DeclineIndustries that go into decline due to the dominance of incumbent firms with little imagination or energy. In some cases, monopoly positions or government support results in zombie firms that can survive despite a severe decline.
CompetitionGenerally speaking, competition intensifies with time in most industries as firms build competitive advantages that raise the requirements for competing against them.
Efficiency & ProductivityTechniques such as automation that improve efficiency and productivity across an industry. Firms that fail to keep up with this will end up with a higher cost base.
PerformanceImproved product performance such as Moore's Law.
InformationThe increasing use of data to improve decisions and optimize operations.customer needs and preferences due to factors such as social, economic and cultural change. customer expectations due to experiences that they have had with your competitors. If one firm makes an improvement, customers start to expect it of all firms.capture value.
Pricing ModelsShifts in the way that goods are priced. For example, products that are offered as a service with a monthly recurring fee.Quality is improved or decreased in order to cut prices.
RegulationsRegulations emerge or are cut that change the way that an industry operates.
CreativeCreative change such as new methods of storytelling that emerge in films. What is viewed as creative today may feel cliche to the future as creativity is often copied until it becomes commonplace.quality of life of communities. manage risks that were previously unmanaged. For example, the safety of automobiles improved dramatically with time such that a model from 1920 would be viewed as outrageously dangerous today.
|Overview: Industry Change|
The process by which industries modernize to serve the needs of the future.