*Discuss some of the following: strategies in embryonic and growth industries, navigation through the life cycle to maturity, or strategy in mature industry
*Include real examples
In embryonic industries, usually a new technological advance has created a product that has real potential but, as of yet, no real customer or distribution model. The strategy for a firm who is in or has a new product in this stage of development is typically better off to focus on proving the product's value as opposed to making a profit. Technocrats known in the marketplace as 'innovators' are usually first in line to purchase a cutting edge technology and will prove to the rest of the consumer market whether or not a new product is beneficial or has real value for the consumer. These technocrats read online electronics trade rags and often attend trade shows. As such, firms can market to these innovators by having a presence at these shows, and by advertising on the appropriate sites. An example of a product that is in the embryonic stage of development at this point would be the shielded nitrogen gas welding systems for plastics. This technology was developed in the 50s by the ...
The expert discusses business-level strategies and the external industry environment. The embryonic and growth industries are discussed.