Research on Business trends by Prakash Rao
Today’s business environment is highly dynamic and volatile. How business used to go about
business yesterday is not as the same as today and neither do we have the luxury to assume
that the future will be as the same as today (Boone 2010). Everyday there are new trends
emerging in the business world which either influence or act as a force of initiating change in
the business community.
From that rationale, the creation of value and satisfaction, which consumers demand end up
pushing companies to develop strategies that govern their marketing mix and overall business
strategy and go a step further to create general corporate strategies that will preside over their
whole business processes to make sure they succeed in today’s fickle business surroundings.
Trends are not threats but rather frontiers of new business possibilities (Carsrud & Malin
2007).
It therefore becomes the duty of the all those involved in both the business, social, economic,
legal and political environments to come up with structures that will smoothly manage and
embrace change smoothly. Recently, we have seen trends in business technology which have
redefined how business is done with the possibility of social sites acting as business grounds.
Furthermore, the green business trend can also be said to be a quite interesting and important
trend in today’s business world (Katakota & Robinson 2001). The amount of turbulence and
complexity that is present in today’s business environment can destabilize existing business
models if not properly managed.
While some people resist change and think of it as a problem others may often see it as an
opportunity of creating a better enterprise (Czinkota 1998). Therefore, emerging business
trends which bring complexities and may lead to ambiguity, which may be fatal if not well
managed. The concept of globalization has increased the frequency of trends that end up being
a benefit to the business community.
A trend in today’s business world
Current business trends show that consumers’ need for highly efficient and convenient
products is on the rise and therefore majority of existing companies have been forced to step
with their boots on the ground and lend their ears to consumers (Kotler 2003). This trend has
translated to different implication for all those businesses that exist in the consumer electronic
industry and also other highly competitive industries such as the auto mobile industry.
A company which does not adapt to consumer trends will definitely sell less and even operate
below break even. Therefore, research, planning and strategy has become a key pillar for such
industries, and it is therefore no longer business as usual, because it is the company which has
the most superior strategies and planning which will make it at the end of the day (Kourdi
2009).
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Figure 1: A diagram illustrating the assumed link that exists between profits and superior
business strategy
Corporate strategies are the highest level of strategies that define the specific direction that a
company is to follow in order to realize organizational goals and objectives. They are ranked
above business level strategies also known as divisional level strategies and finally
functional/operational level strategies.
Corporate strategies are aimed at ensuring stability, and achieving growth. It has therefore
become a trend for those professionals who exist in today’s business world whether in the top–
mid-small scale companies to incorporate the importance of research planning and strategy
into their day to day (short run)-mid- term and long run operations (Carsrud & Malin 2007).
The population ecology theory suggests that organizations which don’t adapt to trends that
come about as a result of the dynamic environment usually may find themselves in problems
and therefore this is why strategy has become the backbone of success in today’s business
environment.
A clear cut example of continuous and proactive research and design efforts can be seen in the
case tablet computers. The tablet computer industry is an industry with very tight and intense
competition that keeps all industry participants on their toes. It has therefore become a way of
trend for participants of this industry to continuously work towards improving their products
and services.
Participants such as iPAD, Amazon, Samsung, Advent Vega, Asus, quadpad, Fujitsu and
Nokia N800 Stylistic Express Dual and now the latest entrant Motorola is enough evidence.
Every participant within this industry produces a tablet computer within a narrow time frame
while responding to another competitor with an aim of either outdoing or outshining them. For
