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How does the firm create value for its customers
Course:- Business Management
Reference No.:- EM131409401




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Discussion

Your textbook notes that "Competition is the driver behind change."(Effective Change Management, page 10). Our global business environment has taken this statement to an entirely different level! We compete not only for customers in our local neighborhood but for customers around the world.

Firms compete primarily in two areas: cost and differentiation. A firm can compete by pricing products lower than the competition, or the firm can somehow distinguish itself from the competition. For example, the firm might compete by finding a specialized niche market, by providing outstanding service, or by performing some function for customers that is not easily duplicated.

Regardless of how successful a firm might be, all firms must be able to adapt to change in order to stay competitive. Organizational change is defined as "making the organization different or better through internal adaptations to external stimuli." For organizational change to be successful, all employees must embrace the change and must make it "personal."

•Select a business or organization. This can be where you work, a large multinational company, a small local business, or a government agency. Identify and describe this business.

•How does this firm compete for customers?

•How does this firm create value for its customers?

•Identify at least one way the firm has changed or should change to meet current customer demands.

•When you reply to your classmates, compare how their firm creates value and adapts to change with how your choice does so.

You should return to your own post to field comments and questions from your classmates and from your instructor. You must be a regular and active participant in this forum throughout the week for top marks. You are graded on both participation and content.

Assignment

You should work on this assignment as you go through the chapter(s). This assignment reinforces information in your textbook and concepts presented in this unit. You will be graded on the accuracy and thoroughness of your responses. Please write in complete sentences unless otherwise directed. Remember to cite your textbook just as you would any other resource. Your textbook and any additional outside resource citation should use APA format.

1.In order to manage change, we must understand what factors or forces influence change or bring about change. Your textbook lists some 7 forces that change how businesses operate. Consider the 7 factors or forces listed below. Take each factor and give a "real world" example of how that particular factor has created the need for change in a company or organization or how this factor might create the need for future change. For example, wireless communication is an example of a technological advancement. Wireless makes files and data available to remote workers and to anyone, anywhere, any time.

-Technological Advances
-Global Economics
-Maturation of Existing Markets
-Development of New Markets
-Sociopolitical Developments
-Increasingly Intense Competition
-Increasing Influence of Stakeholders and Customers

2.Another factor of change is a shortened business cycle. We are forced to bring products to market faster, to make faster return on investments, and to develop new products more quickly. In one paragraph, explain why a shortened or shrinking business cycle would create problems for many firms.

3.Service is the last activity in the "Value Chain." In one or two paragraphs, explain how service adds value to a firm's products and customers. You should use an outside resource to prepare your response.

4. "Failure to anticipate and mitigate circumstances that might impede the success of change initiatives is why so many initiatives fail." From a business manager's perspective, what does this mean? In your opinion, how important is communication in a change initiative? Your response should be one or two paragraphs.




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