With the invention 
of the automobile over a century ago, and the subsequent move to mass transit, the use of horses for transportation of people, goods, and services transitioned from essential to unnecessary. Along the way, many providers of related products, like wagons, buggies, and buggy whips either evolved into businesses that supported motorized vehicles, or they perished. Those that survived realized that they were in the transportation business, not the buggy or whip business. Those that perished thought the reverse.
Currently, the newspaper industry is going through a similar transition. Some see themselves to be in the “newspaper” business, while others see themselves (correctly) to be in the “news” business. Those that are in the news business, and modify the mediums by which they deliver that news to fit the market demand will survive. Those that do not will go the way of similar buggy whip producers.
All companies, regardless of size or age, must understand their business in terms of true market demand. They must monitor the evolving needs of their market and make the necessary adjustments to remain relevant. As simple as it sounds, businesses go under on a regular basis blaming market factors they could have, and should have, predicted and integrated into their strategic plans.
What business are you really in? What will that business / industry really look like in five, and then ten years? What proactive steps will you take to be relevant to your market and stay ahead of your competition?
