Response Paper Example for Post on US Industries' Changes in Modern World

Hello Eric,

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Thank you for that insightful post. I agree with you that the health care industry is currently growing significantly. As you have indicated, the increase in this number can be attributed to an increase in the aging population which is likely to strain these facilities since in most cases they need more attention than the other middle-aged and young individual. As a result, the regulations on the insurance offered by the government due to the increase in the people insured. Another interesting fact you presented is that the dry cleaning industry will be declining. I believe that the primary reason for the decline will be the fact that many people will have been empowered to purchase new washing machines rather than regularly taking their clothes for washing at drycleaners (Grullon, Larkin & Michaely, 2018).

The beverage industry is fragmented due to the many players who are already in the industry. For instance, the global energy drink market is likely to attain 84.80 billion by 2025 which is an interesting statistics. However, it is also important to factor the increase in the substitute products and change in trend whereby people prefer more healthy options than these carbonated drinks. Camera film and film-developing industry are currently among the emerging sector. The trend industry is being characterized by an increase in professional photographers who are in the industry to build their legacy. The wines, bear, and liquor retailing is quite fragmented. There has been a decline in sales while the number of retailers is on the rise. This scenario is quite interesting, and factors like limitless choices, a shift in the demographics, and the surge in the sales are an indication of fragmentation. The domestic airline industry is fragmented especially due to the number of competitors and substitutes. The retail and the banking industry I agree with you that they have demonstrated significant growth.

The retail bookstore industry is declining or stagnant resulting from the digitization of the media. People are becoming more affiliated with playing video games a factor that has led to an increase in the gaming industry at a high velocity through monetization realized. The newspaper industry is declining due to the growth in digital channels. Therefore, a conclusion can be drawn that different industries are affected by different factors hence leading to the variation in their nature of growth (Thompson, Strickland & Gamble, 2018).

References

Grullon, G., Larkin, Y., & Michaely, R. (2018). Are US industries becoming more concentrated?. Forthcoming, Review of Finance. http://dx.doi.org/10.2139/ssrn.2612047

Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2018). Crafting and executing strategy. The quest for competitive advantage. Concepts and cases. 15th edition, New York, NY. https://testbankster.com/wp-content/uploads/2017/01/Crafting-Executing-Strategy-17th-Edition-by-Arthur-A.-Jr.-Thompson.pdf