Causes of Change (AQA A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Internal factors (causes of change)
Internal factors (causes of change)
Forces within the business, in management's control
External factors (causes of change)
External factors (causes of change)
Forces from outside business, beyond management's control
Retrenchment strategy
Retrenchment strategy
Cutting costs or reorganising operations to save money
Market share definition
Market share definition
% of total market sales that a business achieves
Incremental change
Incremental change
Gradual change over time in a controlled, planned manner
Disruptive change
Disruptive change
Sudden change forcing businesses to rapidly adapt
Force field analysis
Force field analysis
Tool evaluating changes by weighing forces for & against
Product life cycles
Product life cycles
Time a product remains competitive in the market
Developer of force field analysis
Developer of force field analysis
Kurt Lewin
Insolvency
Insolvency
When a business cannot pay its debts