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Explain Why Is It Important To Understand What Stage An Industry

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Why is it important to understand what stage an industry is in? It is important to understand what stage an industry is in because with helps to determine the position of the industry. Industries create products, and the success of these products are determined by the life cycle “Industries move through a life cycle that consists of introduction, growth, maturity, and decline stages” (Pettus, M.) In each stage has its own process that assists the industry with understanding the life cycle. Whether a company is gaining or losing profits, the stages of a life cycle will help the industry control the condition of the production. The introduction stage is the stage were the product is developed and advertised. This stage allows consumers to become

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