SB
Answered
What are the 5 Cs of credit? List and give a brief description of each.
On Jul 11, 2024
The five are character, capacity, collateral, economic conditions, and capital. The description is also very easy.
SB
Answered
Discuss how technological change acts as a major external force for change in organizations.
On Jun 09, 2024
Answers will vary. Rapid technological innovation is a force for change in organizations, and those who fail to keep pace can quickly fall behind. Technology has enabled the mobile payment market to become competitive. The major players in the market, Google Wallet, PayPal, and Apple Pay, are hoping that consumers will ditch their wallets in favor of cell phones. But retailers are less excited about investing in the technologies. Merchants will have to install new technologies to take advantage of mobile pay, and consumers worry about cyber theft and payment hacks. Apple Pay, the newest of the players, is building its list of participating merchants; however, its use is limited to the newest iPhones (6 or 6 Plus)and leaves out consumers who have earlier versions.
Changes are coming to credit cards too. Magnetic strip cards are being replaced with EMV cards, which have a chip that reduces the possibility of fraud. Merchants will have to replace their existing credit card terminals with new ones, which makes mobile pay businesses happy because the new terminals will also accommodate mobile pay applications.
Technological innovations bring about profound change within organizations because the innovation process promotes associated changes in work relationships and organizational structures. The team approach adopted by many organizations leads to flatter structures, decentralized decision making, and more open communication between leaders and team members. Please see the section "Forces for Change in Organizations" for more information.