market-shifts

Vocabulary Word

Definition

'Market shifts' refers to changes in customer preferences, demands or how businesses operate. It's like when smartphones exploded in popularity and changed the phone industry.

Examples in Different Contexts

In business innovation, 'market shifts' are seen as catalysts for innovation, prompting companies to develop new products or services. An innovation manager might discuss, 'The market shift towards sustainability has pushed us to innovate our product line to include more eco-friendly options.'

Practice Scenarios

Business

Scenario:

The entry of the new low-cost competitor will mean we have to reassess our pricing strategy.

Response:

I agree, we should revise our pricing in response to this market shift.

Creative

Scenario:

Our new fashion line needs to reflect the growing preference for sustainable materials.

Response:

Indeed, taking into account the market shift towards sustainable fashion, our line should feature organic fabrics.