The life cycle of an industry
4 Phases of industry life cycle. The first one is introduction phase. In this phase, organizations will attempt to develop interest in the product. They make a new product and hope their product will be accepted by the market. The second phase is the growth phase. In this phase, there will be some competitors which are attracted by the potential of your product. They also make similar products with your and try to enter the market. The third one is the maturity phase. As all the customers are satisfied by your products, growth slows down and the market become mature. Although growth has slowed, new competitors may still be attracted into the market. Each company then has to compete harder for its market share, which become more fragmented. The last phase is Decline phase. When the market share is broken down into smaller parts, each company can do some improvements to their products to have more value than others. For the who succeed in this phase, their product will be at the top of the market.
