The process of planning, preparing, implementing and evaluating changes in business strategies or working methods. The key underlying factor in change management is trust. For only if staff have faith in the motives and competence of the managers concerned will they help to implement the desired change. Successful management of change requires:
• People whose motivation and trust makes them willing to accept and even harness it
• Brand names with the consumer loyalty to ensure continuing, high sales revenues
• Knowledge and confidence in several different markets
• The financial resources to be able to invest in new products or methods.