In order for us to answer this question, it is imperative for us to have a clear knowledge about the challenges that face a firm in a competitive market. Things like competition, changes and ramification; these are the factors that stand as a challenge to any firm, new or old. Strategic plans and business techniques of different leaders and companies worldwide have been questioned due to the advent of the transformed competitive landscape. Changes in technology, the reorganization of industries due to internationalization as well as the growing environmental awareness recently are just some of the changes that need response to all firms. The ramification or complexity on the business operations occurred as a result of environmental concerns. Different industries, most especially the manufacturing industry, reformed their packaging, toxic waste management and greater drive for the recycling of materials. Solutions to these challenges are often quite simple and common sense.
First, solutions would always start at the tail end of a determined problem. Because of the inevitable surge of technological revolution, coping up with the changing time is the best solution. There were revamping and restructuring of business models by the institution of new development in technologies in operations. Second, due to the technological advancements, dire political issues, and economic developments, it creates ramification within a certain market. Also, because of internationalization, the degree of communications and centralized operation has become more complex; hence, companies started to outsource their functions and the erection of relational allies that created virtual assembly. Lastly, as what I have mentioned, the market is overpopulated with firms of duplicating services incrementing the level of competition. Added to that is the entry of new markets in global setting, imposing a menace that cannot be discounted.