Final answer:
Traditional organizations adapt to the virtual marketplace through restructuring for team-based approaches and leveraging business-to-business platforms, utilizing advancements in technology and globalization.
Step-by-step explanation:
Traditional organizations are adapting to the virtual marketplace by embracing significant shifts in technology and globalization. This adaptation often involves restructuring organizations to utilize work teams capable of handling various tasks, capitalizing on their collective skills, experience, and expertise. These teams contrast with previous organizational structures that relied more heavily on individual contributions. In response to technological advancements, businesses are also taking advantage of business-to-business (B2B) websites, which allow companies to reach a global network of suppliers and buyers, vastly increasing competition and opportunities for those willing to innovate and leverage new technologies.
One specific example of a product that has significantly disrupted markets is the development of the internet. Improved communication technologies allow consumers and businesses alike to operate on a global scale. Retail businesses, for example, can now reach customers worldwide, increasing both market opportunities and competition. Similarly, B2B platforms provide a digital space for businesses around the globe to connect and conduct transactions seamlessly.