Business Competitiveness in the Conditions of the Fourth Industrial Revolution

Abstract

Businesses are currently facing the onset of the Fourth Industrial Revolution which is characterised by rapid changes in production methods and the implementation of previously unknown innovations. Digitization and automation are the driving forces increasing the speed and effectiveness of production as well as other related activities. Success of businesses is based on an advanced technology foundation, innovative labour force and effective processing of data. In addition to production activities, automation and digitization affect business and marketing activities with more and more emphasis being put on innovation and quality of on-line processes. New customer relationships based on the perception of customer requirements and the speed and quality of their fulfilment are one of the main pillars of company competitiveness. One of the paths, which has been already taken by a number of businesses, is the use of e-commerce. This business model offers a number of advantages to customers as well as the companies themselves. Customers do not have to go to a store to be able to purchase their selected product but instead they can conveniently order from the company’s e-catalogue and pay online using any of the payment methods offered by the store. The main reason behind companies’ decision to engage in e-commerce is cost reduction. This article evaluates competitive capabilities of a business specialising in products for leisure activities using the Porter’s five forces model, selected indicators of the financial analysis and the SWOT analysis, and innovations for the individual components of the marketing mix for the company’s portfolio are proposed.