What is a Industry Lifecycle?

There are four generally recognized phases to the lifecycle of a business or
industry.

• Introduction This is the beginning of the organization. It’s the entrepreneurial
phase where everything is new. Policies and systems are being created as they
are needed.
• Growth After the new organization has gotten a foothold in its marketplace,
it begins to grow. Growth is influenced by all the factors we have explored in
SWOT and PESTEL analyses.
• Maturity This is the time when the organization is comfortable with its size, its
influence, and its income.
• Decline The phase when systems have gotten surpassed by technological
advances and products and services have become passé. Without updates to its
core reasons for existing, the organization will ultimately cease to exist.