Industry Lifecycle

The industry lifecycle describes the stages a market or industry goes through over time. It typically starts with the introduction phase, where products are new and adoption is slow. Then, it moves to growth, with increasing sales and expanding markets. Next is maturity, where growth slows, competition intensifies, and market saturation occurs. Finally, the decline phase happens as demand decreases due to technological changes or shifting consumer preferences. Recognizing these stages helps businesses strategize for innovation, investments, and adaptation to remain competitive throughout the industry's evolution.