Concepts, Contexts & Content

Change (C) - Refers to the modification or transformation in a way business is conducted as a response to internal factors or external influences. Competition, new technologies and markets and trends in consumer behaviour lead business organisations to adapt their objectives, strategies and operations. Success emerges from the ability to research and respond to signals in both the internal and external environments.

Culture (U) - Refers to the norms, beliefs and values of an organisation or a collective group of individuals, which shape its practices and characteristics. Every organisation operates in a range of environments in which its role may be interpreted differently. These expectations affect planning, decision-making and strategy implementation. Within an organisation, values and background influence what stakeholders focus on and how they work.

Ethics (E) - Refers to the moral principles and values that form the basis of how business activity is conducted. Every business decision has moral implications. These consequences can be significant for internal and external stakeholders and the natural environment.

Globalisation (G) - Refers to the process by which people, ideas, goods and services become increasingly spread around the world, creating integration and understanding of countries, organisations and cultures. A wide range of international forces (such as the increasing social, cultural, technological and economic integration) influence business organisations. in turn, business organisations shape these forces. Many business organisations operate across national boundaries. Even local businesses and consumers are influenced by global forces.

Innovation (I) - Refers to the improvements of a product or process to better meet the needs and wants of customers, in a profitable way. Incremental or radical improvements to a business idea, or the generation of new ideas in relation to a final product, service or process, are the result of internal or external influences. For many business organisations, a key challenge is bringing in "the new" and managing the process of improvement in a sustainable way.

Strategy (S) - Refers to planned actions designed to achieve the long-term goals or overall aims of an organisation. Strategy refers to the significant long-term planning decisions that organisations make in order to meet the needs and wants of their stakeholders. Strategy is about asking questions: what, why, when, how, where and who?