Canadian Economy and Consumer Sovereignty

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Table of Contents

Business Cycle
Smartphone Industry
References

Business Cycle

The business cycle model is quite useful in understanding the development of an industry and its further gradual decay. Applying the model to Canada will help realize that the Canadian economy has entered the phase of recovery (Sexty, 2020). While the economy of Canada has seen better days, it seems to have passed its time of crisis successfully (Dodge & Ottawa Chamber of Commerce, 2005). Specifically, Canada has established an economy that has been sought to be revived, with certain signs pointing at promising trends within the Canadian industry (Dodge & Ottawa Chamber of Commerce, 2005). Indeed, the available data indicate that Canadian revenues have been quite low, yet consistently increasing, even though by an infinitesimally low margin (“The world in 2050,” 2022). Therefore, opportunities for further growth can be explored, which has been the focus of Canadian organizations over the past several years (Desjardins, 2018). Consequently, defining its current development phase as one of recovery can be considered rather accurate.

In turn, consumer sovereignty has increased significantly over the past couple of decades. Namely, with the rise in the role of social media and the emergence of opportunities for steering the development of products and services, as well as defining the reputation of companies, the extent of customer power has increased. Thus, the extent of customer sovereignty can be considered increased.

Smartphone Industry

Five Barriers

The significance of the smartphone industry has increased exponentially over the past decade due to the role that digital tools have started playing in people’s lives. However, companies in the smartphone industry still have to face quite a range of obstacles (Karakowsky & Guriel, 2015). Among the key barriers that a new organization producing smartphones is likely to have to face, one must mention the high competition rates, extraordinarily high expense rates, lack of regulation, presence of economies of scale, extreme brand loyalty in customers, and the need to invest in research and development extensively (“10 innovative technologies with a potential impact for business,” 2018). Indeed, the example of the leading companies producing smartphones, such as Apple, Samsung, and Huawei, will show that leading by introducing innovations and having devoted customers represent critical competitive advantage elements that make the specified organizations unsurpassable.

Industry Life Cycle Model

The video game industry, with its multiple products, video game consoles being at the forefront of the picture, has had tremendous success despite its comparatively recent emergence in the global market. Though there have been very few truly groundbreaking technological solutions in regard to the design of video game consoles and their application, the industry does not seem to have exited its growth stage yet, given the increasing sales rates in the global market (“Industry life cycle,” 2021). Therefore, the current stage in the industry’s lifecycle can be described as a prolonged phase of growth.

Technology and Middle-Class Jobs

The threat of middle-class people losing employment opportunities is typically discussed quite profusely whenever a disruptive technology emerges in the market, suggesting that the established jobs should be replaced with new ones and that automation should be preferred to traditional manual labor. A similar phenomenon can be observed in the video game industry, as well as across the global economy, due to the emergence of digital tools for controlling the processes that used to be human-led. (Rotman, 2017). Therefore, the threat of technology creating an unemployment threat for middle-class citizens could be seen as a legitimate concern. However, the specified issue appears to be misrepresented on further consideration. Indeed, even with the introduction of automated processes, they will need to be controlled by people so that the processes in question can be adjusted to the ever-changing global market setting. Therefore, technology is likely to replace some of the current jobs while creating new ones.

References

10 innovative technologies with a potential impact on the business.The Next Web. Web.

Desjardins, J. (2018). The 8 major forces are shaping the future of the global economy.Visual Capitalist. Web.

Dodge, D., & Ottawa Chamber of Commerce. (2005). The Canadian economy: Adjusting to global economic forces.Bank of Canada. Web.

Industry life cycle. (2021). INC.com. Web.

Karakowsky, L., & Guriel, N. (2015). The context of business: Understanding the Canadian business environment. W. Ross MacDonald School Resource Services Library.

Rotman, D. (2017). The relentless pace of automation.Technology Review. Web.

Sexty, R. (2020). Canadian business and society: Ethics, responsibilities, and sustainability (5the ed.). McGraw-Hill.

The world in 2050. PWC. Web.

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Canadian Economy and Consumer Sovereignty

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