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PLAN

Topic 2-

Describe environmental change and its relationship to punctuated equilibrium theory. Give an example of an industry whose environment has been characterised (defined) by the punctuated equilibrium model in recent years.

· Environmental change: the rate at which a company’s general and specific environments change.

· General environments: the economic, technological, sociocultural and political trends that affect all organizations.

· Specific environments: the customers, competitors, suppliers, industry regulations, and advocacy groups that are unique to an industry and directly affect how a company does a business.

· "The Punctuated Equilibrium Model (PEM) is a social theory for understanding change in complex social systems, including in organizations.

· Organizational change management (OCM) is a framework for managing the effect of new business processes, changes in organizational structure or cultural changes within an enterprise

Introduction-

· Punctuated equilibrium theory- a theory that holds that companies go through long, simple periods of stability (equilibrium), followed by short periods of dynamic, fundamental change (revolution) and end with a return to stability (new equilibrium).

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