“The managers have to respond suitably to cope with changing environment”. Enlist some of the managerial responses.
“The managers have to respond suitably to cope with changing environment”. Enlist some of the managerial responses.
Managers have to respond suitably to cope with the changing environment in order to :
(i) Ensure optimum utilisation of resources: Businesses need a thorough understanding of the internal and external environment to be able to use resources optimally.
(ii) Analyse competitors strategies: Business can formulate counter plans to tackle changing strategies of competitors without affecting net profits.
(iii) Maintain business dynamism and innovation: Businesses need to be alert and dynamic by being aware of the changes in the surroundings. They need to prepare and change themselves in accordance with possible favourable / unfavourable conditions.
(iv)Determine strengths and weaknesses: Businesses need to identify strengths or weaknesses to rectify, improve or strategies accordingly.
(v) Foresee the impact of socio-cultural factors: Businesses can make timely changes in their policies and strategies by having pertinent knowledge on social factors like religion, caste, value system, education, family size, urbanisation, etc.
Managers have to respond suitably to cope with the changing environment in order to :
(i) Ensure optimum utilisation of resources: Businesses need a thorough understanding of the internal and external environment to be able to use resources optimally.
(ii) Analyse competitors strategies: Business can formulate counter plans to tackle changing strategies of competitors without affecting net profits.
(iii) Maintain business dynamism and innovation: Businesses need to be alert and dynamic by being aware of the changes in the surroundings. They need to prepare and change themselves in accordance with possible favourable / unfavourable conditions.
(iv)Determine strengths and weaknesses: Businesses need to identify strengths or weaknesses to rectify, improve or strategies accordingly.
(v) Foresee the impact of socio-cultural factors: Businesses can make timely changes in their policies and strategies by having pertinent knowledge on social factors like religion, caste, value system, education, family size, urbanisation, etc.
