Question

How would you describe the twenty-first century competitive landscape and the various challenges it brings to businesses?

Why will a traditional mindset not lead a company to strategic competitiveness and what values must managers adopt to overcome these challenges?

Answer 1

1. The 21st century has come to rely on technology and automated processes in order to create the necessary functioning required for their business to reach the required competency process. We have come to the age of technology, which determines the factor of offering by any business and even governs the purchase potential of their company. We can, therefore, say that in order for us to understand the business climate, we need to pay close attention to what we call the “DATA” or the “BIG DATA” revolution. Business runs on analytics. It is this factor that businesses have started investing in large data centers as well as customer data collection processes in order to further implement an optimization to their business offerings. This can be seen in the manufacturer, management as well as advertising processes. The use of social media is also a relevant factor in today’s day and age since it has the added benefits of being able to provide wider reach as well as monitoring processes more effectively.

2. The market a company operates in is volatile and has a number of variables which keeps changing the environment of the market. The biggest factor for this is the change in the needs of the customers as well as the technology in the market. The customers utilize the market competition in order to get the best possible price point for their purchases and in order to compete, the company needs to be able to provide the necessary values as their competition, and even more. This is why the criteria needed to study the market, the competition as well as the company's own resources need to change constantly in order to reflect the change in their strategic management plan.

A traditional mindset, therefore, cannot achieve the said results since there are more variables in today’s business and management processes and in order to stay competitive, a company needs to make the best possible use of all their resources in order to create their competency.

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