What Are The Major Waves Of Change That Are Part Of The Challenges Of Managing A Business In The New Competitive Landscape? (Choose Every Correct Answer.)

The correct options of this multiple choice question are A, B, D, E and F.

In new competitive landscape, the challenges to manage a business depends upon the importance of knowledge and ideas as in new competitive filed there is a need to know lots of new things such as market behaviors, new methods to target customers, customers’ satisfaction, their loyalty, etc. What are the requirements of business to operate in this new place? How to overcome difficult situation in the new marketplace? etc.

Another challenge faced by organization is workforce diversity. In organization there are differences among employees based on age, gender, disability, ethnicity, etc. To treat all employees equally, fairly and given them equal rights is the main challenge to an organization. There should be no discrimination among workforce based on these characteristics.

Collaboration across organizational boundaries is also important as people from different departments within the organization share their knowledge and experiences which helps in achieving organizational goals efficiently and effectively. The members get feedback from each other which helps in improving the work performance. Collaboration with other organizations is also part of it.

Technological changes are also a challenge for an organization entering into the new marketplace. With the use of new technology, the use of input resources (such as physical, human, intellectual and financial) is minimized and maximum output can be achieved. Technological changes include replacement of outdated technology and adopting the new technology system to improve the work performance in order to get the desired results.

Globalization is also a major challenge as an organization needs to be interconnected with the people, other organizations around the world. Reaching to every person or organization, communicating them, establishing relationship among them, etc., are challenges for a manager to work together and achieve common goals. Due to the use of advance technology i.e., IT Systems such as the use of internet, online phone calls, Emails, etc., the importance of globalization has increased which a manager must consider to achieve organizational goals efficiently and effectively.

The options C and F are wrong choices here.