Final answer:
Technological advancements and globalization are the major forces that have fundamentally transformed today's marketplace, increasing competition for local businesses and enabling global interactions in both consumer and business-to-business markets.
Step-by-step explanation:
Today's marketplace has transformed significantly due to two main societal forces: the advancement of technology and the wave of globalization. These forces are intertwined, enabling improvements in communication technologies, specifically the growth of the internet, which has broadened consumer options. As customers can now purchase goods such as books or pet supplies from global sources, local retailers experience an elevated level of competition. Furthermore, this phenomenon is perhaps more pronounced in business-to-business markets, where online platforms allow for international interactions between buyers and suppliers, regardless of physical location.
For instance, the shift from a manufacturing to a service-based economy, the increased competitive pressures due to globalization, and the changing landscape of labour unions due to workplace protection laws underscore the changing nature of markets. Such shifts have implications across various societal facets, including governmental policy and the focus on education systems, highlighting the interconnectedness of economic changes and social institutions.