Final answer:
Business practices have significantly changed with the advent of internet and communication technologies, allowing for global reach and competition, as well as giving rise to 'business-to-business' platforms. Local markets have expanded to international stages where businesses can interact with customers and suppliers worldwide.
Step-by-step explanation:
In the evolution of business practices compared to previous years, two distinct ways in which business practices have changed are:
- Embracing technology: With the expansion of the internet and improvements in communications technologies, businesses have adapted by creating online platforms to reach customers globally. This has led to increased competition even for local retail businesses, as consumers can order products from anywhere in the world. Additionally, 'business-to-business' websites facilitate global interactions between buyers and suppliers.
- Globalization: The reach of businesses has expanded beyond local markets, embracing international trade and customer bases. This shift is largely due to technological advances that allow for management of operations and customer relations across various regions. The rise in global marketplaces has challenged the traditional local customer base approach.
These changes reflect a broader shift towards a more interconnected and technologically reliant business environment, where embracing technology and globalization are critical for competitiveness.