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8 Pages • Topic Notes • Year Uploaded: 2022
The dynamic and fast changing nature of our world today is best described by VUCA, a term coined by the US Army War College. VUCA stands for Volatile, Uncertain, Complex and Ambiguous. The Arab Spring saw a change of government in countries like Tunisia, Egypt, Libya and Yemen. Once powerful countries in Europe are now fighting bankruptcy. The growth of the developing world which was taken for granted has begun to slow down. Even companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, Borders, once the second largest US bookstore, has shut down due to their inability to evolve their business models with the changing times.
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