CORPORATE STRATEGY AND GOVERNANCE.pdf

CORPORATE STRATEGY AND GOVERNANCE NOV 2012(2) Another technique is for management to put in place a communication plan forthe change. It is important for management to ensure that employeesunderstand what the change is and why there is the need for the change. Theyshould also know how the change will be implemented. It is also important thtactivities are monitored and feedback given to staff.(3) Another technique is t prepare the staff to accept the change. This calls forhuman resource planning. Once gaps have been indentified staff should betrained. The aim is to provide employees with the skills, techniques, expertise,required for them to perform their role and duties effectively as the changes arebeing implemented.(4) The organisation should also encourage employee participation in the planningand implementation stages of the change process. This will get themcommitted to the change strategy.SOLUTION 7(a)A product life cycle describes the pattern of sales of a product over time. It istypically divided into four stages including introduction, growth, maturity and declineas shown below:The introductory stage is characterised by low sales because customers are unaware ofthe product or do not have confidence in it, sales rise steeply at the growth stage whenmore customers become aware of the product but gradually slows down and enters thematurity stage as a result of competition, new technology and change in customertastes. The decline stage …… when these factors overtake management efforts toincrease sales.The product life cycle concept is of importance to an organization in a number ofways.(i)The PLC concept enables an organisation to forecast the sales trend of itsproduct and to plan appropriately.Page 9 of 10