Management Is The Application Of A Structured Process

Change management is an organized approach to dealing with change both from the viewpoint of an organization and the individual. Managing change and how successful the change is depends on the type of change and the people involved (Shea, Jacobs, Esseman, Bruce, and Weiner, 2014). Also, organizational readiness for change in the healthcare setting is important to successfully implement new policies, programs, and practices. Oftentimes, these changes fail because leaders are not psychologically or behaviorally prepared (Shea et al., 2014).

Blockbuster Entertainment, Inc. was once a highly successful and profitable brick and mortar home movie and video game rental store. At its peak in 2004, Blockbuster had up to 60,000 employees and more than 9,000 stores. The idea behind Netflix came from an unsatisfied, embarrassed customer of Blockbuster, Mr. Reed Hastings, now CEO of Netflix, paid a $40 late fee because he returned the movie Apollo 13 six weeks later (Zarafshar, 2013). He began to contemplate ingeniously about a notion to change the movie-leasing pattern into a more pioneering industry. In 1997 Netflix was started as a DVD rental-by-mail business without subscriptions. In 1999, taking a stride additional in the direction of evolving the industry, Hastings began the subscription-based business mode based on renting DVDs by mail with plans reliant on the quantity of titles taken at a time. Netflix put forward 120,000 titles for limitless monthly DVD rental with free shipping no late and per title fees. Since that time Netflix has become one of the most popular subscription services in the world, and is now valued at over $28 billion and steadily increasing. What factors contributed to the success and failure of these two companies?

Change management refers to a set of basic tools or structures intended to keep any change effort under control to minimize the disruptions and impacts of the change (Cameron & Green, 2012). A change management program has to incorporate those program elements into the existing components of the organization. The change management program focuses on the adaptation to

There is no specific definition for innovation as such. But, according to me, innovation is creating something new or changing the old to achieve the competitive advantage and meet the increasing customer demands. This is achieved either by introducing new products, new ideas, and processes or just by changing the design of the product or the processes as per the customer demands. Innovating and creating new products and services has become very

Change-management is the implementation of planned processes which are performed in a way that benefits the institution without negatively impacting personnel as a whole. Employees can be resistant to change, and the idea of change management is to effectively apply changes to an organization without adversely affecting the workforce. Benson pointed out that within systems change models, “any change, regardless of size, engenders a ripple effect on the organization (2011, p.38). The organization

The ability of the organisation to manage change and to learn and adapt as a whole organisation.

Definition - Change management is about moving from one state to another, specifically, from the problem state to the solved state (Jung, 2001).

From then on, Netflix seemed to be increasing while Blockbuster continued to decrease because Netflix was stealing Blockbuster’s consumer market. Figure 2 displays Netflix’s and Blockbuster’s revenue, where initially Blockbuster’s revenue was way greater than Netflix’s revenue. While Netflix made a steady rate of income, Blockbuster had steady losses and eventually a great drop in income, which lead to bankruptcy. Economically speaking, Blockbuster had to shut down because its marginal revenue was lower than its average total costs. Every time the business sold their product, it made losses because the revenue never covered its cost of operating and production costs. Among the five fundamental questions discussed in chapter two, how a product will be produced is vital. Firms want to minimize the cost of making an output. Thus, Blockbuster used efficient ways to produce its movies and games by outsourcing and reduced staffing (WordPress). However, a major expense for Blockbuster was rent for the location of its stores and wages for its employees, which Netflix did not have to worry about because it was an online service. Therefore,

What is Innovation? State two Innovations that has revolutionised the current market in the last decade?

Margaret Rouse defines change management as a "systematic approach to dealing with change, both from the perspective of the organization and on the individual level.” (Rouse)

Innovation can be defined as a different and new manner of doing something away from the way it is usually done. In the current competitive global economy, managers have a responsibility of recognizing and seizing new opportunities to foster a competitive edge. From time to time, managers are expected to establish new techniques and methods of managing, distributing, marketing and promoting business. However, it is essential to note that such Innovations work only for a given period before they are overtaken by other innovations. The core aim of the paper is to elaborate how managers seize opportunities.

3.1 - Innovative marketing: “doing something new with ideas, products, service, or technology and refining these ideas to a market opportunity to meet the market demand in a new way”. (p.214, Kliendl et al., 1996)

Creation of business models designed to leverage the technology and explosive early growth, followed by retrenchment and then a long-term successful exploitation of the technology by larger established firms

Change Management involves the methods, tools and procedures for managing the people-side of change. When confronted with change at the workplace, people generally react with fear, anger, ambivalence or enthusiasm. More often than not it is fear and panic that

In addition, Amit, R. & Zott, C. (2012) described that there are many reasons for what the generation of new ideas is becoming critical for different businesses. Though, every company has its own main concerns and issues to handle and balance. The companies that cannot avail opportunities and fail to innovate mostly lose their ground to their competitors, lose their efficient and talented human resources and decrease their organisational efficiency and productivity. Most importantly, innovation can be a competitive advantage and a key differentiator of an organisation. Additionally, innovation can be a remarkable difference between leaders of a specific market and the rivals.