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Creative Destruction Assignment

   

Added on  2021-02-21

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CREATIVE DESTRUTION
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONCreative destruction can be defined as the process of dismantling long-standing oldpractices with a purpose to make innovation. This term as coined by the economist JosephSchumpeter in 1942. It can also be referred as innovation in the manufacturing process in orderto increase the productivity in order to increase the sale of products and services of theorganisation. Present report discusses about the creative destruction of Food and Beverageindustry, as this industry have undergone a significantly creative destruction in recent times.With the change in consumer preferences there has been a significant change in within heindustry. One of the major creative destruction which has taken place in F&B industry is shiftingto organic products and there has also been various innovation that has taken place in recenttimes. These innovations has also taken place due to change in lifestyles of consumers and theirpreferences. MAIN BODYDue to creative destruction the future of innovation, food production and engineering canlook different from what have been taken for granted today, Within the industry they have beenvarious innovations taking place from the past decade and companies keep on innovating inorder to make their restaurant better, attractive and competitive. It has completely changed thescenario like in past people used to only eat and drink now it has become more than that. Thereare various innovation things happening in restaurants and bars which have successfully attractedthe people across (Dachs and et.al., 2017). Now face of food industry is changing as there hasbeen introduction of various new developments in the industry which has forced the F&Bcompanies for creative destruction. Now F&B industries are becoming more smarter and smarterwith their operations like with the change in the preference of the people which has shifted toconsumption of organic food or natural food. This has forced the industry to shift from moretechnically up graded food products to natural and healthy food and beverages. It is always thetechnology which can support creative destruction but change in consumer preferences andlifestyles could also result in innovation. One of the best example is increase in demand oftransparency from customers, this has become a major factor that have forces F&B companies toinnovate which was not demanded by the customers in past. Now consumers want to under standwhat ingredient are to be include in the products which are to be consumed by the customer, sothis is the reason many innovative products are with shorter ingredient list which can be
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