Decline
Industries 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.Competition
Generally speaking, competition intensifies with time in most industries as firms build competitive advantages that raise the requirements for competing against them.Efficiency & Productivity
Techniques 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.Performance
Improved product performance such as Moore's Law.Information
The increasing use of data to improve decisions and optimize operations.Customer Needs
Changing customer needs and preferences due to factors such as social, economic and cultural change.Customer Expectations
Changing 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.Technology
A technology emerges that changes the way that things are done. This can impact products, services, marketing, processes, methods and materials.Business Models
Firms find new ways to capture value.Pricing Models
Shifts in the way that goods are priced. For example, products that are offered as a service with a monthly recurring fee.Quality
Quality is improved or decreased in order to cut prices.Regulations
Regulations emerge or are cut that change the way that an industry operates.Creative
Creative 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.Sustainability
Government, industry and consumer efforts to reduce environmental damage and improve the quality of life of communities.Risk
Requirements to 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.Marketing
Methods for engaging, influencing and selling to customers change with time.| Overview: Industry Change | ||
Type | ||
Definition | The process by which industries modernize to serve the needs of the future. | |
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