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answer these 2 questions:

Answer shouldn't be copied! word limit 500 words for both the questions

CASELET 1 . The new CEO of Symphony Technologies (Symphony), Anish Vaidya (Vaidya), found himself confronted with the most challenging phase of his 26-year-old career in the industry. The liberalization of the Indian economy and the resultant increase in competition from foreign companies had hit the company's sales and revenue badly. The early 1990s saw Symphony's profits plummeting to an all-time low since its establishment about three decades earlier. Established in 1956. Symphony began as a manufacturer of a variety of electrical appliances, and gradually spread its operations into various other industries such as consumer products, power generation, automobiles and insurance. Within four decades, it grew to become a global company serving customers across the world. In his first meeting as CEO of the company, Vaidya invited employees from the middle and top management level to pool in their ideas to identify and address the problems faced by the organization. The meeting brought to the forefront the following areas of concern: The bureaucratic and hierarchical structure of the organization was stifling the creativity of its employees as a result of which they were no longer motivated to come up with ideas pertaining to new products or improvements in the existing organizational practices. Competition from multinational companies was eating into Symphony's market share as the technology of these companies was far better than that of Symphony Symphony's very survival was at stake as most of its subsidiaries were facing serious financial crises and increasing losses. The productivity of these subsidiaries was disproportionate to the number of employees they had. The inability of Symphony's generic products to effectively penetrate the highly competitive market eventually resulted in blocking the capital. Most important of all, Symphony failed to adapt to the changes in the external environment. Because of this, it not only lost market leadership in various sectors, but also failed to maintain a decent market share in the industry. Realizing that continuous change and adaptation were lacking in the organization, Vaidya, in consultation with his team members introduced the following measures to pull Symphony out of a probable debacle: . Areas with new and substantial market potential were explored and strategies to implement them were developed. Vaidya endeavored to change the bureaucratic style of management in the organization to enable easier and faster decision making. This resulted in the formation of a lean and effective organizational structure and helped enhance employee participation, and thereby improve employee productivity. All the subsidiaries and business units that were making losses were shut down so that the company could compete only in those areas in which it had proved and tested competence. This helped it tap the capital that was being invested in units that were not productive Vaidya also took the difficult decision of cutting down on excess staff, to cut down on operational costs. Excess but efficient staff were retrained and deployed suitably. Employees at Symphony were asked to undergo training programs at regular intervals to remain updated with the latest developments in the external environment, so that they could adapt to technological changes and remain competitive. Initially, there was stiff resistance in the company to the tough measures taken by the new CEO. However, Vaidya was able to gradually persuade the employees to accept the changes and within a short period of time, a sea change was noticed in the organizational processes. These revolutionary changes brought about a dramatic rise in Symphony's profits, and soon, Vaidya's bold decisions made Symphony a market leader in various fields of business. QUESTIONS FOR DISCUSSION: 1. Taking the example of Symphony Technologies, describe the importance of change management in organizations. 2. Briefly outline the role played by the management and employees in bringing about a planned change in Symphony Technologies