In: Economics
Identify a product that has gone away (like horse and buggy) and identify its current replacement (automobile). Discuss in detail why the market (made up of consumer and business buyers AND other sellers) has pushed out the old product and brought in the current replacement - consider/identify/discuss the "features," "attributes," and "benefits" (FAB) of the current replacement product that provide GREATER utility than the FAB delivered by the old product. For the product that is the current replacement, also forecast a PRACTICAL scenario where this product will eventually become the victim of creative destruction and describe the product that will replace it in the future.
Let us take the case of 'Horse driven carriage' and 'Petrol run car'
Old Product- Horse Carriage
New Product- Car
Why did the 'Horse Carriage' get discontinued and 'Cars' get accepted-
FAB-
FAB | HORSE CARRIAGE (OLD PRODUCT ) | CAR (NEW PRODUCT) |
Features |
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Attributes (Advantages) |
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Benefits |
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Product be which the 'Car' will get 'replaced'-
The current petrol and diesel run cars are most likely to get replaced by 'Electric and Battery run cars.'
Electric and battery run cars have the following advantages over the current cars-
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