Which of the following statements about industry,industry dynamics,and industry lifecycle is true?
A) Industry refers not only to your product or service,but also to all your competitors selling that product or service.
B) The fortunes of industries do not move in predictable ways.
C) Small firms avoid entering "hot" industries.
D) If the industry is not growing there is no way to be successful as a start-up.

Question

Quizplus · Accepted Answer

Industry refers to the market in which a business operates, which includes not only the company's product or service but also its competitors selling the same product or service.

B is false as industry dynamics are often predictable, and it is crucial to understand them to anticipate changes and adapt accordingly.

C is also false as small firms often try to enter "hot" industries as there is potential for high profits.

D is false as there are various ways for start-ups to be successful in a stagnant or declining industry, such as finding a niche market or innovating existing products/services.

Which of the Following Statements About Industry,industry Dynamics,and Industry Lifecycle