With the emergence of smartphones, users no longer have to carry a separate music player, a video game, a laptop, or a magazine to keep themselves entertained when traveling.A smartphone is loaded with a variety of applications to satisfy all the customer needs that different industries or products individually satisfied earlier.As a result, the smartphone industry has been posing a threat to a lot of other unrelated industries.What is this phenomenon best known as?
A) Industry convergence
B) Backward integration
C) Product differentiation
D) Customer myopia

Question

Quizplus · Accepted Answer

This phenomenon is best known as industry convergence. Industry convergence is a process whereby formerly unrelated industries begin to satisfy the same customer need. Industry convergence is often brought on by technological advances.

With the Emergence of Smartphones, Users No Longer Have to Carry