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Chapter 3

ADMS 1000 Chapter 3

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Department
Administrative Studies
Course
ADMS 1000
Professor
Richard Gasparini
Semester
Fall

Description
ADMS 1000 Textbook NotesChapter 3 Industry Lifecycle Model almost all industries exhibit an inverted Ushaped growth pattern with the number of organizations rising initially up to a peak and then declining as the industry agesDivides industry evolution into 4 distinct phases introduction growth maturity and declineIntroduction phase many people enter the industryWidespread diffusion of an industry standard or dominant design is important to transition into growthMature phase is when market stabilizes and sales slow downShakeout a large number of exits from the market at the same time as the aggregate output of the industry increases Five forces framework is essentially a static model that provides a valuable snapshot of an industrys attractiveness at a specific point in timeIntroduction Phase Industry emergence and creation Uncertainty about the future but also optimism for potential growth Entrepreneurial startups are more willing to risk because they have less to lose than big firms and are usually the ones to have early entry into an industry Objective is to find the new industrys dominant model and get it accepted and institutionalizedOlder incumbent firms usually have bu
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