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The Changing Marketplace: Challenges, Strategies, and Initiatives

The Changing Marketplace: Challenges, Strategies, and Initiatives

Pratap Chandra Mandal
Copyright: © 2020 |Volume: 1 |Issue: 3 |Pages: 10
ISSN: 2644-2094|EISSN: 2644-2108|EISBN13: 9781799803553|DOI: 10.4018/IJBSA.2020070103
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MLA

Mandal, Pratap Chandra. "The Changing Marketplace: Challenges, Strategies, and Initiatives." IJBSA vol.1, no.3 2020: pp.34-43. http://doi.org/10.4018/IJBSA.2020070103

APA

Mandal, P. C. (2020). The Changing Marketplace: Challenges, Strategies, and Initiatives. International Journal of Business Strategy and Automation (IJBSA), 1(3), 34-43. http://doi.org/10.4018/IJBSA.2020070103

Chicago

Mandal, Pratap Chandra. "The Changing Marketplace: Challenges, Strategies, and Initiatives," International Journal of Business Strategy and Automation (IJBSA) 1, no.3: 34-43. http://doi.org/10.4018/IJBSA.2020070103

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Abstract

The marketplace is changing rapidly due to a number of forces, which include technology, globalization, social responsibility, and consumer concerns about sustainability. The new forces result in capabilities of and opportunities for both consumers and companies. The study discusses these capabilities and opportunities and their impact on changing the marketplace. The study also discusses about distribution channels and heightened competition. Distribution channels are getting modified due to retail transformation and disintermediation. Intense competition is being generated between domestic and foreign brands due to globalization. Companies need to beware of these forces, acknowledge the forces, and modify their marketing strategies to keep customers satisfied and to achieve business excellence.