Adapting To Change

Organizational survival depends on:

– Continuous monitoring of internal and external factors

– Well-timed changes

– Effective adaptation calls for a long-run focus

– Incremental rise in degree of change

   1. Technology          3.  Merger-mania

   2.  E-commerce       4.  Demographics

          The strategic management process is based on the belief that organization should continuously monitor internal and external events and trends so that timely change can be made as needed. The rate and magnitude of changes that affect the organization are increasing dramatically. Consider for example, E-commerce, laser surgery, the war on terrorism, economic recession and the aging population etc. To survive all organizations must be capable of astutely identifying and adapting to change. The need to adapt to change leads organizations to key strategic management questions, such as "What kind of business should we become?", "Are we in right field?", "Should we reshape our business?", "Are new technologies being developed that could put us out of business?".