StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Business Challenges in the 20th Century - Essay Example

Cite this document
Summary
Through the years, business entities have faced unique challenges brought about by changes in their competitive environment. It is irrefutable that all the challenges that business organizations face are directly related to the current and expected future trends in the business landscape…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.1% of users find it useful
Business Challenges in the 20th Century
Read Text Preview

Extract of sample "Business Challenges in the 20th Century"

Download file to see previous pages

Companies are often channel their efforts in taking overcoming the threats while taking advantage of the opportunities present in their environment. Thus, the proper and thorough assessment of the challenges faced by business entities should start with an adequate audit on their environment. This paper will look at three major challenges faced by business organization. It will accomplish this t ask by making a general assessment of the current business landscape. The paragraph that follows will be a glance at the business arena.

This will be followed by the specific issues and challenges revealed and how they can be properly addressed. According to Philip Kotler (2005), one of the "megatrends" which is needed to be considered by business organizations is a major economic force called hypercompetition, which is characterized as "a period where the rate of change in the competitive rules of the game are in such flux that only the most adaptive, fleet, and nimble organizations survive (D'Aveni 1994)." It is irrefutable that this trend is one of the most important factor affecting the performance and strategies of business entities.

As they operate in a hypercompetitive environment, they need to cope with its various features such as more intense rivalry, higher buyer leverage, and integration of international market. These three major challenges are further examined in the following sections.Challenge 1. More Intense Rivalry As more and more players recognize that potential markets with high profit gains and acquire technologies for an efficient operation, they intensify their efforts to conquer their target markets. It is apparent how business organizations are currently battling head on for higher market shares.

More efficient technology in firms' value chains enable them to drive down prices. Aside from price wars, companies also compete on the quality and features of their specific products. As the world is becoming a global village, this situation is even exacerbated by the threat of competition from foreign firms. More in tense rivalry is becoming a major concern among competing industry players. Higher competition forces firms to develop a more efficient business model and strategy. Sometimes, these may even lead to the failure and bankruptcy of a firm.

Higher competition tends to shake off inefficient players leaving only those with sustainable competitive strategies. In the face of more intense rivalry, industry players need to focus on crafting a strategy which will mitigate competition with other companies. It is also important that a firm embark on a stronger effort of defining and enhancing its position in the particular market. For example, a hotel company can further realign its strategy with its goal by looking at what it wants to achieve.

The company can pursue a differentiation strategy to differentiate itself from its rivals. It is irrefutable that even though two companies offer the same product, customers often perceive huge differences in the way the companies craft their marketing mix. A hotel company can either focus on offering low priced and convenient accommodation or may opt to adopt a strategy of charging prices justified by excellent customer service. It should also be noted that warding

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Challenges in the 20th Century Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Business Challenges in the 20th Century Essay Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/miscellaneous/1533517-business-challenges-in-the-20th-century
(Business Challenges in the 20th Century Essay Example | Topics and Well Written Essays - 1250 Words)
Business Challenges in the 20th Century Essay Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/miscellaneous/1533517-business-challenges-in-the-20th-century.
“Business Challenges in the 20th Century Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/miscellaneous/1533517-business-challenges-in-the-20th-century.
  • Cited: 0 times

CHECK THESE SAMPLES OF Business Challenges in the 20th Century

Positive and Negative Effects of Industrialization as Well as Globalization

Within 20th century, the emergency of globalization, production was made mare effective and faster processes as high advanced machines could be automated and function without human interference.... hellip; Industrialization occurred from the 18th century to 19th century where there was massive transformation on production processes.... During 20th and 21 centuruy, schools were available to every individual willing to advance knowledge; schools introduced exchange programs as international students would go on exchange academic programs within different country or even continent3....
4 Pages (1000 words) Essay

The Last Flight of Space Shuttle Challenger

Charles's study findings, further points to the lapse in the organizational setting which include such phenomena as pressured decision making, Congressional 3 funding, lucrative business contracts, the bureau- political discrepancies within and among NASA, including military and many other agencies of the government who are in competition for space dollars....
4 Pages (1000 words) Essay

Chinese Women in 20th century

The women of the most populated country China had to suffer discriminations for decade in spite of living in third largest inhabiting nation in early twentieth century.... Their fight against the male-subjugated-society was not new as even the Great Britain in nineteenth century and India, Sri Lanka, Pakistan, Afghanistan etc.... ar above the ground population in China was among the foremost concern for the nation for the economy of the country was deteriorating to such an extent in the early twentieth century that the people had to greet each other with the word Chi le ma'' or Have you eaten'' (Faison)....
4 Pages (1000 words) Essay

The Iranian Carpet Industry

Hand made carpets are Iran's second largest export, after oil, and some eight million Iranians earn their livelihood-totally or partially-in the carpet industry (Eiland, 1998).... Therefore, a large part of Iran's economy and well being is dependent upon its carpet industry.... hellip; Similarly, a large percentage of the carpets are exported to the continent of Europe....
12 Pages (3000 words) Essay

Brazil, Russia, India and China as the Key New Players in the Global Economy

The paper "Brazil, Russia, India and China as the Key New Players in the Global Economy" highlights that China is planning to continue tightening monetary conditions to cool down the economy and the stock markets through a combination of rate hikes, upped reserve requirements, Yuan appreciation....
8 Pages (2000 words) Coursework

Managerial Challenges in 21st Century

Management practices in the 21st century have had to change with the times as organizations are become more complex.... Managers cannot afford to continue with the old managerial practices because 21st century workers can easily be unproductive if their needs are not taken into consideration.... This paper will discuss some of the challenges managers face in the 21st century.... ost organisations are aligning themselves with the appeal of the globalised business platform of the 21st century (Molinsky, 2012)....
4 Pages (1000 words) Term Paper

Women in the 20th Century in Germany

The essay 'Women in the 20th century in Germany' is devoted to the issue of place women in German society in the 20th century.... hellip; Throughout the twentieth century, however, women have gradually won victories in their quest for equal rights....
6 Pages (1500 words) Essay

Rais Hassan Saadi Management System

The author of the paper under the title  "Rais Hassan Saadi Management System" states that the current management functions in Rais Hassan Saadi (RHS) including management of staff, tracking of and financial control are paper-based and are done manually.... hellip; Staff registration records capturing and entries and reports generations are all manual....
8 Pages (2000 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us