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4.1 – What is Change?
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change is part of everyday life for international businesses
huge changes in information technology and telecommunications
How different have our lives been due to technology?
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Business still out to make a profit with a changing marketplace
Some businesses don’t survive change
Others take advantage and become successful
3 causes of change: new technology, new processes, new attitudes
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inventions: are totally new products that are based on a creative idea
innovations: are modifications to an invention that take the inventor’s initial concept even further
Phone -> invention Cell phone -> innovation Digital technology -> invention that
brought about cell phone
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technological change can occur on a grand scale or on a smaller scale• ATM -> grand scale• Resealable chip bags -> smaller scale
patent registration protects the invention for the owner and offers exclusive use/rights
inventor can licence the invention and/or sell the new product to others
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patents, copyrights, and licences are valuable property
inventors often partner with other companies
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process change, often initiated by technological change, takes place in manufacturing, distribution, inventory control, accounting, and marketing
manufacturing: change in the way something is made - faster, better, less expensive
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distribution: electronically - e-mail, Internet, web sites have eliminated need for intermediaries, wholesalers, importers, retailers
Now on-line catalogue distribution methods, easier transportation of products and business papers by such high technology companies as Federal Express
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Inventory control: manually done to electronically linked; used by suppliers, customers
Just-in-time - an inventory control system that schedules products to arrive as they are needed for manufacturing or for supply to customers, strong relationship needed by purchaser and supplier
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Kanban is a Japanese philosophy that has as a major principle the elimination of waste, especially wasted time, labour, and resources (similar to JIT)
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Accounting: new accounting systems and software allow for instantaneous reporting of profit, inventory, investment, and other financial data; know precise information from all stores-departments-plants; online inventory management
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Marketing: • primarily process changes• big box retailers (category killers), power centres• smaller retailer becoming more specialized• data mining (examining your credit purchases,
bank card records, loyalty cards) is a way of connecting specific customer characteristics to their purchases - predict when a customer will need a product
• target marketing and distribution information; promotional activities; coupons, contests, and other sales promotion methods target customers
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Changes in values equals changes in purchases
Environmental awareness; concern for our health; social conscience; trends or fads or long-term and lasting in the marketplace;