Question

Consider the changes that have occurred in a comparatively new industry (e.g., wireless telecommunications, smartphones, video game consoles, online brokerage services, and fitness clubs). Then, address the following questions: • To what extent has the evolution of the industry followed the pattern predicted by the industry life-cycle model? • What do the features of the industry have that have influenced its pattern of evolution? • At what stage of development is the industry today? How is the industry likely to evolve in the future?

Answer 1

Explanation:

Let's take for example the smartphone industry.

This industry started off following the year 2000, with the first smartphone brand like BlackBerry,  Windows phone, and eventually the iPhone which was first released in 2007.

According to the industry life-cycle model:

Introduction stage: began with earlier smartphone brands like Blackberry released with introductory features like wireless mobile internet, mobile email access.

Growth stage: became evident with a rapid increase in demand adoption for smartphones.

The maturity stage: which is still present today has resulted in an increase in the number of smartphone manufacturers today. Industry expert predicts a decline in the years to come for this industry.

Part of the features of the smartphone industry that have influenced its pattern of evolution has been:

Constant innovation; something that draws the interest of young people.

Today, there are plans to achieve wide-scale and affordable foldable smartphones in the future; and who knows, it may evolve into flying smartphones.