Premium Essay

How Small Businesses Must Adapt to Stay Relevant in Today’s Fast Paced Marketplace

In: Business and Management

Submitted By laubachm
Words 824
Pages 4
As long as business has been around, there has been an inherent need to adapt to new ideas and new technologies, in order to be successful. Without adaptability, a business will quickly become less competitive, and will eventually die out as the competition ultimately “corners the market,” making a stagnant business obsolete. This concept isn’t new or radical, and in today’s ever changing marketplace, the ability to adapt has become more vital than ever.
The emergence of the internet in the mid-1990’s has had a revolutionary impact on commerce and culture. We have near universal access to instant communication. No single invention has had a greater impact on how a business interacts with its customers. The internet, along with mobile communications, quite literally shaped the business world into what it is in the present day. Sure, the tried and true ideals of fulfilling a customer’s wants, by providing exceptional service and creating an enjoyable experience are still very relevant. But how a business provides these services and experiences has radically changed over the last 20 years.
A key to success for a small business has always been reaching out to, maintaining, and increasing the business’s customer base. A local business, prior to the internet, could advertise in the local paper, on a billboard, or maybe with a commercial on the local channel. These methods limited the effective reach of the advertisement, to the distribution area of the newspaper, the broadcast region of a radio or television station. Today, a small business can effectively reach anyone across the globe, so long as they have access to the internet. Commercials are no longer limited to airing on your local television station. Simply by uploading your TV spot on YouTube, creates instant access to the millions. Social media is a huge driver all commerce, not just small

Similar Documents

Premium Essay

Kurt Lewin

...An Analysis of Lewin’s Force-Field Theory of Change Management and Organizational Behavior Abstract This core content of this research is concentrated around Kurt Lewin’s Force-Field Theory of Change and how it affected the landscape of the business word and how it applies to the world we live and operate in currently. Many of theories and principles that are generally accepted in the business world today derive from some of the principles outlined by Lewin and his research. His work has been discounted by scholars as it is deemed to be outdated and not applicable to the current world. The paper specifically looks at certain ways in which Lewin’s principles do still apply and how the Force-Field Theory is still a foundational value throughout much of the business world whether directly or through an evolutionary process. It is with this in mind that the paper is created and analyzes real world cases where this process has been executed to successfully help firms and also where it has been abandoned with consequences for other businesses. The creation and implementation of the main focus principles of Lewin’s Force-Field Theory is explained in depth and demonstrates how firms in the present can learn foundational and evolved theories from the work that Lewin executed in the 1900s for success in the present and future of firms across different platforms of business segmentation. An Analysis of Lewin’s Force-Field Theory of Change During his life, Kurt Lewin analyzed change...

Words: 7590 - Pages: 31

Premium Essay

Leadership Project

...when to admit their missteps and have an equal willingness to learn from them. Denetra operates her business out of Clayton, N.C. My focus is on her baking business because she is slowly transitional into doing it full-time. This would be what our text refers to as Personal Mastery. Personal mastery is about approaching life from a different perspective. Sometimes people would refer to it as a journey towards continuous improvement. Personal mastery embodies the three qualities of personal vision, facing reality, and holding a creative tension. (Daft, 2011) One of the most important fundamental aspects of personal mastery is personal vision. Personal mastery when combined with personal vision can create a framework or guiding philosophy on how...

Words: 2805 - Pages: 12

Premium Essay

Internet Technology, Marketing and Security

...Assignment #4 Internet Technology, Marketing and Security Professor Demetrius Carolina, Sr. Bus 508-Contemporary Business March 2, 2013 An online presence is vital for today’s businesses the use of internet and social networking in the workplace has grown substantially over the last few decades. Because of this, individuals are now using the internet in various ways. Technologies such as social networking sites, blog sites and other innovations give individuals a chance to interact with one another. With that being said, having a social media marketing strategy is vital for a business to determine how you’ll communicate utilizing the internet. The purpose of this assignment is to determine the impact of social media and social media marketing on businesses today. Evaluate the reasons Social Media Marketing has become exceedingly popular among businesses of all sizes. Social media marketing is a new advertising strategy that businesses can use to appeal to a much wider and far more relevant market audience. This concept began as one that would promote social interaction but has now extended into the business sphere as social media marketing. When the social media craze first began, it was viewed primarily as a way for people to have fun online by communicating with one another about a diverse variety of topics. It didn’t take long for companies to realize the opportunities available for using social media for business. The participation in social media...

