Business Trends in 21st Century

This article discusses the key business trends in the 21st century and how to sustain in the industry. It emphasizes the importance of understanding the contemporary market trend and technological advancement for planning business strategies. The article also highlights the significance of fragmentation and concentration in leveraging growth and the need to reframe old strategies for designing new ones. The article concludes with tips from Royal Bank of Canada on achieving long-term sales goals and retaining a stable position in the industry.

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.

2BUSINESS TRENDS IN 21ST CENTURY
According to modern theories, as stated in Reeves and Deimler (2011), with the help
of could computation even small fragmented business units are capable of making a
difference. After the emergence of new theories; especially after globalization and
technological advancement it is necessary to take apart the old strategies and reframe the
issues for designing new strategies according the current situation. There are various
designations which have been occupied by technology; therefore new plan of operating
businesses has become necessary.
Here, if the example of Royal Bank of Canada can be taken they have given some of
the match wining tips (Discover.rbcroyalbank.com, 2019). According to their opinion, before
exploring the growth opportunities the reasons of growing and ways must be clear in vision.
This is considered as the competence to identify, understand and taking action towards the
call of transformation. While implementing some of the practical policies regarding grows
they follow five key ways mostly.
At first, make more profit from the existing customers and to strengthen the bond with
them will help to sustain in the long run. Not only that they have to target young generation
mostly in order to achieve long term sales goals. Enhancing the performance and operational
efficiency they can diversify operational structure. Besides, recent market research with the
help of advanced technological tools will help to invent the new product range for
transformed customer demand. All of these ways can be implemented and a stable position
can be achieved by interpreting a distinct idea about the business. In order to achieve
organisational objectives a data sheet must be maintained in terms of keeping a track of
success and failure. Therefore, the process of evaluation and supervision must be strong in
order to achieve and most importantly to retain the desired position.

3BUSINESS TRENDS IN 21ST CENTURY
References
Collis, D.A. & Montgomery, C.A. (2008) ‘Competing on resources’, Harvard Business
Review, 86 (7/8), pp. 140-150 [Online]. Available from:
https://cb.hbsp.harvard.edu/cbmp/pl/71270085/71270087/7972edb3112eae2ae2ba4401ab053
94b (Accessed: 6 September 2016).
Cooper, G. (2011) Future business trends [Video, Online]. (Accessed: 6 September 2016).
Nandakumar, M.K., Ghobadian, A. & O’Regan, N. (2010) ‘Business-level strategy and
performance: the moderating effects of environment and structure’, Management Decision,
48 (6), pp. 907-937.
Discover.rbcroyalbank.com (2019). Innovation & Perspective - Discover & Learn - RBC
Royal Bank. [online] Discover & Learn. Available at:
https://discover.rbcroyalbank.com/innovation-perspective/ [Accessed 12 Jan. 2019].
Pugh, J. & Bourgeois, L.J. (2011) ‘“Doing” strategy’, Journal of Strategy and Management, 4
(2), pp. 172-179.
Reeves, M. & Deimler, M. (2011) ‘Adaptability: the new competitive advantage’, Harvard
Business Review, 89 (7/8), pp. 135-141.