Dr. Thakur Pudasaini,
Time is changing. The business environment is also changing rapidly. Consumers’ minds are also changing as their perception of the product; services will base more on the type and quality of such products available in the market. Easy accessibility of the products also has a growing concern for most of the customers now.
The working style used before may not work today. At this challenging time, like COVID 19, capturing and influencing consumers’ minds from all sides is essential for all involved business stakeholders. They need to know the technological know-how.
While running a business, the business expert opined that adopting a new and innovative digital strategy always creates a significant outcome. More or less, adopting a new digital strategy is to apply the right technology meeting with the changes occurring due to the uncontrollable like COVID 19.
The working style used before may not work today.
As mentioned earlier, changing new business thinking means creating an environment acceptable to all. For instance, people prefer not to go to a physical retail store; instead, they choose to purchase goods and services through a virtual space when there is a fear of transmitting disease.
The business expert also viewed that exploring core technology for meeting a goal to investigate unsolved issues is essential in such a rapidly changing business environment. The business expert also agreed that these days more business owners face operational challenges either from not adopting the current technology rightly or unavailability of the prominent factors such as finance and capable people.
Economists are debating on situations such as unmatching demand and supply, price fluctuation, and unmet delivery procedures. They also agree that these issues significantly affect business operations from all sides.
The business expert also viewed that customer feedback’s unavailability is another primary affecting factor that hinders intended business growth. Following products by inspecting product quality, price, and delivery mode principle also work at the time of difficulty. Connecting customers through internet communication or taking steps such as attracting customers by producing different quality products with the least cost possible help overcome business problems as arises.
Economists are debating on situations such as unmatching demand and supply, price fluctuation, and unmet delivery procedures.
Contemporary business holders agree that business competency, such as making vision, mission, and the goal directly matching with the changed customer’s intention, will undoubtedly bring a business revolution. The contemporary business expert also agrees that creating unique business criteria and competencies help develop new ideas and directions to cope with the uncontrollable situation. It also produces positive change to support the smooth business operation.
In the same way, the customer is all in all. Making a consumer-friendly environment is the other way to halt the challenges as arises from time to time. Stimulating capital and intellectual capacity are the two terms business expert have been explaining from time to time. As mentioned, these terms always liable to bring the set task possible in the desired time frame.
As stated earlier, the demographic structure is changing continually, so as the new technology has been shaping a changed business direction. Thanks to the globalization process that produces competition, rivals, and competitive markets globally. Globalization here indicates a set of institutions worldwide exist and has been creating global interdependence between institutions, people, and resources.
Again, what was the kind of business suitable yesterday is not the identical today? Business cycle changing the shape. It is evolving from the initial production age to the social stage now—societal stages, such as Twitter, Facebook, and others. Consumers, business stakeholders are not out of such a mushrooming trend now. They will be penetrating and experiencing such a trend extensively.
Thanks to the globalization process that produces competition, rivals, and competitive markets globally.
Similarly, business experts have viewed that instead of giving importance to the only production model, business stakeholders need to focus on fulfilling societal needs, such as producing low pollution-producing cars to impact the environment positively. Which is is the urgent need of the hour as well.
Finally, the best way to survive even in a tough competition is to identify customers’ exact needs and put effort into fulfilling these promises promptly ahead than the competitors do.
Again, what stakeholders need to do? Are they will be able to pursue and create change within the periphery of customer’s needs? To fit even in a tough time, business stakeholders need to analyze and explore such questions and issues more often.
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