Final answer:
A successful organization is defined by its use of technology, understanding of globalization, and its place within the market structure. These elements enable a firm to offer state-of-the-art and competitively priced materials, products, and services which meet customer needs on a global scale. Businesses are compelled to innovate in a highly competitive environment where both technology and globalization play crucial roles.
Step-by-step explanation:
Materials, products, and services that are state of the art, competitively priced, and meet the needs of customers are indeed critical elements that define a successful organization. In the context of modern business operations, these elements include a strong focus on technology, understanding of globalization, and the economic concept of market structure. Technology provides a competitive edge with innovative products and efficient services. Globalization expands the market reach beyond local boundaries, allowing businesses to access customers and suppliers worldwide. The market structure defines the competitive environment in which a firm operates and has implications on the firm's strategies and profitability.
In recent decades, with improvements in communications technologies such as the internet, consumers enjoy a vast array of choices, driving businesses to compete globally. Consequently, local retail businesses find themselves up against wider competition, compelling them to innovate and offer state-of-the-art goods at competitive prices.
Considering the value of technology in products like computers, where the innovative idea outweighs the physical material costs, businesses are pushed to invest in research and development to create superior products. Moreover, the emergence of business-to-business websites further exemplifies the integration of technology and globalization by facilitating global partnerships and supply chains.