All industries evolve the same factors & phases from their early emergence & growth to their eventual maturity & decline. Industry lifecycle model: almost all industries exhibit an inverted u-shaped growth pattern, rising up to a peak & then declining as the industry ages. Evolution of the lifecycle is related to the evolution of technology within the industry. Technological innovations will t rigger the start of a new cycle or the creation of a new industry. Introductory phase: many entrepreneurial firms enter the industry. The fi rm is adopted by customers, suppliers & other key components. Firms that don"t conform to the emerging standard exit the industry at the shakeout. growth phase: the diffusion of an industry standard or dominant design is a critical step in this stage. mature phase: market stabilizes & sales grow more slowly. Firms must become more efficient producers to lower costs & compensate for slower revenue growth.