BSM Quiz 2 Questions with Correct Answers 100% Verified and Graded A+ 2025

BSM Quiz 2 Questions with Correct Answers 100% Verified and Graded A+ 2025 Industry Life Cycle - Correct Answer Product life cycle - Born, growth, maturity, decline, death Industry life cycle: supply-side equivalent of the product life cycle - Longer duration than single product or service Four phases of industry life cycle - Correct Answer introduction growth maturity decline Two Fundamental factors that drive industry evolution - Correct Answer 1. Demand growth The characteristic profile is an S-shaped growth curve. Introduction stage: ales are small and the rate of market penetration is low because the industry's products or services are little known and customers are few Growth stage: characterized by accelerating market penetration as technical improvements and increased efficiency open up the mass market Maturity stage: caused by Increasing market saturation Once saturation is reached, demand is wholly for replacement Decline stage: the industry becomes challenged by new industries that produce technologically superior substitute products or services 2. The production and diffusion of knoweldge New knowledge in the form of product or service innovation is responsible for an industry's birth Introduction stage: product or service technology advances rapidly