Question:
"The industries have undergone significant changes due to advancement in technology and shifts in consumer preferences." Justify the statement.
"The industries have undergone significant changes due to advancement in technology and shifts in consumer preferences." Justify the statement.
Updated On: Dec 22, 2024
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Solution and Explanation
Industries have experienced major transformations due to the following reasons:
1. Technological Advancements: Industries have adopted automation, robotics, and Artificial Intelligence (AI) to improve production efficiency and reduce costs. For example, automation in car manufacturing.
2. Innovation in Products: Technology has enabled the creation of new products, such as electric vehicles and digital gadgets, which cater to changing consumer preferences.
3. Consumer Preferences: Increasing awareness of eco-friendly products has led industries to produce green technology like solar energy products.
4. Globalization: Industries have shifted towards global standards in production and distribution, introducing competition and innovation.
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