Final answer:
Due to global competition, many companies have lost market share, recognized the need for effective operations strategies, and implemented total quality management.
Step-by-step explanation:
As a result of global competition, many companies have experienced several significant changes. They have lost their competitive edge and market share, realized the importance of operations strategies, and adopted total quality management.
These changes have been driven by advances in technology and increased globalization which have both expanded the reach of competition to a global scale. The emergence of global markets has forced businesses to adapt to a more competitive environment where yesterday's strategies may no longer suffice. Companies that once dominated their local or national markets are now finding themselves contending with competitors from all around the world.