All categories

3 years ago

Two ways in which can adapt to the challenges of the business environment

Business

1 answer:

Alchen [17]3 years ago

8 0

<h3>Two ways in which can adapt to the challenges of the business environment</h3>

Recognize the Size of the Change
Be open to new and different ideas

Today's business concerns are more pressing than ever before. Businesses are competing on a much greater scale as a result of technical advancements and globalization. And, in light of the current economic and health crises, business owners confront an even greater challenge: prospering, not just surviving. Here are four strategies to explore in order to assist your company adjust amid difficult times.

<h3>1. Recognize the Size of the Change</h3>

To most seasoned company and executive leaders, the word 'adapting' may sound cliché. Adaptability, on the other hand, in the context of business simply means being open to new ideas and methods. Accept that the world is changing at a quick speed, and that in order for businesses to thrive, they must adapt their strategy to meet the demands of the moment.

<h3>2. Be open to new and different ideas.</h3>

In order to be competitive, a business owner needs understand a few things. The first step is to think about what other options you have. Consider your backup plans and procedures in case the market situation changes unexpectedly. A business owner must constantly be prepared for any kind of tweaks and changes that their company may experience, and have a contingency plan in place that can be implemented promptly.

You might be interested in

The innovation paradox implies that consistency in products and services provokes a tension with the need for new products. This

arsen [322]

Answer: A. Stability and change

Explanation:

The innovation paradox implies that consistency in products and services provokes a tension with the need for new products. This results in a conflict between

A) stability and change.

B) structure and culture.

C) rewards and metrics.

D) stability and metrics

The paralysis that occurs between sticking to existing products and services (stability) and the need for the development of new ones (change) is a direct effect of the innovation paradox which states that the more a firm pays attention to innovation, the less likely it will be to be successful at innovation. In other words, consistency in products and services provokes a tension with the need for new products. While stability enables change in that it supplies security and consistency, reserved knowledge and skills and enables commitment and the provision of resources for a better realization and actualization of change, change enables a firm to set up a new state of stability through variable mechanisms (innovation) This serves to assist an organization in reaching new stable stages with higher efficiency.

8 0

3 years ago

To help with hiring decisions during peak seasons and holidays, Touching Cards uses time-series forecasts, like sales from last

inna [77]

Answer:

Option 4 Analytics

Explanation:

The reason is that business analytics uses the sophisticated patern of available data of the organization on the basis of the past data to make an assessment of the situation and make an informed decisions that benefits most to the company.

So here the company is using trends which include seasonal trends and forecasting techniques to assess the situation and make informed decision based on the data extracted which best alligns with Business analytics.

7 0

3 years ago

In a market economy who decides what will be produced?

Leto [7]

Answer:

The Producer

Explanation:

In a market economy, the maker will choose what to create, the amount to deliver, what to charge clients for those products, and what to pay workers. These choices in an unregulated economy are impacted by the tensions of contest, supply, and request.

BRAINLIEST?

6 0

3 years ago

Read 2 more answers

"The financial leverage multiplier is the ratio of" ________. A. current assets to current liabilities B. total assets to total

Bond [772]

Answer:

D. total assets to common stockholders' equity

Explanation:

The financial leverage multiplier (FLM) is defined as the ratio of the firm’s total assets to the shareholders’ equity.

Analyzing the answer choices provided, the one that better fits the description above is alternative D. total assets to common stockholders' equity

4 0

4 years ago

If fixed costs do not change, then marginal cost A. equals the change in average variable cost divided by the change in output.

babunello [35]

Answer:

B. Equals the change in variable cost divided by the change in output

Explanation:

All those business expenses which are independent on the level of goods or services that the company produces are included in the fixed costs. These include lease and rent payments, insurance, salaries, interest payments etc.

The change in total cost which arises due to the increment in the cost of produced good by one unit is termed as marginal cost.

When fixed cost is not changing, the marginal cost is calculated by dividing the difference in total cost by difference in output.

6 0

4 years ago