Discussion week 2 | MGT4070
The twenty-first century competitive landscape is highly dynamic and complex, bringing with it numerous challenges for businesses. These challenges include global sourcing and supply chains, rapidly changing consumer preferences, disruptive technologies driving innovation in products and services, increasing competition from low-cost producers all over the world, the need to embrace digital technology, growing customer expectations of personalization and immediate responsiveness from businesses as well as an ever-increasing focus on sustainability. It also requires staying ahead of new regulations affecting every industry sector and being prepared for geopolitical risks such as trade wars or currency fluctuations. Businesses have to be agile enough to quickly adapt to changes across multiple dimensions while creating value for customers through innovative products and services that are tailored specifically to their needs.