Answer
Creative destruction is the term used to describe the process of destroying older firms and their products and older ways of doing business by the creation of new products and production methods.
Work Step by Step
In case of the MP3 technology example, the emergence of Compact discs knocked the long-play vinyl records out of business and subsequent inventions such as Digital Media players and MP3 players demolished the usage of compact disks. This is a result of the process of creative destruction.
