4.5 driving forces

what are the driving forces

innovation, technology, societal attitudes, owners and managers, employees, competitors, globalisation, reduction of costs, persuit of profits, legislation

how do competitors drive change

Competitive environments may initiate change in a business as they compete for customers

how do employees drive change

they may initiate change by driving improvements in processes, product features, quality…

how to oweners drive change

they may initiate change while they peruse profits

how does legislation drive change

Laws can be implemented that force a business to make changes to ensure they comply with the laws

how does persuit of profit drive change

Businesses often make changes to increase profits, if net profit figures are not at the desired level it can initiate change

What is globalisation

the movement across nations of trade, investment, technology, finance and labour brought about by the removal of trade barriers

how does globalisation drive change

it increases world market competition and can drive change to ensure businesses remain competitive in the market

how does reduction of costs drive change

Change may be initiated by rising costs in the business or to reduce costs further

how does societal attitudes drive change

The values ideas, beliefs and expectations of members in society can change over time so businesses must adapt to maintain relevance to their customers

how does technology drive change

Advancements can drive change in a business as it can improve processes, communication, products, data analysis and efficiency