Answer to Question #207647 in Management for Bob

Question

Industry growth rates and even even structure change over time. Give an example of an industry that consolidated in the past few years and how this would impact profitability

Answer 1

The technological industry has been ranked among the fastest-growing industry in the past few years. The development of this industry will increase the profitability of businesses in the following ways: first, it will help in communication where business personnel will keep in touch with business operations and even customers at a lower cost. Secondly, it will in data storage and search this lessening the time taken by employees to look for data or reports. Thirdly, it brings about telecommuting where workers work from their places of residence to reduce congestion in the workplace. Finally, it will help in customer management: this is where software is used to manage the database of customers thus increasing efficiency.