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Being adept at adapting is very important for business firms to remain competitive. Without change, businesses would lose their competitive edge and fail to meet changing customer needs and a changing global economy. Technology, customer needs, and the economy are constantly evolving, requiring businesses to adapt. Change allows for growth opportunities through new skills, ideas, and innovations that can improve operations and attract new markets. Challenging the status quo and questioning existing processes can lead businesses to find new ways of serving customers and strengthening their business.

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Asim Qureshi
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131 views

Assignment #1 - 3

Being adept at adapting is very important for business firms to remain competitive. Without change, businesses would lose their competitive edge and fail to meet changing customer needs and a changing global economy. Technology, customer needs, and the economy are constantly evolving, requiring businesses to adapt. Change allows for growth opportunities through new skills, ideas, and innovations that can improve operations and attract new markets. Challenging the status quo and questioning existing processes can lead businesses to find new ways of serving customers and strengthening their business.

Uploaded by

Asim Qureshi
Copyright
© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
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Institute of Southern Punjab (ISP) Multan

Southern Business School (SBS)

Assignment No: 01

Discipline: BBA

Section:B

Date:27/04/20

Subject: Business Policy

Student Name: Muhammad Asim

Student Reg #: 023-R16-82

Student Signature: Asim

Submitted to: Ma’am Lala Rukh


Question#
How important do you feel “ being adept at adapting" is for business firms? Explain
Answer
Any business in today's fast-moving environment that is looking for the pace of change to
slow is likely to be sorely disappointed. The world is changing everyday: the population is
changing, customer trends are changing, technology is changing and the economy is
changing. Businesses who fail to embrace change can easily wind up as dinosaurs – out of
touch and unable to compete under current trading conditions.

 Change is important for any organization because, without change, businesses would
lose their competitive edge and fail to meet the ever-changing needs of customers.

The Ever-Changing World of Technology


Without change, business leaders still would be dictating correspondence to secretaries,
editing their words and sending them back to the drawing board, wasting time for all
involved. Change that results from the adoption of new technology is common in most
organizations. While it can be disruptive at first, ultimately the change tends to increase
productivity and service delivery.
Technology also has affected how we communicate. No longer do business people dial a
rotary phone, get a busy signal, and try again and again and again until they get through. No
longer do business people have to laboriously contact people, in person, to find out about
other people who might be useful resources. Now, they can search for experts online
through search engines as well as through social media sites. Today's burgeoning
communication technology represents changes that allow organizations to learn more, more
quickly, than ever before.

Customer Needs are Constantly Evolving


Customers who were satisfied with doing business during regular opening hours just a few
years ago now expect your business to be always open – and available with the swipe of a
smartphone. As the world evolves, customer needs change and grow, creating new demand
for new types of products and services. This opens up new areas of opportunity for
companies to meet those needs.

The Changing Global Economy


The economy can impact organizations in both positive and negative ways and both can be
stressful. A strong economy and increasing demand for products and services will mean that
companies must consider expansion that might involve the addition of staff and new
facilities. These changes offer opportunities for staff, but also represent new challenges.
A weak economy can create even more problems as companies find themselves needing to
make difficult decisions that can impact employees' salaries and benefits and even threaten
their jobs. The ability to manage both ends of the spectrum are critical for organizations that
want to maintain a strong brand and strong relationships with customers as well as
employees.
Change Means Growth Opportunities
Change is important in organizations to allow employees to learn new skills, explore new
opportunities and exercise their creativity in ways that ultimately benefit the organization
through new ideas and increased commitment. Preparing employees to deal with these
changes involves an analysis of the tools and training required to help them learn new skills.
Training can be provided through traditional classroom settings or, increasingly, through
online learning opportunities.
Importantly, organizations need to do a good job of evaluating employees' capabilities and
then taking steps to fill the gaps between current skills and the skills required to respond to
growth.

Challenging the Status Quo


Simply asking the question "Why?" can lead to new ideas and new innovations that can
directly impact the bottom line. Organizations benefit from change that results in new ways
of looking at customer needs, new ways of delivering customer service, new ways of
strengthening customer interactions and new products that might attract new markets.
New employees joining an organization are especially valuable because they can often point
to areas of opportunity for improvement that those who have been long involved in the
company might have overlooked. But even existing employees should be encouraged to
question why things are done a certain way and look for new ways to get work done faster,
better and with higher levels of quality and service.

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