by Omowunmi Oladokun
Change is necessary for the Global environment. Embracing changes has led to exponential growth in the economic world.
Business is one of the most organized and powerful instrument in every developed and developing nation. Developing nations are lagging behind in economic development because they are not fully embracing the trends in the business world. Developed Countries are known for the following:
1.Quality & Sustainable Product and Services:
Goods produced with long lasting material are always in the highest demand and can withstand competition. The sustainability of goods is one of the new trends in the business environment. Some businesses have been in existence for a long time and they still exist because of the quality of products. E.g Coca–Cola e.t.c.
2.Innovation: Some countries have remained ahead in there economy because of their ability to embrace innovation. They strive to keep up and adapt to the dynamics of the ever changing world. The change from labour intensive to technology age has been one of the trends. Sophisticated Technology improves production and may reduce employment. Fewer people are employed thereby saving cost of employment but maintaining the machines also incur cost.
Machine and Artificial intelligence was introduced in 2019 as a new innovation to improve customer’s experience. Customers are now being responded to with machine.
3.Offering personal goods based on location: meeting people’s urgent and personal needs is also trendy in the global environment. People now enjoy convenience by delivery at their doorsteps and they offer more for doorpost delivery. A woman who wants to attend a party and has no clue of what to wear may just need to click on the computer and they will be delivered.
4.Better ways of handling competition: businesses have started devising new ways of handling competition. There is no one way to it all. Means of staying ahead are being cultivated. Originality is key to withstanding competition and the ability to withstand are being developed step by step i.e producing good quality and unique products.
5.Social media marketing: companies now engage in social media marketing, unlike before when you have to move around to tell people what you do. It helps to reach a larger number with the click of your computer.
In conclusion, developing countries need to embrace more modern trend in the business world, so as to keep up and succeed in there endeavours.
