Change & Continuity in Contemporary Business

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Change & Continuity in Contemporary Business

Executive Summary

The Global Business arena is a vast area. Since of late many competitors are taking the stage. At the same time many have left the arena defeated. This arena has a landscape which keeps changing constantly. Since the beginning of the 21st century the landscape has begun to shift evermore rapidly causing competitors to fall victim. Some recover and keep fighting for markets, while others leave the arena for good. This report discusses in brief the new trends emerging in the global business arena as well as new trends in politics and economic sectors. Successfully adapting to changes are the key for an organizations success in global market competition. This report also discusses in brief the implications the new trends in Sri Lanka and how it would impact the country and what steps should be taken to ensure the nation will face global competition for investors successfully. Table of Contents Acknowledgement Executive Summary Introduction 1.The Economic and Political Trends Emerging as a Result of Changes in the Business Environment. Competing for Customers of Diverse Income Levels. Adapting to differing regulatory environments, practices and other laws Focusing on the emerging regions for skilled labour and growing consumer markets. The technological advantages for newly starting businesses. 2.Implications of the new trends for Sri Lanka Conclusion References Books Websites

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Introduction

The global business landscape has started to shift rapidly since the beginning of the technological revolution. The technological revolution has caused large companies to close their doors and allowed smaller companies to grow at an extremely fast rate. This phenomenon is a side effect of globalization. New trends in economies, politics and business keep surfacing daily. The task of a businessman in the current era is to keep up with the changes or face bankruptcy. The competition has become fierce, and on top of this, the consumers have become more demanding. This is due to a simple fact. At present the consumers have many other alternatives to get what they require. In other words technology has not only made business easier but has made the task of competing challenging. This report discusses some of the changes in the business landscape and some new trends which are emerging in the economic and political sectors.

1. The Economic and Political Trends Emerging as a Result of Changes in the Business Environment.

The article, which is adapted from “Urban World: The shifting global business landscape” by the McKinsey Global Institute, indicates changes to the business environment. Out of the said changes a few critical changes are mentioned below.

  • Competing for customers of diverse income levels.
  • Adapting to differing regulatory environments, practices and other laws of the country which the business operates in.

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