COURSEWORK 2 Example | Topics and Well Written Essays - 2500 words

2 - Coursework Example Change is pervasive not only in peoples individual lives but also in business organisations – for profit or not. Change is inevitable; it is also one of the constants in this world. It doesnt matter if an organisation is doing something about the impact of change – technological, societal and market – on how they do business. These changes will still impact on them and those who react fastest and most constructively will survive. Management theories emerged as a result of change. From the scientific management to centralized organisation; from a decentralized management to empowered workforce; and from a knowledge management to learning organisation. In order to protect its current status, Toyota Motors Corporation, as they say, must run faster to stay in place. First and foremost, it must embrace change whole heartedly – this means the entire organisation as a whole rather than its parts individually. The above changes unfortunately results to a more cutthroat competition not only in the automobile industry but in all industries affected by these changes. Sustaining status quo or surviving in a highly competitive environment is expensive. Companies, to maintain their standing in the market, have to spend more and more in advertising and other activities to sustain the market’s interest in their products and services. This practice is fatal in the long run. Certainly a company can not indefinitely spend its scarce financial resources in activities which can only sustain what is. To survive the company must not only please existing customers, but make new ones too. In this dynamic environment, an organisation finds change and performance improvement more as matters of business survival rather than as matters of competitiveness. Product differentiation and cost leadership are two strategies a company can adopt to stay ahead of competition. Continuous process improvement