Final answer:
Shifts in technology and globalization have significantly changed market definitions by increasing competition and consumer access globally. The alteration from manufacturing to service industries and the influence of foreign competition are also notable factors.
Step-by-step explanation:
Recent decades have seen pivotal shifts in how markets are defined, driven primarily by two forces: technology and globalization. These forces are deeply interconnected; for instance, advancements in communications technologies such as the internet have broadened consumer access to products worldwide, intensifying competition for local retail businesses. Similarly, the rise of business-to-business websites has expanded possibilities for buyers and suppliers to connect globally, further fueling competition. Additional factors influencing market dynamics include organizational consolidation, supply chain power shifts, an empowered consumer base, and changing government policy and regulations.
Moreover, the movement from manufacturing towards service industries and increased competition from foreign producers are relevant trends. These economic transformations highlight the diminished appeal of unions due to existing workplace protection laws. Collectively, these trends exemplify the escalating competition that companies must navigate, underscoring the need for businesses to evolve within these changing market conditions.