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The management of Borders Books was reluctant to changing conditions in the market. They failed to enroll in the internet, and they also failed to create the modern supply chain. Although their style initially worked, the market trends were changing, and therefore, meant adjustments to their approach of the market. It is, therefore, advisable that firms should be in constant study of the market conditions; these ensure that they adjust easily to the market in case of any changes. Companies, should research on every market they are trying to venture, in order to be aware of possible threats. They should look for suitable area, where they know they will succeed in venturing. Firms should try to adjust to any new environment, and make sure that they have adapted local tastes and preferences.
Firms should forget to focus on increasing their size but, they should focus on increasing their skills and quality of service and products. The firms should try at all times to satisfy existing customers; also they should make sure that their needs are given a priority. Many companies fail due to the neglection of their existing customers, and dedicate more time on wooing newer ones.
Depending on the stage of development of the firms, companies can make decisions on how well to cope with a change in the market condition. It’s observed that firms, which are on the early stages of development, can easily adjust to change in the environment. They are not as venerable as those that have stayed in the market for long.
In the modern day business, it’s important for any business to pay attention to change technology. Technology is changing rapidly, and many customers are eager to get in touch within the changes. Firms, like Borders books will continue to collapse, should they not pay attention to it. Market research has proved to be a vital tool in maintaining growth of any business. Any firm should be able to brand itself properly to appeal to consumers. Branding helps the firm to identify itself with environment, especially the new environment.
In conclusion, organizations must be determined to work in any kind of environment, despite challenges facing the market. When Amazon .com was entering the market it was during the bad time, but the company managed to succeed. Many at times managers fail to achieve set goals due to the reluctance to analyze the market environment. These eventually bring devastating effects both at the short run and at the long run as for the case of Borders Books Company.