Strategic management in a new global scenario Demand change for consumer goods is caused mainly by changes in disposable income and lifestyles. Demand changes are also influenced by competition and marketing strategies of firms. There is also an intense concern and compulsion for Corporate Values and Social Responsibility due to socio economic impacts caused by rapid industrial growth, competition, and Government intervention in the contemporary business world. Thus, the old concept of business which rested on profit maximization later shifted to customer satisfaction and his long-term welfare. The business philosophy has gone further to embrace the "Three Ps", People, Planet and profits. Thus, opportunities, innovations, and competition have to be managed within this new framework