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There has been a lot of competition in the business field. There have been many companies which are not able to survive the competition and pressures created by the trend of globalization. There are certain rules and principles that have to be followed in order to be sustained in a particular business model. In my opinion, the companies when have changed their strategy as per the market and competitive trends have always attained the success. I think it is essential that we bring about innovation, creativity and change in the style of our operations in case we feel that we are not able to sustain our operations. If one has to be successful in its business then it has to stand uniquely among all. If the business has some significance and productive ability then only it will survive. We may take example to explain this fact like Kodak failed as it could not change its business model and product from analog films to be converted into digital films. Whereas on the other hand Fuji changed its business model and product as per the business, market and customer demands (McIntyre et al, 2000).
As per my understanding, there are basically five principles that a business has to follow in order to sustain competition and pressures of globalization. I believe companies have to give a strong welcome to the process of change. In case they have been following the old ideas and concepts of the processing and production then they should change their techniques. I think this will help them in bringing quality, efficiency and speedy delivery of the processes. The purpose, core strengths, mission, vision and values on which the company has been developed should be clearly laid down so that the working is accordingly processed. There is no point of doubt that unless there is clarity in these things, a business cannot move further.
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