Maintaining relevance is not without challenges. Companies may face issues such as:
Rapid Technological Changes: Keeping up with fast-paced technological advancements can be difficult and costly. Changing Consumer Preferences: Consumer tastes can shift quickly, making it challenging to adapt products and services in time. Increased Competition: New entrants and existing competitors continuously strive to capture market share, making it hard to stay ahead. Resource Constraints: Limited resources can hinder a company's ability to innovate and implement new strategies.