Words: 3233 - Pages: 13

Premium Essay

Brand Management

...by Focusing on the Experience 8 Differentiate by Product Features 8 Differentiate by Geography 8 Differentiate by Product Attribute 8 Differentiate by Design 9 Differentiate by Doing Good 9 5. Brand loyalty builds by the company. 9 References 11 What are the consideration in Brand Management? Guidance; 1. Definition of Brand Management from various perspectives with references. A brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand also represents the consumers' experience with an organization, product, or service. According to Wikipedia, “Brand management is a communication function in marketing that includes analysis and planning on how that brand is positioned in the market. Developing a good relationship with the target market is essential for brand management. Tangible elements of brand management include the product itself; look, price, the packaging, etc. The intangible elements are the experience that the consumer takes away...

Words: 6443 - Pages: 26

Premium Essay

E-Book Supply Chain Management

...Introduction to Supply Chain Management Technologies Second Edition Introduction to Supply Chain Management Technologies Second Edition David Frederick Ross CRC Press Taylor & Francis Group 6000 Broken Sound Parkway NW, Suite 300 Boca Raton, FL 33487-2742 © 2011 by Taylor and Francis Group, LLC CRC Press is an imprint of Taylor & Francis Group, an Informa business No claim to original U.S. Government works Printed in the United States of America on acid-free paper 10 9 8 7 6 5 4 3 2 1 International Standard Book Number-13: 978-1-4398-3753-5 (Ebook-PDF) This book contains information obtained from authentic and highly regarded sources. Reasonable efforts have been made to publish reliable data and information, but the author and publisher cannot assume responsibility for the validity of all materials or the consequences of their use. The authors and publishers have attempted to trace the copyright holders of all material reproduced in this publication and apologize to copyright holders if permission to publish in this form has not been obtained. If any copyright material has not been acknowledged please write and let us know so we may rectify in any future reprint. Except as permitted under U.S. Copyright Law, no part of this book may be reprinted, reproduced, transmitted, or utilized in any form by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying, microfilming, and recording, or in any information storage or retrieval...

Words: 158845 - Pages: 636

Free Essay

Learning Organizations

...individuals to create learning to improve an individual and the institution as a whole (Calvert, Mobley, Marshall, 1994). This, of course, is a basic definition, and as the literature is explored, the reader quickly learns that learning organizations are as varied and diverse as the institutions within which they exist. The literature concerning learning organizations is also varied and diverse; ranging from simple, clear, and concise books and article to very detailed, in-depth, complex, and rigorous academic studies. Although the literature is exhaustive and at times overwhelming, by organizing the literature into common core areas, a reader can efficiently and effectively learn all there is to know about the learning organization, how to create a learning organization, and maintaining a successful learning organization. By thoroughly examining the literature in these three areas, an individual or institution will be able to thoroughly understand the entire scope of learning organizations. The common core areas that the majority of learning organization literature can be categorized into are foundation/founders of the concept, turning the theory into strong foundations, and learning organization application and evaluation. Foundation/Founders of the Concept By beginning with the literature that introduced and defined the concept of what a...

Words: 6643 - Pages: 27

Premium Essay

Contemporary Business

...Learning Objectives Chapter 1 1 Distinguish between business and not-for-profit organizations. 2 Identify and describe the factors of production. 3 Describe the private enterprise system, including basic rights and entrepreneurship. 4 Identify the six eras of business, and explain how the relationship era—including alliances, technology, and environmental concerns—influences contemporary business. 5 Explain how today’s business workforce and the nature of work itself is changing. 6 Identify the skills and attributes managers need to lead businesses in the 21st century. 7 Outline the characteristics that make a company admired by the business community. iStockphoto The Changing Face of Business S nuggie: The Break-out Blanket Hit I f the first thing you do when preparing to curl up with a good textbook like this one is to reach for your Snuggie, you have plenty of company. Sales of the funky blanket with sleeves were expected to reach as high as 20 million units in just the second year the cozy accessory was available. Combined with the 5 million blankets sold in the first year, that volume will bring the value of total retail sales of the Snuggie to more than $300 million. That’s a respectable profit for an inexpensive product whose unique design and ungainly shape have made it the butt of YouTube parodies and late-night talkshow jokes. It means Allstar Marketing Group, which markets the Snuggie, is obviously doing something ...

