Industry boundaries are blurring at an incredible rate as companies are recognizing that the new opportunities lie at the intersection of two or more industries, it is called :
Industry convergence
Kotler observes that industry boundaries are blurring rapidly because companies see that new opportunities lie where two or more industries meet. He calls this industry convergence. Examples include computing, telecommunications and consumer electronics merging into the smartphone, and banking meeting telecom in mobile payments.
Globalization is the integration of national markets into a world market; it concerns geographic reach, not the merging of separate industries.
Customization means tailoring a product or service to the needs of individual buyers.
Acquisition is one firm buying another. It can be a route into another industry, but it is a single transaction, not the name of the trend.
Hence, Industry convergence.
Similar Questions
Environmental degeneration does not consist of :
Internal environment of a business includes :
(i) Business ethics and moral standards
(ii) Business and managerial policies
(iii) Prospects of business development
(iv) Government rules and regulations
(v) Industrial relations
Codes :
Which among the following is not a correct sequential combination ?
Which of the following is not a ‘force’ in the “Porter Five Forces Model” ?
Important Questions from Concepts and elements of business environment
Which of the following is NOT an external factor acting as a barrier to entrepreneurship?
There are various impacts of government policy changes on business and industry. Out of the following options, which is NOT true about the given statement?
For the following two statements regarding infrastructural services in the country, choose the correct code for the statements being correct or incorrect.
Statement I: Most infrastructure services are provided by public monopolies which generally suffer with severe problems like lack of accountability, low productivity, poor financial performance and over-employment.
Statement II: There is a need now to induce more private sector investment and participation in sharing, accountability, monitoring and management of infrastructure sector.
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer using the code given below.
Assertion (A): The multilateral trading system is an attempt by governments to make the business environment stable and predictable.
Reason (R):Promising not to raise trade bathers can be as important as lowering one, because the promise gives businesses a clearer view of their future market opportunities.
Match List I with List II
List I
List II
(a)
Size of the market
(i)
Globalization of business
(b)
Demographic environment
(ii)
Foreign trade policy
(c)
Export-oriented units
(iii)
Macro - environment
d)
Multinational corporations
(iv)
Non - economic environment
Choose the correct option from those given below
