In 200-300 words of notes discuss External Analysis: The Identification of Opportunities and Threats such as competitive force and the industry life-cycle analysis. Discuss how industries evolve over time, with reference to the industry life-cycle model.
The industry life cycle grows over time and then shrinks at the end of the industry. The stages of the industry life cycle are introduction, growth, maturity and decline. In the introductory stage, the industry has just begun to grow. There may be a small number of companies in the industry. The industry can be considered a niche because of the number of companies or the product that are delivered. For example, a niche market could be the eReader industry. There are a small number of companies involved in the industry such as Amazon, Barnes and Noble and Sony. There are few competitors within an industry in the introduction stage. Finally, the customers may not be completely sure of the features of the product that they ...
The approach at strategic management is examined. The administrative strategy is provided. The expert provides a discusses on how industries evolve over time.