Example Of Essay On Rapidly Changing Business Environment

Type of paper: Essay

Topic: Business, Environment, Organization, Customers, Development, Society, Marketing, Market

Pages: 3

Words: 825

Published: 2020/09/27

In the modern era, business environment is changing rapidly due to the influence of various factors. The change in a business environment is changing for the betterment of the people and the organizations. To keep up with the pace of the fast moving society, the organizations take necessary steps to change the business environment to increase their market share. The factors, which can have a negative impact on the business, must be determined first then changes must be made in the business environment accordingly. There are many factors that are the main reason behind the rapid change of the business environment like technological change, customer satisfaction, globalization, etc. These factors are discussed below to depict the rapid change in a business environment.
Business environment changes because of the factors that influence the economy to change. Technological advancement is taking place rapidly, and the businesses the environment must also take significant steps to change in order to keep their market share stable. The advancement in the technology is one of the most important factor that influence a business environment to change, If a business does not change according to the technological changes in the society then there is a chance that the business will suffer heavy losses. Over the past two decades, lots of changes have been made in the technological field for the betterment of the society. The organizations have realized by the passage of time that to be successful they must adapt the changes of the technology (Rainey).
In a business environment, the most important thing is to cater the customers as the organizations are obliged to satisfy the needs of the customers. Satisfying the customers’ needs is the only way that an organization can keep or increase its market share. If the goods of an organization are not able to satisfy the needs of the customers, then the organization might end up reducing its market share rapidly. The wants and needs of the customers changed by the passage of time and to satisfy the needs of the customers’ suitable changes must also be made in the environment of the business. For example, the need of the consumers was to have a small mobile phone but it has changes completely now. People are looking towards a big screen smartphones as it satisfies their needs and is the latest trend in the market. If the organizations do not provide satisfaction to customers by not changing its business environment, then the organization will suffer the losses. BlackBerry is one of the biggest examples that have lost its market share because of not changing its business environment according to the trends of the market. It is necessary for the organizations to make changes rapidly in a business environment to satisfy the needs of the customer that will be helpful for the organization in the long run. Implementing quick changes in a business environment has no negative impacts on the business but, in fact, such changes increase the market share of the organization (Glasson, Therivel, and Chadwick).
Business environment must make rapid changes according to the according to the needs of the society as these changes will help an organization to overcome the difficulties they can face from the society. Globalization is a major concern of the society, and the people have started giving remarks about the organizations that are responsible for damaging the environment. Many people have started discussing this issue on various platforms as they consider it their duty to protect the environment. For example, the hospitality industry has to change its business environment to overcome the issues of globalization. Pelham in his article has claimed that the environmental sustainability has an impact on the decision of the customer. Customers’ are likely to visit such hotels that eco-friendly as they do not damage the environment. Many hotels have started practicing the environmental sustainability programs to attract the customers. Similarly, it is necessary for all the organizations to implement necessary changes in the business environment according to the changes made in the society (Pelham).
Business environment is rapidly changing so that the operational activities of the business can be carried out successfully. As there are many changes taking place in the society the organizations also, have to implement such changes so that they can easily face the challenges of the modern world. The three main factors technological changes, customer satisfaction and globalization are most important as every business must follow the changes made in these factors and try to implement it in their business environment to be successful. In the modern era, business environment is changing rapidly due to the influence of various factors. The change in a business environment is changing for the betterment of the people and the organizations. To keep up with the pace of the fast moving society, the organizations take necessary steps to change the business environment to increase their market share. The factors, which can have a negative impact on the business, must be determined first then changes must be made in the business environment accordingly. There are many factors that are the main reason behind the rapid change of the business environment like technological change, customer satisfaction, globalization, etc. These factors are discussed below to depict the rapid change in a business environment.
Business environment changes because of the factors that influence the economy to change. Technological advancement is taking place rapidly, and the businesses the environment must also take significant steps to change in order to keep their market share stable. The advancement in the technology is one of the most important factor that influence a business environment to change, If a business does not change according to the technological changes in the society then there is a chance that the business will suffer heavy losses. Over the past two decades, lots of changes have been made in the technological field for the betterment of the society. The organizations have realized by the passage of time that to be successful they must adapt the changes of the technology (Rainey).
In a business environment, the most important thing is to cater the customers as the organizations are obliged to satisfy the needs of the customers. Satisfying the customers’ needs is the only way that an organization can keep or increase its market share. If the goods of an organization are not able to satisfy the needs of the customers, then the organization might end up reducing its market share rapidly. The wants and needs of the customers changed by the passage of time and to satisfy the needs of the customers’ suitable changes must also be made in the environment of the business. For example, the need of the consumers was to have a small mobile phone but it has changes completely now. People are looking towards a big screen smartphones as it satisfies their needs and is the latest trend in the market. If the organizations do not provide satisfaction to customers by not changing its business environment, then the organization will suffer the losses. BlackBerry is one of the biggest examples that have lost its market share because of not changing its business environment according to the trends of the market. It is necessary for the organizations to make changes rapidly in a business environment to satisfy the needs of the customer that will be helpful for the organization in the long run. Implementing quick changes in a business environment has no negative impacts on the business but, in fact, such changes increase the market share of the organization (Glasson, Therivel, and Chadwick).
Business environment must make rapid changes according to the according to the needs of the society as these changes will help an organization to overcome the difficulties they can face from the society. Globalization is a major concern of the society, and the people have started giving remarks about the organizations that are responsible for damaging the environment. Many people have started discussing this issue on various platforms as they consider it their duty to protect the environment. For example, the hospitality industry has to change its business environment to overcome the issues of globalization. Pelham in his article has claimed that the environmental sustainability has an impact on the decision of the customer. Customers’ are likely to visit such hotels that eco-friendly as they do not damage the environment. Many hotels have started practicing the environmental sustainability programs to attract the customers. Similarly, it is necessary for all the organizations to implement necessary changes in the business environment according to the changes made in the society (Pelham).
Business environment is rapidly changing so that the operational activities of the business can be carried out successfully. As there are many changes taking place in the society the organizations also, have to implement such changes so that they can easily face the challenges of the modern world. The three main factors technological changes, customer satisfaction and globalization are most important as every business must follow the changes made in these factors and try to implement it in their business environment to be successful.

