change

Random change

Random change is characterized by a lack of direction and unanticipated and unplanned results.

This change strategy reflects a "hope for the best..." approach.

example: The stock market's patterns can fluctuate rapidly and the results are sometimes unpredictable and undesired.

Evolutionary change

Evolutionary change occurs slowly over time based on what is successful at that point in time; evolutionary change lacks speed and the end state and consequences are left to chance and are somewhat difficult to predict and anticipate.

This change strategy reflects a "wait and see..." approach.

example: The evolution from an agrarian to an industrial economy occurred slowly over a period of time with some unexpected consequences.

Incremental change

Incremental change involves continuous and ongoing small improvements. This type of change is more controllable, but lacks magnitude.

This change strategy reflects a "small steps, small gains..." approach.

example: A music festival gradually increases its size by adding a new venue each year to attract a larger audience and incrementally grow revenues.

Transformational change

Transformational change occurs rapidly, has a broad impact on its surroundings and is designed to produce significant desired outcomes. Investment is generally required.

This change strategy reflects a "bold moves, big rewards..." approach.

example: A business merges with another company to remain competitive in a changing marketplace, capture new markets, reduce operating costs and increase shareholder value.