary in change management.
The final and most important element in change management is a process of communication. Rajan and Ganesan (2017) emphasizes that Kotter’s change management model is only effective where communication is possible. Communicating change is a critical element in the scheduling and implementation of all related strategies. Communication is a process that enables documentation of change and also facilitates evaluation avenues and all other related elements of change management. For example, without communication, a change management process is largely affected, including a probability to create resistance from employees and other negative outcomes.
The first way I think the new understanding has made me more capable in dealing with change is first knowing how to define change and understanding why it is needed. By knowing that all types of changes are systematic and that there is a need to measure success and effectiveness, I now understand that change is inevitable and it must be embraced as a strategy to improve the firm. Identifying a need for change and crafting ways to deal with it is also mentioned by Tamunomiebi and Akpan (2021) as an important element in mitigating resistance from employees and ensuring support from other stakeholders.
The second way that I think the new understanding has made me more capable in dealing with change is knowing how and why to communicate change. I have come to an understanding that without communication, planning and testing change cannot be achieved. Communication also facilitates documentation that helps in maintaining audits and ensures compliance to the original internal and external controls that define why change was required in the organization in the first place.
In summary, I have come to understand that change management exists in so many angles. It is one of the most important yet complex ways of improving the position of a firm. It highlights why a transformation is required and provides ways to adapt to the said changes. My understanding of change management now incorporates critical elements that have improved my perspective on change and its management.
Allen, W., Cruz, J., & Warburton, B. (2017). How decision support systems can benefit from a theory of change approach. Environmental management, 59(6), 956-965.
Kang, S. P., Chen, Y., Svihla, V., Gallup, A., Ferris, K., & Datye, A. K. (2020). Guiding change in higher education: an emergent, iterative application of Kotter’s change model. Studies in Higher Education, 1-20.
Mento, A., Jones, R., & Dirndorfer, W. (2002). A change management process: Grounded in both theory and practice. Journal of Change Management, 3(1), 45-59.
Rajan, R., & Ganesan, R. (2017). A critical analysis of John P. Kotter’s change management framework. Asian Journal of Research in Business Economics and Management, 7(7), 181-203.
Tamunomiebi, M., & Akpan, E. (2021). Organizational Change and the Imperatives of Managing Employee Resistance: A Conceptual Review. Journal of Strategic Management, 6(1), 18-32.
Individual Reflection on Classes 3 and 4
Market Research Provides Information Useful in Business Decision-making
Throughout the market research process, data is obtained, collated, and examined. This information is often linked to market characteristics. Tracking studies, mystery shopping, consumer satisfaction surveys, feasibility studies, and advertising assessments are some of the approaches used by market researchers. Businesses may find market research beneficial in determining what new goods or services the market will need and how to supply those products or services. It is possible to identify important problems that must be solved when manufacturing a certain product or service, which may assist firms in avoiding expensive blunders. Furthermore, it assists a firm in determining which features customers value the most and how management can best incorporate these values into the items they desire to make accessible on the market.
Market Environment Scanning is a Critical Element of Global Business
Environmental scanning is the practice of examining external sources and aspects that have an impact on a company’s internal operations. The purpose of this activity is to identify potential sources to consult with or consider when making decisions about a company’s operations. It is used by individuals involved in the decision-making process, such as the organization’s leaders and executives, to get a knowledge of challenges that may have an impact on the enterprise as a whole. The actions of a firm’s competitors, changes in the political atmosphere, changes to current rules, and other features of the environment in which the company operates are all examples of variables that might affect the organization’s degree of success.
Trade Barriers and their Consequences to Market Entry Strategies
Countries will often create trade barriers in order to restrict free trade between their respective economies. Therefore, attempts to change markets that happen to operate on a global scale are at the heart of trade obstacles. Examples of trade barriers include tariffs (taxes) on imports (and sometimes exports), as well as non-tariff trade hurdles such as import quotas, local industry subsidies, trade embargoes with particular countries (usually for geopolitical reasons), and licenses to bring items into the economy. Import quotas, domestic industry subsidies, and trade restrictions with certain countries are all examples of non-tariff trade impediments. These trade barriers are a way for governments to protect their domestic markets, a situation that may be of negative outcome when choosing to enter a given market.
Politically Stable and Developed Nations Make the Most Favorable Markets
Since 2010, there have been many changes in the level of political stability in emerging market economies. These changes have had big effects on both business and economic growth. Because of ongoing and getting worse political unrest, investors and consumers have lost faith in economies like Venezuela, Ukraine, Egypt and Russia. On the other hand, countries like India, Indonesia, China, and Chile have seen more money come into their economies because both their political and business environments have gotten better. in the stronger and more developed economies such as Australia, the United States, Germany, and Japan, political stability conditions have ensured predictability in governance and policies.
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