Question

Explain any five ways in which managers have responded to change in business environment

Answer 1

Answer:

The managerial response to changes in business environment includes the following.

Explanation:

• Some of the managerial roles and responsibilities o the change in the business environment includes:

• Anticipation and adaptation, that is they can adapt to the expected changes in the environment. With the availability of the information gained from forecasting. Such as hotels and restaurants and located on the hills stations have a large number of tourists.

• Smoothing and leveling that is in order to increase the sales throughout the year during the time of low demands may offer discounts on prices et.

• Competitive advertising, firms may focus on competition such as Pepsi and cola have increased their market shares. Upgrading technology as the latest technology can prove a competitive edge in the market.

Answer 2

Answer:

Five ways in which managers have responded to change inthe  business environment:

• Sometimes managers can foresee changes in the external environment and make the necessary adjustments. Managers can assist their firms in inwardly adapting to expected environmental pressures by using information from forecasting.

• An corporation may use inducements, such as price reductions, to entice customers to acquire its products during times of low demand. It might charge a higher fee at times of high demand to make up for low demand.

• To obtain the newest technology, several Indian businesses have formed joint ventures with international corporations. For instance, Mahindra and Ford both formed joint venture agreements. This has aided them in providing the market with better models.

• The company can win the confidence of its customers and other stakeholders by identifying with the shifting circumstances and surroundings. This widespread backing will provide the company with numerous opportunities for growth and development.

• To seize opportunities and gain the first mover advantage over rivals, it is necessary to recognize them.

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