The nature of business is always evolving and changing. Adapting to changing market conditions and ways of operating is perhaps the most challenging external factor for any firm.
The technological change that you have witnessed in your lifetime is arguably one of the most significant development periods in history. In the last 16 years, the growth of e-commerce, computer ownership, access to broadband and smartphone technology has presented an opportunity for new business start-ups but also for existing businesses to adapt how they operate and reach their customers. For example, the retailer John Lewis has changed its strapline from ‘Never knowingly undersold’ to ‘In store, online and mobile’, reflecting an appreciation that the marketplace and the buying habits of customers have changed considerably.
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