Business Trends in 21st Century

Running head: BUSINESS TRENDS IN 21ST CENTURY
Business Trends in 21st Century
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1BUSINESS TRENDS IN 21ST CENTURY
What is the key purpose of 21st-century business management?
As per various researches on future directions of business management, dynamic
nature of business environment act as meddler when it comes to establish a relationship
between business strategies and competitive performance of a certain organisation.
According to Collis and Montgomery (2008), an environment where risk is low, cost
differentiation strategy has been proven to perform the best. On the other hand, as stated in
Reeves and Deimler (2011), in a highly competitive environment product diversification
strategy helps to gain a competitive edge. Both of these depend on organisational capabilities
as well.
Facts have been revealed from the study of Pugh and Bourgeois (2011), that strategies
are results of consistent process of learning and development. It is an invention through
which a company can achieve best possible outcomes based on its capabilities. Managers and
directors must plan their business considering the contemporary market trend and
technological advancement as it is important for sustaining within the industry. It has been
predicted that instead of economy, digital technology is going to rule the business landscape
in coming years. Technology driven organisations will emerge and sustain as far as it can be
predicted evaluating the current trends.
As per Cooper (2011), in the word of business two components, fragmentation and
concentration are crucial. In order to leverage growth large companies are constantly
maintaining connection with fragmented small companies. It can be easily understood that if
small and medium sized companies are looking for rapid growth thought of concentration is
the correct way to operate business. In this course, both the type of organisations can learn
and grow at the same time. That is where the dynamic nature of the economy lies.