Question

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. Backward integration
B. Customer myopia
C. Product differentiation
D. Industry convergence

Answer 1

Answer: (D) Industry convergence

Explanation:

 The industry convergence is basically representing the fundamental growth in an organization and it basically helps in defining the various types of industries boundaries according to the business principle.

The industry convergence is the way for applying the knowledge by using the various types of technology related application in the industry.

According to the given question, the emergence of the smartphones industry with the different types of given application best illustrating the industry convergence concept.

Therefore, Option (D) is correct answer.