Industry Life Cycle
The industry structure and competitive forces that shape the environment in which businesses operate change throughout the industry life cycle. The concept explores the importance of aligning your strategy with the life cycle of your industry.
Industry Life Cycle Definition
The Industry Life Cycle (ILC) model integrates technological, firm and industry evolution in terms of trajectories and outcomes that can be observed exogenously (Klepper, 2002). The ILC and Product Life Cycle (PLC) are often used interchangeably; however, the ILC model tends to focus on aggregate industry development, whereas the PLC focuses on product-level trends. The model describes how an industry grows from its initial origins, through maturity and eventually into decline (Rice and Galvin, 2006).
Industry Life Cycle Description *
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Examples of Industry Life Cycle *
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Industry Life Cycle References (4 of up to 20) *
- Bolt, G. J. (1994). Marketing and Sales Forecasting: A Total Approach. 3rd ed, Halsted Press Division, New York.
- Drew, P. G. (1987). 'Despite Shakeout, Imaging Industry Not Doomed to Being Greek Tragedy.' Diagnostic Imaging, Vol. 9 (11), pp. 95-99.
- Gillen, D. and Lall, A. (2004) Competitive Advantage of Low-Cost Carriers: Some Implications for Airports, Journal of Air Transport Management, Vol. 10 (1), pp. 41-50.
- Gort, M. and Klepper, S. (1982). 'Time Paths in the Diffusion of Product Innovations.' Economic Journal, Vol. 92 (367), pp. 167-186.
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