Words: 18153 - Pages: 73

Free Essay

Business Economics

...BA 529 FINAL EXAM MAHESH REDDY MURAKA BA 529 Final exam Schiller International University Dr. Harris 1. What is the greatest challenge to a company that decides to set up a branch in another nation? Online auction site eBay is one of the world's best-known firms, boasting 157 million active buyers and reporting just shy of $18bn (£11.4bn) in revenues last year. Yet when it first tried to launch in China it failed. The difficulty of competing with local rivals meant that in 2006, a mere two years after entering China, it was forced to admit defeat and shut down its main website in the country. Instead it formed a joint venture with a local partner to help operate an online auction business in the country. Critics say it failed to recognise that having a strong US brand would not automatically translate to success in China. And eBay is not the only firm to struggle with transferring a successful business model overseas. Tesco reportedly spent a decade preparing for the launch of its Fresh & Easy chain on the West coast of America, with its top executives even spending time living with Californian families to observe the way they lived and ate. Yet six years after it opened, it announced it was pulling out - costing the firm a hefty £1.2bn. Similarly one of the world's best known brands, US giant Starbucks, was forced to close almost three quarters of its shops in Australia just eight years after it opened them, after it struggled to win sales from local competitors...

Words: 12122 - Pages: 49

Premium Essay

Management Skills, Leadership Skills.

...Instructor’s Manual Jane Murtaugh College of DuPage BUSINESS IN ACTION 3rd Edition COURTLAND L. BOVEE JOHN V. THILL & BARBARA E. SCHATZMAN Introduction This Instructor’s Manual brings together a set of completely integrated support materials designed to save instructors the trouble of finding and assembling the resources available for each chapter of the text. 1. Course Planning Guide Included in the guide are suggestions for course design, classroom activities, and supplemental teaching aids. 2. Learning Objectives and Summary of Learning Objectives For each chapter, learning objectives and the summary of the learning objectives are listed. 3. Brief Chapter Outlines For each chapter, a brief chapter outline is provided. 4. Lecture Notes and Chapter Outlines For each chapter, a comprehensive outline is provided, as well as a variety of stimulating lecture enrichment materials. 5. Real-World Cases At least two real-world cases related to chapter material are included for each chapter. 6. Answers to End-of-Chapter Questions Answers to the end-of-chapter questions are provided, as well as suggested teaching tips when appropriate. 7. Answers to See It on the Web Exercises Following the end-of-chapter questions, answers to the See It on the Web Exercises can be found, along with tips for the instructor. Answers to Boxed Features In each chapter, students are presented with at least two supplemental “boxes,” both containing questions about the material discussed. Answers...

Words: 156200 - Pages: 625

Premium Essay

Management Information System

...INTRODUCTION. Adoption of emerging technologies prior to their proven value is both acceptable and normal in today’s globalized economy. In current global environment, organizations all around the world have to constantly facing challenges to hold the competitive advantage. Firms that refuse to change their approach face declining sales, obsolescence, and potential bankruptcy. The global world is characterized by more competition, diverse work force, continuously changing customers’ needs, and new technological changes, etc. The adoption of emerging technology in business is broadly studied but the resulting research has produced inconsistent results (Brandyberry, 2003). An organization is define as a group of persons that team up together to work to achieve the organization strategy. Organizational strategy can be defined as a plan for interacting with the competitive environments to achieve organizational goals. According to Charlesmore Partners International (2008), organizational strategy is a clear definition of how the organization needs to change – over time - in order to be able to deliver the strategy of the enterprise and an actionable plan of how to make the transformation. This requires both the thinking and analysis to compare current state to desired state and define the gap, and the execution capabilities to make the requisite changes happen. Other definition of organizational strategy is a plan for interacting with the competitive environments to achieve organizational...

Words: 11702 - Pages: 47

Premium Essay

Total Quality Managment

...Chapter One INTRODUCTION BACKGROUND OF THE STUDY The concept of quality has existed for many years, though its meaning has changed dramatically and evolved over time. In the early twentieth century, quality management meant inspecting products to ensure that they met specifications. In the 1940s, during World War II, quality became more statistical in nature. Statistical sampling techniques were used to evaluate quality, and quality control charts were used to monitor the production process. In the 1960s, with the help of so-called “quality expert,” the concept took on a broader meaning. Quality began to be viewed as something that encompassed the entire organization, not only the production process. Since all functions were responsible for product quality and all shared the costs of poor quality, quality was seen as a concept that affected the entire organization. Before the dramatic change, quality was still viewed as something that needed to be inspected and corrected. To survive, companies had to make major changes in their quality programs. Many hired consultants and instituted quality training programs for their employees. A new concept of quality was emerging. One result is that quality began to have a strategic meaning. Today, successful companies understand that quality provides a competitive advantage. They put the customer first and define quality as meeting or exceeding customer expectations. Competition based on quality has grown in importance and has generated...

