Abstract
Over the past few decades, organizations have witnessed dramatic changes in their environment. The globalisation of the economy with the emergence of Asia’s new economic powerhouses, the rise of the knowledge economy, the rapid growth and sometimes equally rapid decline of disruptive technologies and business models are some examples of the modern economic environment, within which organizations must survive. At the same time, requirements from shareholders have become increasingly pressing. Stock markets demand high returns on investments, while strong competition narrows the profit margins. On the other hand, consumers continue to evolve in a process that began in the 1980s, to become more health and image conscious, eclectic in their purchasing choices, and not conforming to one-size-fits-all solutions, preferring individuality and customization, even of commodity products.