Substantial changes will be required to compete and grow in the years ahead, say business executives who participated in a recent survey. The survey results, released by global consulting firm Bain & Co., show: three-quarters of survey respondents acknowledge a need to redefine their core business; nearly 70% say they need to add a major core capability; and two-thirds say they need to redefine relationships with core customers. Senior executives from 261 companies in North America, Europe and Asia-Pacific participated in the research. Still, notes Bain & Co., despite their beliefs that major changes are required, nearly half of the global leaders surveyed project growth rates for their businesses will be more than 20% higher over the next five years compared with the growth rates of the past 10 years. Yet 70% believe it will be more difficult to sustain profitable growth. Among the primary factors impacting companies' abilities to maintain a competitive edge are rapid globalization by competitors (51% of respondents), greater speed of information and capital flow (46%), increasing speed of technology development (46%) and the increasing commoditization of products (46%). "There is a fundamental redefinition of business under way, and tomorrow's global landscape will be shaped by how today's executives respond to both the degree and speed of that change," says Chris Zook, head of Bain's Global St.