Keeping Up with the Ever-Changing Business Industry
Marino Sussich has always been careful to stray from old-fashioned business approaches and stay up-to-date with changes in the industry. This is an important trait for someone in this field, where a strong understanding of industry trends and the ways it is evolving are necessary for business success.
With changing customer demands and new technologies, identifying the nature of the industry and what path to take from there can be difficult. The trajectories of change can help to inform business decisions.
The four trajectories of industry change
According to the Harvard Business Review, there are four trajectories on which any industry evolves along. These trajectories are radical, progressive, creative and intermediating, and these can be determined by the state of the core assets and core activities of an industry. The core assets include any resources that are unique to the industry, where the core activities are activities that have generated profits for the industry.
Radical change happens when the core assets and core activities of an industry are threatened, while progressive change occurs when neither the core assets nor core activities are threatened. Creative change happens when the core assets are threatened but the core activities are not, and intermediating change happens when the core activities are threatened but the core assets are not.
Determining the trajectory of your industry
To determine your industry’s evolutionary trajectory, you first need to define your industry. You must then identify the core assets and activities, and determine whether they are threatened. From here, you can create future plans for your company with this industry trajectory in mind.
Evolve your business with industry trends with Marino Sussich
Determining industry trajectory and figuring out how to manage your business against these trends is a difficult task that does not need to be done alone. Contact Marino Sussich for consultancy that drives business success.
