Adapting to External Influences: How Businesses Respond to Change

The video discusses how external influences such as technological, legislative, and economic changes impact businesses. It highlights the need for businesses to adapt to these changes, using examples like Uber, BBC, and Tesla. The video concludes by emphasizing that change, while often seen as negative, can also create opportunities for growth and evolution.

What is the primary reason businesses need to adapt to external influences?

• To maintain control over their internal processes

• To ensure compliance with internal policies

• To respond to changes outside their control

• To increase their market share

How did Uber's technological innovation impact traditional taxi companies?

• It improved their customer service

• It reduced their market share and profits

• It forced them to lower prices

• It increased their market share

What was a significant response by traditional cab companies to Uber's entry into the market?

• They increased their prices

• They adopted similar technology

• They stopped operations

• They expanded their fleet

What was the impact of the minimum wage legislation on businesses?

• It allowed businesses to hire more employees

• It increased the profit margins of businesses

• It forced some businesses to reduce their workforce

• It had no impact on business operations

How did banking regulations after the 2008 financial crisis affect banks?

• They experienced increased profits

• They had to adhere to stricter lending regulations

• They faced fewer restrictions

• They were allowed to lend more freely

Why did Tesla decide to build a factory in China?

• To reduce production costs

• To improve product quality

• To avoid tariffs on exports

• To increase their workforce

What motivated Spotify to enter the Indian market?

• To take advantage of fast market growth

• To compete with local music services

• To reduce operational costs

• To diversify their music library

How does change create opportunities for businesses?

• By allowing businesses to evolve and grow

• By reducing competition

• By increasing operational costs

• By maintaining the status quo

What is a common perception of change in the business environment?

• It causes uncertainty and disruption

• It has no impact

• It leads to stability

• It is always beneficial

What is a crucial aspect of a business's lifespan according to the conclusion?

• Adapting to external changes

• Maintaining traditional practices

• Avoiding any form of change

• Focusing solely on profit