Different businesses face different types of challenges. A small family-owned antique store or restaurant in a small town faces far different challenges than a multi-national technology firm.
The first type of challenge faced by many larger businesses is globalization. This means that competition, which was once more localized, is now global. Manufacturers in rich countries need to compete with producers in countries with lower wages and fewer regulations. In developing countries, local industries need to...
Different businesses face different types of challenges. A small family-owned antique store or restaurant in a small town faces far different challenges than a multi-national technology firm.
The first type of challenge faced by many larger businesses is globalization. This means that competition, which was once more localized, is now global. Manufacturers in rich countries need to compete with producers in countries with lower wages and fewer regulations. In developing countries, local industries need to compete with highly efficient and sophisticated multinational corporations.
The next challenge is the rapid pace of technological change. New technologies are constantly appearing and being replaced, and businesses must learn to adapt to them. Even a small local restaurant, for example, might need a web presence and online ordering. Larger companies need fully integrated technology and media strategies for everything from hiring to supply chain management to customer relationships.
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