Industry Life Cycle

The Industry Life Cycle describes the stages that an industry goes through over time, which includes four main phases: Introduction, Growth, Maturity, and Decline. In the Introduction stage, new products are launched, and awareness is built. During Growth, sales increase as more customers adopt the product. Maturity follows, where sales stabilize as the market becomes saturated, leading to increased competition. Finally, in the Decline stage, demand diminishes, and businesses may exit or adapt. Understanding these stages helps companies strategize and respond to changes in their market.