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By recurrently changing the horizon, things can be perceived from another angle and the perspectives of life can be reoriented in a captivating way. If not, the squeaking wheel of our mind will suffer from lack of oil and our vision of the world gets rusted.
The industry life cycle refers to the evolution of an industry or business through four stages based on the business characteristics commonly displayed in each phase. The four phases of an industry life cycle are the introduction, growth, maturity, and decline stages. Industries are born when new products are developed, with significant uncertainty regarding market size, product specifications, and main competitors. Consolidation and failure whittle down an established industry as it grows, and the remaining competitors minimize expenses as growth slows and demand eventually wanes.
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