ADMS 1000 Study Guide - Final Guide: Niche Market, Baby Boomers, Coconut Water

160 views5 pages
whitebuffalo5917706 and 39630 others unlocked
ADMS 1000 Full Course Notes
12
ADMS 1000 Full Course Notes
Verified Note
12 documents

Document Summary

Characterized by experimentation with novel technologies and business models. Many entrepreneurial firms enter the industry hoping to emerge as the market leader lots of r&d. Customers willing to pay a premium for a product in this stage owning a product before anyone else. None model or approach is adopted by customers. Standardization allows cost savings, pushes prices lower and thus, products can appeal to mass market. High growth and reduced uncertainty attract many new entrants to the industry. Shakeout a large number of weaker firms exit the market and the stronger ones remain. Firms must become more efficient producers to lower costs and to compensate for lower revenues. Higher degree of industry concentration; less firms exist. Competition is fierce (some firms enter into damaging price wars) Firms spend large amounts of money on advertising. Firms focus on incremental improvements to products eg. new and improve versions .