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Posted by Marie Taillard at 9:22 - 0 Comments

The Austrian-American economist Joseph Schumpeter is well known for coining the term "creative destruction." The term refers to the cyclical phenomenon in economics whereby markets destroy themselves from one generation to the next.  This phenomenon has accelerated and become more obvious in the 21st century as a result of the internet and globalization. Marketers cannot ignore the fact that markets, whether defined geographically, demographically or by product, cannot be counted on in the long term and have become more and more transient. The markets for instant cameras, for hand-held calculators, and more recently for MP3s have all but disappeared. The reason they've disappeared, or been destroyed,  is simply that new technology, new solutions have been invented that have allowed users of these devices to get the same jobs done - record an important moment, speed up calculations, listen to music anytime anywhere - in less time, more efficiently and often with more benefits.  Not only are the important moments recorded, but they can be shared instantly with anyone in the world, the same patterns of calculations can be repeated on massive amounts of data with little human intervention, and music is accessed from a cloud. Those companies that harnessed creative destruction in these markets were a step ahead of the game and redefined their products and markets in terms of the new jobs they allow their customers to perform.

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