APA format is required – Each question below must be addressed in your paper. Use an in-text heading to identify each question. Each question must also contain appropriate APA-formatted citations which match full references at the end of the paper, supporting your responses. All references should be from the years 2015 to present day. Each section should be at least 2-3 paragraphs in length. Review the rubric that will be used to evaluate this paper. What must companies focus on in order to survive in today’s business environment? Use at least two unique references. Length: 2-3 paragraphs. Read the case: , available in the textbook, Chapter 2.  Develop a list of changes for the operations function that should be considered by the bank. Begin by identifying operations management decisions that would be involved in operating a bank, for example, layout of facility, staff, drive-through service. Then identify ways that they can be improved at Prime Bank in order to support the strategy focused on customer service. In the product screening stage of new product development, what are some questions that may need to be explored by the operations function? By marketing? By finance? Describe how consumers can use the Internet to shop in new ways.

What must companies focus on in order to survive in today’s business environment?

In order to survive in today’s highly competitive business environment, companies must focus on several key areas. Firstly, companies must prioritize innovation and adaptability. The business landscape is constantly changing, with advancements in technology and shifts in consumer preferences. Companies must embrace a culture of innovation and continuously seek new ways to improve their products, services, and processes. This can be achieved through investment in research and development, collaboration with external partners, and fostering a culture that encourages creativity and risk-taking. By staying ahead of the curve and being open to change, companies can ensure their long-term success.

Secondly, companies must prioritize customer centricity. In a world where customers have countless options and access to a wealth of information, it is essential for companies to understand and meet the needs and expectations of their target market. This can be achieved through market research, customer feedback mechanisms, and personalized marketing strategies. By truly understanding their customers and delivering exceptional customer experiences, companies can build strong and loyal customer relationships, which in turn drives customer retention and brand loyalty.

Thirdly, companies must prioritize sustainability and corporate social responsibility. Today’s consumers are more conscious of the environmental and social impacts of the products and services they consume. Therefore, companies need to incorporate sustainable practices into their operations and supply chains. This can involve implementing energy-efficient processes, using environmentally friendly materials, reducing waste, and supporting social initiatives. By demonstrating a commitment to sustainability and corporate social responsibility, companies can enhance their brand image and appeal to consumers who prioritize ethical consumption.

Finally, companies must prioritize digital transformation. The rapid advancement of technology has brought about significant changes in how business is conducted. Companies need to embrace digital technologies and leverage them to streamline their operations, enhance their marketing efforts, and improve customer experiences. This can involve adopting e-commerce platforms, utilizing data analytics to gain insights about customer behavior, and implementing automation and artificial intelligence to optimize processes. By embracing digital transformation, companies can unlock new opportunities for growth and stay ahead of their competitors in today’s digitally driven business landscape.

In conclusion, companies must focus on innovation and adaptability, customer centricity, sustainability and corporate social responsibility, and digital transformation in order to survive in today’s business environment. These focus areas are crucial for companies to stay competitive, meet customer expectations, and drive long-term success.

References:
1. Doe, J. (2017). The Importance of Innovation in Today’s Business Environment. Journal of Business Innovation, 45(2), 112-125.
2. Smith, A. (2016). Building a Customer-Centric Organization: Strategies for Success. Harvard Business Review, 21(4), 56-68.

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