In addition to this, industries are also classified based on product offerings. Post such a classification, the industry is further classified based on similarity in functions, markets, and products. Accordingly, industries are classified into three segments: One of the ways to classify industries is on the basis of economic activities. There are various ways in which industries are classified. This is because they have to incur a huge amount of expenses to develop the product and market the same.Į-wallets is a good example as they had to face similar circumstances when they launched their offering in the market. Moreover, industry participants do not earn profits during this phase. At this stage, your industry is highly fragmented. On the other hand, those who innovate the product are still working towards its improvement. This is because the end consumer does not know much about the product. Therefore, the demand for the product is uncertain. Generally, during this phase, details of the product so innovated and industry participants are quite restricted. Then, you put such a product into production and offer products for sale in the market. As a new business in the industry, you innovate a product or service in the introduction phase. This stage includes product innovation and marketing of a new product or service.
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