of change management
Concept of change management
Innovation and change have become the key components for the success and failure of any business. Today, the high intensity of competition and effects of globalization and forced organizations to inject constant business research and modifications in regular operations. These changes may become part of products, services, processes, technology, pricing, promotion, etc. Competitors keep eye on the offerings and activities of other firms and try to capture the responses of customers. Then the negative sides of such offering are eliminated and the same product with revised attributes is offered. This way the competitor's actions play a great role in shaping the market dominance. It is through the change management process that companies implement changes and alterations in the internal and external business activities and functions.
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