Drivers of Change in Business:
The drivers of change in business might be categorized as:
- Market changes;
- Technological changes; and
- Organisational changes.
Let us discuss each one of these, in short.
Within the era of economic liberalization and market forces are destined to dictate the pace and nature of modification. We observe competition for capturing the markets for both services and goods in all spheres through competing industries by joint ventures or subsidiaries. Citizens' expectations have undergone radical change. The companies which satisfy customers in terms of cost, service, & value for money forge ahead in the competition.
Businesses might also have to face changes because of factors such as trade barriers, raw material shortages, prices shooting up, change in political regimes, etc.
Although such changes are sure to improve quality and bring about customer satisfaction, little businesses might be affected adversely. It seems which even political will is succumbing to WTO led forces in developing countries and this could be detrimental to national interests, within the long run.