Triggers of Change

Trigger is a fundamental reason which causes change. New trend or new development can be a trigger for change in industry. Triggers are forces or motion that creates pressures for changes. All industries go through new trends and new developments. Here new trend and new development can be a trigger.

Triggers forces organization to respond strategically. Any environmental changes can be good enough to trigger change apart from life cycle of products. Change in environmental factors both macro and micro PESTLE & COMICS

The popular hypothesis about industries going through a life cycle helps to explain industry change but is still incomplete. The life cycle stages are strongly linked to changes in the overall industry growth rate (which is why such terms as rapid growth, early maturity, saturation, and decline are used to describe the stages). Yet there are more causes of industry change than an industry’s position in the life cycle.

Driving forces: Driving forces are the most dominant forces which have biggest influence on change in the industry. Driving forces are unique and specific to particular industry situation, but many drivers of change fall into general category, affecting different industries simultaneously.

Following are some of the examples or categories of drivers:

• Internet and e-commerce opportunities and threats it breeds in the industry
• Increasing globalization
• Entry or exit of major firms
• Marketing innovation
• Product innovation
• Know-how across more companies and more countries
• Changes in cost and efficiency
• Changes in the long-term industry growth rate
• How to identify or analyses driving forces

Driving forces can be analysed with following two steps:

1. Identifying what are different driving forces or dominant forces 
2. What will have impact on the industry?