industry-evolution

Vocabulary Word

Definition

'Industry evolution' refers to how a certain type of business or market changes with time. This includes new technology, changes in customer needs, or new laws.

Examples in Different Contexts

For economic analysis, 'industry evolution' examines the growth, decline, and transformation of industries as influenced by technology, consumer demand, and regulatory changes. An economist might say, 'The industry evolution of the telecommunications sector highlights the impact of digital innovation on traditional business models.'

Practice Scenarios

Creative

Scenario:

The advent of digital filming has offered us so many more possibilities. We should leverage this to experiment with our content.

Response:

True. The film industry's evolution allows us greater creativity with lower costs. We should indeed experiment more with our content.

Business

Scenario:

Considering how customers are getting comfortable with digital transactions, we should consider diversifying our banking products.

Response:

You're right. Considering the industry evolution, it might be strategic to invest in a diverse set of digital products.