Business environments continue to change over time due to many circumstances and factors. Factors such as a change in the market as well as the new technology, are the key influencers. Businesses need to develop new strategies or improve the current policy so that they withstand the change without affecting their business environment negatively. Not even a single company can evade the coming change due to new trends in businesses (Grant, 2016).
Changes to come in the next five years include a massive market for goods and services offered by companies since the market is multiplying. Another difference is that most companies will be depending more on data analytics; thus, every company will need to find competent data analytics. There will be so many innovations that will have been made; hence, it is good to build strategies that can keep up with the changes. Consumers will have more access to information about products online. Therefore, a business needs to know how it will build its image and have its brands on all social media platforms. It should also be always online and have an active website for all customers. Due to an increase in the markets, more companies will be formed.
KSA will face challenges such as competition from companies in other countries. This may make KSA lose customers from other countries if it does not have a low-cost advantage of competitive advantages. Also, most states will not invest in KSA due to the many companies in the country which are competing with foreign companies in the same region, considering that there is the existence of trade restrictions (Grant, 2016). Organizations in KSA should invest more in advanced technology to ensure that they are not left out. There exists companies whose approach to management and strategies are exemplary. A company like Starbucks will be an example of other companies in the future.
References
Business trends | Deloitte. (n.d.). Retrieved from https://www2.deloitte.com/global/en/pages/strategy/topics/business-trends.html
Grant, R. M., & Neupert, K. (2016). Cases in contemporary strategy analysis. , : Wiley-Blackwell.
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