Evolutionary Processes in Competitive Markets: Beyond the Product Life Cycle
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Abstract
The traditional product life cycle framework has little to say about the competitive processes that accompany the evolution of a market. The first part of the article identifies the major shortcomings of the product life cycle. This analysis is used to establish the requirements for a more comprehensive model that incorporates both demand- and supply-side factors. The second part shows how concepts from population ecology theory can be adapted to satisfy these requirements. With this dynamic theory, specific propositions can be made about changes in competitive structure and performance as the market evolves.