Final answer:
Market definitions have been influenced by advancements in technology and globalization, altering consumer behavior and intensifying competition. Online platforms have enabled global interactions, challenging local businesses and reshaping the business supply market.
Step-by-step explanation:
In recent decades, two significant shifts have affected market definitions: one centered on technology and the other on globalization. These shifts are highly interconnected and have fundamentally changed consumer patterns and market competition. The enhancement of communications technologies, including the internet, has opened up local markets to global competition. This globalization means consumers can now purchase products such as books or pet supplies from anywhere in the world, heightening the competition that local businesses face. Similarly, the rise of business-to-business (B2B) online platforms has transformed markets for business supplies, allowing buyers and suppliers to connect globally. This has effectively redefined traditional market boundaries and introduced a new era of competitive dynamism in both retail and business supply sectors.