Industry Life Cycle
This article covers meaning & overview of Industry Life Cycle from marketing perspective.
What is Industry Life Cycle?
The industry undergoes various stages throughout its life span. The industry life cycle is divided into five stages which are as follows:
Development stage: In this stage the boundaries and range are set and the product development and designing are into inclining phase
Introduction stage: It is the introduction stage for the process innovation for the industry and designing of the product starts declining
Growth stage: At this stage the industry is in the growing phase in terms of process innovation and product development. The industry is so developed that new player find it so difficult to enter and small player finds difficulty in surviving
Maturity stage: the industry is relatively stable in terms of growth rate and no new innovation and development happens in this stage. The products are at their stage of utilization and no further scope is left to increase the profit.
Decline stage: At this stage profit starts declining and maintaining the efficiency in terms process and product development is not possible.
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