Managing Strategic Change in Business

The video discusses the necessity for businesses to adapt their strategies due to internal and external changes. It highlights the reasons for strategic change, such as product lifecycle and market demand fluctuations. The process of implementing new strategies involves setting objectives, organizing resources, and ensuring efficient execution. Managing strategic change requires effective communication and leadership to ensure employee buy-in and minimize disruption.

What are some reasons businesses need to adapt their strategies?

How does market demand affect a business's strategic direction?

What steps should a business take when implementing a new strategy?

Why is effective communication important during strategic change?

What role does leadership play in managing strategic change?