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Life cycle models are not just a phenomenon of the life sciences. Industries experience a similar cycle of life. Just as a person is born, grows, matures, and eventually experiences decline and ultimately death, so too do industries and product lines. The stages are the same for all industries, yet every industry will experience these stages differently, they will last longer for some and pass quickly for others. Even within the same industry, various firms may be at different life cycle stages. A firms strategic plan is likely to be greatly influenced by the stage in the life cycle at which the firm finds itself. Some companies or even industries find new uses for declining products, thus extending their life cycle.

That usually includes the introduction, growing, shakeout, maturity, and decline. Industry cycles reveal essential information to you about growth prospects, opportunities, and challenges, as well as supply chains, corporate strategies, and their profits. The industry cycle affects company strategy and company profits.

Similarly, non-science phenomena also follow a life cycle. It starts with an introduction in the market, then comes growth, maturity, and ultimately the decline. However, some life cycles are different. Take the example of a plant.