Considering the key drivers of change
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Considering the key drivers of change, (customers, capital, technology, government, competition), give an example of an industry or category that has been significantly impacted by one of these drivers. How has the industry been affected and how might they respond?
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Solution Summary
The solution consideres the key drivers of change how it affects industry or categories.
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Forces for change in the industry can be
- Change in Market conditions, economic conditions
- Political and legal environment
- Societal and cultural environment
- Technological environment
- Competition
- Industry changes
- Demographic changes
- Labor Markets
- Change in fashion and consumer preferences
- Globalization due to Market convergence, cost advantages.
- Power of Suppliers and consumers
- Substitute Products
I have taken watch industry for our analysis
The watch industry presents a fascinating study of many upheavals over decades, triggered by technological innovations and dramatic market shifts. The first agent of change was Timex. After World War II, it created the first inexpensive and highly reliable mechanical watch movement. The Timex, introduced in 1950, was both cheap and rugged. It led to rise in sale of it and by the end of the '50s, Timex was selling a third of all watches in the United States. A decade later, the company launched the concept of the watch as a fashion accessory. In 196os, Timex challenged Swiss dominance by developing a disposable watch, one so inexpensive that customers would never have it repaired. The watches were sold in ...
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