The year 2008 has just come to a close and we are in a new year-2009. Last year was a very difficult time for Americans and the world at large. On television we often see many analysts (talking heads) making predictions and talking about how they think business events will unfold.
What factors contribute to the rapid pace of change in business? What do you think will happen in the US and the world in the next month, few months, six months or year. Is the pace likely to accelerate or decrease over the next decade? Why?
There are many factors that contribute to the rapid pace of change in business, One is the competitive environment. As companies work to outdo eachother, they now focus on customer satisfaction as never before. They work to transform their current customers into loyal advocates-vocal promoters of their product or service-so that they'll spread the word or advertise their product. They now understand that no business is successful with out the consumer.
I think the pace will accelerate over the next decade, Because with competition being so feirce, more businesses try not to just beat their opponent they often try to stand out. By being more creative to catch the consumers eye, they don't try to catch up with the trends, they try to set them. This stategy will definately contribute to the rapid pace of change in business.
