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Question

“The managers have to respond suitably to cope with changing environment”. Enlist some of the managerial responses.

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Solution

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.


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