Changing Industries: Thrive Or Die
Throughout the history of the U.S. many prosperous businesses have been started as well as come to an end. The difference between a business that thrives and an industry that loses its relevance and vital relationship to the public lies within the concept of evolutionary change. If a company is unwilling to adapt to the new demands and voids that need to filled of the consumer, it is most certainly going to struggle.
One major industry that has been struggling as of late is bookstores. Barnes & Noble has been primarily responsible for selling books and taking in all of the profits from doing so for quite a while now. With little competition, they had a strong business that was very successful. The issue with Barnes & Noble is that it has not changed with the times. With technology driving books to a less accessible, less convenient reputation, it is safe to say that bookstores will be a thing of the past in just a few more short years.
Another threat to Barnes & Noble is the competition of E-Commerce. Websites like Amazon.com not only have all the books a store like Barnes & Noble would have, but they also allow people to shop right from home and have their selections personally delivered to their home. This puts the store at a major risk to completely be wiped out by online websites that can offer lower priced goods that require little if any effort or energy to purchase and receive.
In contrast, I believe that the cell phone industry is going to strive for many years to come. The most adapted and evolutionary industry in my opinion is the wireless phone companies. Verizon and AT&T have both strived to give the consumer the latest technology at the lowest price. Not only do they come out with new technology everyday, they also provide the service in which is necessary for the phones to work.
With the obvious reliance on cell phones everyday, it is clear that in this day and age a mobile phone is considered a necessity. These phone's hold so much information that is vital to the modern fast paced culture and the trend only seems to point to better technology to make the consumers lives easier.
In conclusion, the most important factor in gaining success as a company or industry is the ability to change with the times. Verizon and AT&T do a phenomenal job of keeping up with the newest technology and this is why they will continue to thrive. It is clear that companies who refuse or simply don’t feel the need to adapt, such as bookstores, are soon going to be out of business. While these industries fall, new industries begin and other more appropriate and culturally comparable products take their place.
Rob Hausler | Elite.