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Strategic International Business Management TABLE OF CONTENTS

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Added on  2020-07-23

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Strategic International Business Management TABLE OF CONTENTS Abstract 1 Introduction 1 Section 11 Section 27 Section 38 Section 48 CONCLUSION 8 REFERENCES 9 Abstract In the wake of various threats arising from different areas in the global world, e.g. unstable economic growth, climatic changes, evolving political crisis, technological change, pressure arising from change in demand, competition etc., Management of Change has become an important topic for every business. 1 Section 1 There have been different studies and research about Change theories,

Strategic International Business Management TABLE OF CONTENTS

   Added on 2020-07-23

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TABLE OF CONTENTSAbstract............................................................................................................................................1Introduction......................................................................................................................................1Section 1.................................................................................................................................1Section 2.................................................................................................................................7Section 3.................................................................................................................................8Section 4.................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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AbstractIn the wake of various threats arising from different areas in the global world, e.g.unstable economic growth, climatic changes, evolving political crisis, technological change,pressure arising from change in demand, competition etc., Management of Change hasbecome an important topic for every business. This report aims to evaluate the utility of theoretical models of change for executives whoare looking to transform ways of working within their multinational firms. But before I go into the detail, I would firstly like to establish the meaning of Managementof Change and why it is important.IntroductionOften, people or organizations that succeed usually have similar traits or ability to managechanged circumstances. Before I proceed, I will like to establish the meaning of “Management of Change”. The twowords “change” and management” work together. In simple terms, change can be referred toas moving from point A to Z. However, in between point A and Z, the ability to plan,analyse and embark on the journey in the midst of uncertainties can be referred to as“management”. Robert A., Paton & James McCalman, (2008)It is not as simple as it sounds, managing change can be very complex in the sense that, it isoften associated with uncertainties. As you resolve one issue, another one arises so it’s anongoing process Lawler (1986).Section 1There have been different studies and research about Change theories, models,techniques etc which have some level of credibility in delivering change within anorganization Todnem By, (2005) cited in Robert A., Paton & James McCalman, (2008) What is Change? Why Management of CHANGE?Over the years, there has been so many changes experienced by organizations aroundthe world. With the emergence of Technology, internet has encouraged globalization and1
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thus, this has reshaped the way organizations deal with their customers. J. Balogun, andHope Hailey (2004) In addition, there has been a lot of external pressure which requires organizations toembrace changes. Some of which are Changes due to Climate which has a direct impact onthe organizations and the people as a result of change in Government LegislationsChanges due to Government Regulations- A good example is the implementation forRing-Fence Program in the UK. Ring-fence requires Banks in the UK to separate their retailbanking services from the high-risk investment banking. This was in response to the GlobalFinancial crisis of 2008, and the aim was to enable UK Government to Insulate vital bankingservices on which households and SMEs depend FCA (2017) and lots moreAs a result of the above mentioned, Management of Change has become imperativeall over the world. Multinational firms need to respond towards growing pressure from bothinternal and external sources to keep excelling in business. From the above points, the concept of change is similar to many organizationschange but how each of them respond to the change will be determined by a range ofcircumstances. Ability to understand how to respond or approach change is a key to successfor Change Managers.Lewin's Change Management ModelSometimes in the 1950s, a physicist Kurt Lewin developed a model for managing change.The model has 3 stages- Unfreeze-Change-RefreezeUnfreeze: At this stage, steps are taken to change the existing attitudes of workers whilepreparing them for change through effective communication. Also, employees at all levelsare actively involved in the process through effective communication from leaders regardingthe issues related to change process (Porras & Robertson, 1992 cited by Syed Talib Hussainet al) Change: The change stage is associated with effective communication and employees’empowerment to embrace the new way of working. Also, at this stage, problems areidentified and resolved in a progressive manner.2
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