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Palgrave Encyclopedia of Strategic Management
Mie Augier and David J. Teece
During an industry’s evolution, events endogenous or exogenous to the industry may disrupt its development and trigger a period of transformation. A transformation period generally evolves through stages: an era of ferment followed by convergence towards a new, relatively stable structure. Industries, however, vary in the pace and severity of the transformation process. Because the way firms compete is altered after transformation begins, incumbents and entrants encounter strategic challenges that differ from those that incumbents faced pre-transformation. Thus, understanding how different sources and patterns of transformation influence competitive heterogeneity is an important line of inquiry in strategy.
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Long-term Market Position, Established Customer, Technological Substitution, Stable Industry Structure, Feature-based Adaptation
In Mie Augier and David J. Teece (Eds.), Palgrave Encyclopedia of Strategic Management. London: Palgrave Macmillan