CHANGING ENVIRONMENT OF BUSINESS

SUMMARY
As time has evolved businesses have progressed to various levels. We now see huge businesses making multi billion profits in the world over. Business means profits & losses, if it is a profit for one it is a loss for another.
The life cycle of products today are very short they move introduction to decline in a matter of a few months this is basically due to the fast change in technology and also due to a rapid in customer needs and tastes. Businesses today compete in global environment with global firms the key to such a rapid growth is not only capital but also knowledge. Employees today are seen as an asset to the business they are also one of the main constituents of the business. Human resources have become one of the most important factors of any organization. People switch companies very frequently these days and to retain them is one of the biggest challenges of today’s business environment.
People of the present generation also look for various sources of information and the media has been the biggest source of information in recent times social responsibility is another important factor to be looked into by business and they need to understand that giving back to the environment and public is essential fort he success of any organization.
Therefore it can be said that for success change and modification is a must and organizations must realise that change is the only constant in anything.

INDUSTRIAL EXAMPLES
Outsourcing has become a common phenomenon in today’s businesses. This is mainly because companies today realise that they cannot meet all their requirements only being in one place they therefore have changed themselves in order to be competitive and to survive

REFERENCES
http://books.google.co.in/books?hl=en&lr=&id=BDYGdfiAGtoC&oi=fnd&pg=PR11&dq=CHANGING+ENVIRONMENT+OF+BUSINESS&ots=vuO57r3MKb&sig=3t942RvK8hvWG42hJ_AzQ8OgZXo
http://maltekluck.wordpress.com/2008/06/04/the-changing-environment-for-business/
PERSONAL EXPERIENCE
I can relate this experience to my childhood days where when one wanted money one had to go to the bank stand in the queue for about 15 minutes give in a challan and draw money from their account. Today the business of banking has changed all we have to do is have an ATM card go to the ATM machine and withdraw money without any loss of time. This change is mainly due to technology customer requirements.