Published: January 11, 2017
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By: Shawn Barnes, Cal State San Marcos
Hashtags: #Business #lifecycle #Management #ResearchAnalysis #StrategicManagement #Technology
In chapter 4 of the book, the reading provides some useful tools for analyzing the effects of industry evolution on competitive forces using and an industry life cycle model, which identifies five sequential stages in the evolution of an industry (stages: embryonic, growth, shakeout, maturity and decline). Then once you understand what stage of the lifecycle you are in you can respond with greater targeted product designs and marketing campaigns that best meet the needs of each customer group. The diffusion-of-innovation concept categories society by the speed with which the individual members adopt a new product. The book discusses how market development moves through three stages of growth (embryonic, growth, mature) and how market penetration happens with the five customer groups (innovators, early adopters, early majority, late majority, laggards) before market saturation occurs and another blue ocean idea is on the horizon.