ADMS 1000 Study Guide - Final Guide: North American Free Trade Agreement, Foreign Direct Investment, Technology Life Cycle

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Natalie Guriel

Document Summary

Compare & contrast the 4 different stages of the industry lifecycle model. (1) intro. Customers willing to pay a premium (to own 1st) Alternatives to manage decline phase: len-ch: leadership stance maintained, exit early, niche strategy, consolidate, harvest profits. Identify & describe the key drivers of industry evolution. (1) demand growth (2) creation & diffusion of technology & knowledge (technological innovation) Analyze how competitive forces change during the lifecycle. During the intro, competition can be different depending on the industry; there are many small competitors. During the growth, a strategy is established and competitors started to exist the market. During the maturity, there"s slow growth and competition intensifies in the market. During the decline, decline in sales & companies try to use ads to attract consumers & stay ahead. Surviving firms as the industry enters a period of relative stability. (4) sales drop & rivalry heats up. Need change in demographics, shift consumer preferences, or technological substitution.