Operation of business environment-turbulent and competitive
What are the main reasons that the operation of business environment has become ever more turbulent and competitive?
Expert
There are many reasons which have been recognized to explain such changes which are as follows:
a) Rising sophistication of customers.b) Development of a worldwide economy where national frontiers become less significant.c) Rapid modification in technology.d) The de-regulation of domestic markets (for illustration: electricity, water and gas).e) Rising volatility of the financial markets.
Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.
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