ADMS 1000 Lecture Notes - Lecture 7: Dominant Design, Aggregate Demand, Standards Organization

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Peter Modir

Document Summary

Industries, new and old are not static, and change dramatically over time. All industries exhibit an inverted u-shaped growth pattern. Rising initially up to a peak, and declining as the industry ages. Pace of an industry"s evolution of technology within the industry. Technological innovations will often trigger the start of a new life cycle. Or the creation of an entirely new industry. Describes the evolution of the entire product category and its associated industry, not a single product or firm. New industries emerge bc of technological and regulatory changes. Early years of industry are usually uncertain, you don"t know how the market is gonna go. Big firm"s don"t usually enter new markets quickly, bc of two reasons: 1st, a budding market is usually too small and risky to justify the entry of large firm"s burdened with high overhead costs and need to generate a more certain financial return.