The snack food market has developed a lot recently in comparison to the period before 2005. According to the research conducted by the IBIS World on the snack food production, it was found that the total revenue generated by the companies under this category is $35bn (IBIS world, 2013).
In its simplest form, organizational change can be defined as, “new ways of organizing and working” (Dawson, 2003). However this definition is incomplete as it gives no idea about the nature of change.
Corporate entrepreneurship is an organizational process to convert individual ideas into shared ideas and actions relating to initiating an innovation within the organization by its employees through managing the uncertainties (Davila et al., 2007).
As per the UN’s report (2011), the population in China will keep growing which will lead to greater demand and consumption of natural resources. Studies suggest that in order to save natural resources in China, they will have to adopt green policies and strategies.
Peter Drucker, the legendary management consultant stressed upon the need for innovation and established that a business enterprise has only two basic functions; marketing and innovation (Drucker, n.d. cited in Swaim, 2010).
In today’s market scenario, it won’t be wrong to say that ‘customers are the king.’ Customers control the markets today and therefore the companies are focusing on enhancing customer satisfaction by every possible means.