Industry Changes Technological deve

Industry Changes Technological developments often lead to industry changes. Forexample, the methods used to distribute goods have evolved over the past 100 years or sofrom animal power (horse-and-wagon) to railcars, trucks, and airplanes. Very few companiesthat began distributing goods using horse-drawn wagons were able to adapt to thesechanges. One company that did, the West Motor Freight Company, successfully transitionedfrom horse-and-wagon deliveries to a regional delivery service, celebrating 100 yearsof continuous operation in 2007 because it has been able to embrace industry changes.Economic Environment The economic environment impacts all organizations andindividuals. When the economy is growing, there is a greater demand for business goodsand services, and many companies are able to thrive and grow. When the economy isshrinking, companies survive, or may even prosper, when they’re able to keep expensesin line with declining income. In this environment, tightly run companies (those able toeliminate redundancy and waste) are more likely to succeed.