Works Cited

Glasson, John, Riki Therivel and Andrew Chadwick. Introduction to Environmental Impact Assessment. New York: Routledge, 2013. Pint
Luppicini, Rocci. Ethical Impact of Technological Advancements and Applications in Society. Hershey: IGI Global, 2012. Print
Pelham, Fiona. "Will sustainability change the business model of the event industry?" Worldwide Hospitality and Tourism Themes 3.3 (2011): 187-192.
Rainey, David L. Product Innovation: Leading Change through Integrated Product Development. Cambridge: Cambridge University Press, 2005. Print

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WePapers. (2020, September, 27) Example Of Essay On Rapidly Changing Business Environment. Retrieved November 25, 2020, from https://www.wepapers.com/samples/example-of-essay-on-rapidly-changing-business-environment/
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"Example Of Essay On Rapidly Changing Business Environment." WePapers, Sep 27, 2020. Accessed November 25, 2020. https://www.wepapers.com/samples/example-of-essay-on-rapidly-changing-business-environment/
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"Example Of Essay On Rapidly Changing Business Environment," Free Essay Examples - WePapers.com, 27-Sep-2020. [Online]. Available: https://www.wepapers.com/samples/example-of-essay-on-rapidly-changing-business-environment/. [Accessed: 25-Nov-2020].
Example Of Essay On Rapidly Changing Business Environment. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/example-of-essay-on-rapidly-changing-business-environment/. Published Sep 27, 2020. Accessed November 25, 2020.
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