Final answer:
Businesses must adapt to the environmental force of being transparent and socially responsible due to shifts in technology, globalization and increased competition. Market segmentation is essential in addressing these forces by targeting specific customer groups. Social responsibility and sustainability have become increasingly significant factors in market dynamics.
Step-by-step explanation:
The increasing expectations around companies to be transparent, authentic, socially responsible, admitting their own mistakes, and highly engaged in the customer relationship is an example of an environmental force shaping the business landscape. This trend is fueled by technological advancements and globalization, which have led to a more interconnected market and higher competition. Companies are now expected not only to provide products and services but also to be ethical and transparent in their operations.
Market segmentation refers to the process of organizing prospective buyers into groups that have common needs and will respond similarly to market actions. Technology and globalization have expanded potential market segments, allowing for more personalized and targeted marketing strategies. Businesses must adapt their approaches to address these environmental forces effectively.
In addition to the shifts in technology and globalization, social movements and environmental awareness shape how businesses operate. For instance, the push towards sustainability and the negative reaction against companies that do not fully disclose their environmental impact demonstrate the need for transparency in business practices.