What's it: The industry life cycle is the series of an industry's evolution over time. That usually includes the introduction, growing, shakeout, maturity, and decline. Why is the industry life cycle important? Industry cycles
Porter's five forces refer to the five elements that determine a market or industry's competition and profits. Michael Porter first described it in the Harvard Business Review article in 1979. Those forces include the threat of
The business environment is getting more dynamic in recent years. Technology, consumer tastes, and international policies change at a quick pace. The change could bring past competitive advantage to competitive disadvantage, or vice versa.
What's it: A resource is something we use to function and operate effectively. It may have physical substances such as money and material or non-physical substances such as knowledge and talents. Resources are the inputs to produce
Strategic management talks about how a company can achieve its long-term goals. Competition is increasingly dynamic, and challenges are changing. Technology, economics, geopolitics, and social change have new consequences for the
A company achieves strategic competitiveness when it is successful in formulating and implementing a value creation strategy. That is the definition, according to Hitt, Ireland, and Hoskisson in their book, Strategic Management:
Market structure refers to the characteristics of market organizations that determine the behavior of companies in an industry. It determines the nature of competition and price and has implications for the market share and profits that