Words: 14734 - Pages: 59

Premium Essay

Baldrige National Quality Program

...national competitiveness. Privatesector support for the Program in the form of funds, volunteer efforts, and participation in information transfer continues to grow. To ensure the continued growth and success of these partnerships, each of the following organizations plays an important role. Board of Overseers The Board of Overseers advises the Department of Commerce on the Baldrige National Quality Program. The board is appointed by the Secretary of Commerce and consists of distinguished leaders from all sectors of the U.S. economy. The Board of Overseers evaluates all aspects of the Program, including the adequacy of the Criteria and processes for determining Award recipients. An important part of the board’s responsibility is to assess how well the Program is serving the national interest. Accordingly, the board makes recommendations to the Secretary of Commerce and to the Director of NIST regarding changes and improvements in the Program. Foundation for the Malcolm Baldrige National Quality Award The Foundation for the Malcolm Baldrige National Quality Award was created to foster the success of the Program. The Foundation’s main objective is to raise funds to permanently endow the Award Program. Prominent leaders from U.S. organizations serve as Foundation Trustees to ensure that the Foundation’s objectives are accomplished. A broad cross-section of organizations throughout the United States provides financial support to the Foundation. Board of Examiners The Board...

Words: 39436 - Pages: 158

Premium Essay

Baldrige Criteria

...national competitiveness. Privatesector support for the Program in the form of funds, volunteer efforts, and participation in information transfer continues to grow. To ensure the continued growth and success of these partnerships, each of the following organizations plays an important role. Board of Overseers The Board of Overseers advises the Department of Commerce on the Baldrige National Quality Program. The board is appointed by the Secretary of Commerce and consists of distinguished leaders from all sectors of the U.S. economy. The Board of Overseers evaluates all aspects of the Program, including the adequacy of the Criteria and processes for determining Award recipients. An important part of the board’s responsibility is to assess how well the Program is serving the national interest. Accordingly, the board makes recommendations to the Secretary of Commerce and to the Director of NIST regarding changes and improvements in the Program. Foundation for the Malcolm Baldrige National Quality Award The Foundation for the Malcolm Baldrige National Quality Award was created to foster the success of the Program. The Foundation’s main objective is to raise funds to permanently endow the Award Program. Prominent leaders from U.S. organizations serve as Foundation Trustees to ensure that the Foundation’s objectives are accomplished. A broad cross-section of organizations throughout the United States provides financial support to the Foundation. Board of Examiners The Board...

Words: 39436 - Pages: 158

Premium Essay

Tqm of Companies

...2/15/2015 2/15/2015 Mikee Lyka C. Menes 3-Marketing Management Mikee Lyka C. Menes 3-Marketing Management Total Quality Management (Companies) Total Quality Management (Companies) * Total Quality Management of McDonalds Introduction The father of the quality movement which is W. Edwards Deming introduced the concept of management named Total Quality Management (TQM). This approach management originated in Japanese Industry in the 1950’s and became popular in the West since early 1980’s. TQM is a system for a customer focused organization in continual improvement that involves all employees of all aspects of the organization. Employee involvement, focus on the customer, benchmarking, and continuous improvement are the four significant elements of TQM. Besides, there are some management techniques which involve in the implementation of TQM, such as quality circles, Six Sigma, reduced cycle time and continuous improvement Employee involvement is creating an environment for employees as to have impact on decisions making and actions which can affect their jobs. Focus on the customer Customer is the only element who determine the level of quality and the worthwhile level from all the efforts which organization do to foster quality improvement, training employees, integrating quality into processes management. Benchmarking Benchmarking is the process of comparing one's business processes and performance to industry as to learn and practice from other industry for...

Words: 11942 - Pages: 48

Premium Essay

Strategic Change

...It is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change. (Charles Darwin) Introduction In this chapter, we turn our focus to how organizations sustain advantage. We do this through exploring strategic change, while, to complement this in Chapter 12, we examine strategic innovation and corporate entrepreneurship. Strategic change is about ensuring that the organization is consistently relevant in its market arenas and, as the opening quote from Darwin illustrates, about the need to be responsive to change. Back in 1865, the seeds of the company that we know today as Nokia were sown when Frederik Ideastam set up a paper mill on the banks of the Nokianvirta river in Finland. From this base, over the next hundred years, the company evolved to become a Nordic industrial conglomerate operating in paper, rubber, and cables, and from there to a European player in consumer electronics in the 1970s and 1980s. In 1996, a decision was made to divest all of its other businesses in order to concentrate on becoming a global giant in telecommunications. This is the position that Nokia is attempting to retain as it continues to ride the technological wave of change, focusing on technological convergence in mobile phones, multimedia, and enterprise solutions. Although the reorientation of Nokia over time did not come without its difficulties in integrating acquisitions and developing a strong corporate culture to unite...

Words: 11124 - Pages: 45