Final answer:
Competing in a global market is influenced by rapid change, innovation, and time to market. These factors have been augmented by advancements in technology and globalization, which have increased competition by enabling consumers and businesses worldwide to connect more easily.
Step-by-step explanation:
Competing in a global market is influenced by several interconnected factors. Firstly, rapid change in markets and technology can shift the competitive landscape, leading businesses to continuously evolve. Secondly, innovation plays a crucial role, as new products and services can disrupt existing market dynamics and create new opportunities. Thirdly, time to market is critical as the speed at which a company can launch its innovations can significantly impact its market share and competitive advantage. While politics can also influence global market competition, it is not as directly related to the pace of market change and the innovation process as the other factors.
Spanning the last few decades, advancements in communications technologies, such as the development of the internet, have enabled consumers to purchase goods from anywhere in the world, increasing competition for local retailers. This is particularly evident in business-to-business markets where websites facilitate global connections between buyers and suppliers. Consequently, many firms face heightened competition from other regions and countries due to these forces of globalization and technological progress.