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BUSINESS TRENDS OF THE 21ST CENTURY

By
Snjeţana Slišković
Snjeţana Slišković

Abstract

The primary economic goal used to be profit as a prerequisite for achieving the goals of growth and development. Since the 70s of the 20th century significant business goal becomes meeting the requirements of consumers, because informed consumers are becoming first and last link in the chain of any entrepreneurial activity, and firstly entrepreneurs have to see the original demands of the consumer and to define strategies, tactics and policies of their satisfaction. Achieving business excellence and creation of world-class products and services must be the result of synchronized action of all functions according to well-defined goals and objectives. Consumers are becoming more educated and informed via the internet which is becoming a super medium. Partners in reproduction chains are becoming more demanding and growth is based on building partnerships.In the 90s, besides consumers, employees, shareholders, owners and other stakeholders the company had to meet the range of interests from their social environment. Today, companies have to accept the so-called philosophy of social marketing which implies identifying the target market, meeting the needs of consumers more effectively than competitors and earning profits in a manner that promotes the well-being of their customers, but also the entire society. Through ethics and social responsibility, social and global justice is gaining in importance, as well as knowledge about the incompatibility of sustainability on one hand and competition in its current form on the other hand.

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