6.1 The evolution of the market
After reading this section, students should be able to …
- Understand the ways to investigate how an industry has evolved
6.1.1 Analyze the industry’s history, development, and growth
A useful way to investigate how an industry has evolved is to chart the critical incidents in its history – that is, those events that were the most unusual, pivotal, or essential for development of the industry into what it is now. Some of the events have to do with geographical variations, which business-level strategies dominated at various times, whether broad or focused strategies worked better, decisions relating to marketing choices, and what apparent functional or operational competencies were necessary for success. Shifts in industry leadership are also important considerations. It may be useful to create an industry timeline — using a monthly, quarterly, or annual timeframe to organize such critical events.
Source:
Section 6.1 The evolution of the market is edited and adapted from the chapter ‘Strategy Analysis Framework (SAF)’ appearing in ‘Strategic Management’ Copyright © 2020 by John Morris and is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
