8 Dominant Forces That Can Change the Structure and Profitability in An Industry are as follows:
The most dominant forces in an industry that have the biggest influence on what kinds of changes will take place in the industry’s structure, profitability, competitiveness etc. are called the driving forces or triggers of change.
For instance, privatization of the telecom sector triggered the growth of the Indian telecom industry.
To succeed in any business, an organization must identify its driving forces and assess the impact they will have on the industry. Some of the categories/examples of drivers are follows:
1. Introduction of Internet and e-commerce services in any industry, say banking
2. Globalisation in any industry
3. Sudden change in the long-term industry growth rate
4. New Technology affecting the industry
5. Major product innovations by firms
6. Major marketing innovations by firms
7. Entry or exit of major firms
8. Big changes in cost and efficiency