The document discusses the changes in business and marketing in the 21st century due to major societal forces like technological advances, globalization, and deregulation. Customers now have more information from the internet and expect higher quality products with customization. Firms face intense competition from both domestic and foreign brands. Marketing strategies must change and adapt to factors like changing technology, customer empowerment, and industry convergence. Businesses now face major challenges and opportunities from globalization, technology, deregulation, and increased competition.