Group Assignment: Case of Rug Manufacturing Scenario: A company that manufactures traditional hand-woven rugs has been in business for over 50 years. They have always relied on traditional methods and materials to create their rugs. However, they are facing stiff competition from cheaper, machine-made rugs. The company's profits have steadily declined over the past few years, and they have been forced to lay off employees. The CEO has decided that the company needs to embrace modern technology to stay competitive. He has tasked a team of managers with leading a change management initiative to introduce modern weaving machines and synthetic materials into the production process. You are considering a specific stakeholder. Here are the stakeholders: CEO: The CEO of the rug-making company who is championing the change initiative. Managers: The team of managers who will be responsible for leading the change initiative. Employees: The employees who will be directly impacted by the change initiative. Customers: Customers who are loyal to the company's traditional, hand-woven rugs and may be resistant to the new changes. Suppliers: The suppliers who will be providing the new materials and technology needed for the change initiative. 10 B Instruction: Create an MS word report with a maximum of 5 pages, excluding the cover page and references. Establish a change management team: The managers should work together to develop a change management team to oversee the initiative. Create a vision for change: The CEO should communicate the vision for change to the managers, employees, customers, and suppliers. Develop a change management plan: The managers should work together to develop a plan for how the change initiative will be executed, including timelines, milestones, and key performance indicators. - Communicate the change: The managers should communicate the change to the employees, customers, and suppliers and address any concerns or resistance they may have. Implement the change: The managers should oversee the implementation of the change initiative, ensuring that it is done efficiently and effectively. A Monitor and evaluate the change: The managers should continuously monitor and evaluate the change initiative, making any necessary adjustments to ensure that it is successful. You should focus on how you can contribute to the success of the change initiative by following the steps of the change management checklist. Discuss the strengths and weaknesses of your group's approach.