As mentioned ahead various skills are important for managers. Change management is also
one of them. There is need of change management skills in the sectors which need high
operational efficiency. Retail and consumer electronics are very competitive and dynamic
industries which are evolving at faster pace. Such industries require high standards, new
knowledge, innovation and maintaining high standards hence change managements skills
become inevitable (PROSCI, 2009).
Current recession has affected global economy across all sectors. Consumer retail and electronics are also severely affected as well. The consumer are always in look out for new products, trends and design hence high innovation and maintaining quality and standard becomes crucial aspect of retail industry. Consumers can
opt for attractive products available at affordable prices which could save them little fortune.
Hence firms need to understand all such changes in consumer mindset and develop products and services accordingly. Ignorance of such changes could adversely impact the business. In
such environment managers need to adapt to constantly evolving situation time to time.
Managers at top management level have to consider very important decisions hence change
management becomes even more crucial. Change management skills help to conduct indepth
analysis and formulate new strategies to attract new customers and retain old ones. It also
helps to retain the best talent in firm. Hence change management benefits overall