Common Driving Forces
The driving forces in an industry are the major fundamental causes of changing an industry and competitive conditions. The internal and external factors that influence the decisions and policies an organization makes to settle spirited. The external environment includes the areas of General, Industry, and Competitor environment. Internal forces include core capabilities, employee turnover, product, and technological innovation; external forces include economic conditions, competition, demographic changes, technological evolution, social trends, local and national politics, and environmental issues.
It is the procedure of identifying the assets and obstacles that define your company’s potential and limitations.
However, the most common driving forces are as follows:
- The opportunities and threats of internet and e-commerce.
- Increasing globalization of the industry.
- Change in long-term growth rate.
- New product innovation.
- An innovation of marketing strategy.
- Technological change.
- Quality and price of the products.
- Government policies, rules, and regulations.
- An attitude of the buyers.
- Risk and uncertainty.