These symptoms should be identified by the management team beforehand, even as early as in the planning stage. This is then used by the team of observers to identify any problems relating to dry rot in the company. The observing team and management team then work together to once again implement new ideas regarding products and services.
In order to deal with rivalry, a marketing team can be formed in order to respond to the challenge offered by rivals in terms of new products and services. The rival's products and services can then be observed by this team, after which improved products and services are then created.
Challenges in the Growth and Maturity Phases
Challenges in the growth phase are mostly related to issues of revenue generation, and implementing new products and services, as well as employing new people. The focus is on maintaining a steady rate of development. In the maturity phase, the focus is on avoiding dry rot and decline as far as possible. This is done by responding to new products and services from other companies, rather than as such focusing on one's own growth through new products and services. The important factor is recognizing which stage of development is faced by the company, and whether any decline in income is the result of dry rot or simply of the need for establishing a few new strategies. The company's management team should thus be very aware of the stages of growth faced at any particular time.
Decline and Renewal do believe that it is possible for a company in its decline phase to be renewed. Ideally, decline should be avoided altogether. If however symptoms of decline are detected, this should occur as early as possible in the decline phase, because the longer a company is allowed to decline, the more difficult renewal will be.
Several elements play a role in the possible decline of a company. One of these is with management. With a company's mature stage, management also reaches maturity. The greatest inherent...
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