Sample interview questions: How do you analyze the impact of changes in technology on consumer preferences and market competition?
Sample answer:
1. Identify Affected Consumer Segments and Preferences
- Examine how technology shifts may alter consumption patterns, values, and lifestyle aspirations of specific consumer groups.
- Assess shifts in demand drivers, such as convenience, personalization, and information access.
2. Study Market Competition Dynamics
- Evaluate the potential for new market entrants enabled by technological advances.
- Determine how technology upgrades can impact barriers to entry and incumbent market positions.
- Identify opportunities for market consolidation or fragmentation driven by technological disruption.
3. Measure Impact on Consumer Surplus
- Quantify changes in consumer choice, availability, and affordability.
- Determine if technological advancements lead to increased consumer welfare or potential substitution or displacement effects.
- Assess the role of technology in enhancing or limiting access to essential goods or services.
4. Consider Long-Term Structural Changes
- Anticipate how technological innovations may reshape industry landscapes and value chains.
- Evaluate the potential for technology-driven efficiency gains, cost savings, and productivity enhancements.
- Identify implications for consumer prefer… Read full answer