Question

Discuss “change” in terms of how it can make or break a business. Do some light research and find which brands/companies have successfully made changes. Which were not successful? What would have happened if they had not changed and remained stagnant?

Answer 1

Changes occur when an organization improves, restructure or transform a major part of its operation system, people and processes. Change is an important part of an organization’s life. If companies are not make changes according to the current situation then it will not been able to survive in future while a company which changes according to the current requirement of the market situation then it will gain competitive advantage and improve its market share and growth.

Some companies which have successfully made changes are as follows-

1. Netflix- it offers and changes according to the customers’ requirement first make sure that customers will like that web-series or show or not then launch it on its platform.

2. Amazon- it changes constantly and company is always putting its customers first

3. Google- implementing new services and features to remain number 1 search engine and aim to gain advantage in other services as well

4. Coca-cola- it has consistently strived to diversify its product portfolio and expand into new markets.

5. General Electric- it adopts six-sigma to reduce defects and errors in all processes, including transactional and manufacturing processes and it also again and again test its processes to make sure that GE will be as close to perfect as possible.

Some example of companies which not change or not successfully implement changes-

1. Blockbuster- Netflix was its biggest competitor and blockbuster not changed according to the market requirement and failed.

2. Kodak-it was a dominating photography market during 20th century but not changed with features and failed in 2012

3. Nokia

4. Yahoo

5. Segway

6. MySpace website

7. Polaroid

When successful companies not changed according to market situations timely and remained stagnant then now then were failed or their losses increased or they filed for bankruptcy like these failed companies.

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